The company says it also looks closely at credit history, assets, savings and other information that may provide insights into the applicant’s finances. Tamsin Oxford, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. LightStream is likely to have a loan solution for you, whatever your requirements. If a bank did make loans without collateral required, they charged higher interest rates. LightStream’s best rates are available only if you have excellent credit. Loan Details By Ryan Greeley. LightStream auto loan refinancing may be a good fit for those who: Have excellent credit. Shane first starting working with The Tokenist in September of 2018 — and has … Good credit customers may qualified for an unsecured loan that does not require a lien on the vehicle. LightStream charges no fees on its personal loans and is even willing to beat competitors’ rates by 0.1 percent (with some restrictions). As it also means your payment will go directly to LightStream from your bank account, it seems a sensible option to adopt any way. The arm is best suited for customers with “good credit” or “excellent” credit profiles or with years of credit history, who want a straightforward auto loan process. APR: From 3.49% with AutoPay, dependent on loan amount and terms LightStream provides loans for new and used dealer purchases, as well as private party purchases and lease buyouts. According to Finder, as many as 44 percent of Americans rely on an auto loan to pay for both new cars and used cars. Boat repair loans. LightStream has no vehicle restrictions on make, model or mileage. To be adjudged to have “good credit”, LightStream says you will likely need several years of credit history, as evidenced by credit card borrowing, installment debt and mortgage borrowing. Read the U.S. News lender ratings methodology. Read our detailed LightStream personal loans review to learn about the interest rates, terms, fees, loan amounts, and more offered by LightStream. All financial products, shopping products and services are presented without warranty. Min $100 payments, some payments take up to 4 days to pull and they charge you interest in the meantime! Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. Pre-qualified offers are not binding. LightStream charges no fees on its personal loans and is even willing to beat competitors’ rates by 0.1 percent (with some restrictions). If your loan is successful, the funds can be deposited directly into your account so you can pay cash to the dealer or the individual seller immediately. LightStream itself is not accredited with the Better Business Bureau, but SunTrust Bank has been since 1966 and currently has an A+ rating. What stands out in our LightStream loan reviews is the fact that you finance practically anything — with a few exceptions, of course. You can get a 0.50% lower annual percentage rate if you set up AutoPay prior to loan funding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Meet Shane. The application process is also really fast, and you could even find yourself finalizing the entire purchase within a day. $100 satisfaction guarantee; Option for automatic payments; While LightStream provides as much information about the auto loans process and rates as possible, there's the occasional cause for frustration. Procuring an auto loan makes sense, too, especially if you do not have the immediate financial resources to purchase the car in cash. Loan terms vary from 24 months to 144 months, with annual percentage rates ranging between 3.99 percent and 16.99 percent. LightStream is a national online consumer lending division of SunTrust Bank, one of the nation’s leading financial services companies. LightStream provides personal loans that can be used for almost anything in life including, weddings, timeshare, remodeling, and more. When evaluating offers, please review the financial institution’s Terms and Conditions. Every page is filled with information, guidance points and important tips so you can make informed choices and get the right results. Auto Loans. In general, LightStream has positive customer reviews, however, their credit options are aimed at borrowers having a sound credit profile and financial condition. LightStream offers competitive rates that vary based on the purpose the loan is being used for, and depending upon loan amount, term and credit profile of the applicant. LightStream offers personal loans at low-interest rates. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Good credit customers may qualified for an unsecured loan that does not require a lien on the vehicle. In respect of fees, there are none. LightStream provides a full spectrum of auto loans to borrowers with strong credit and healthy finances. LightStream Auto Loan Review. No preapproval process: Unlike many lenders, you’ll have to complete a full application in … LightStream has a higher minimum credit score requirement than most of its peers. Good reviews: LightStream auto loan reviews are generally positive. It’s not about getting a loan — it’s about getting what you want. Best for borrowers with good credit looking for fast refinancing with maximum flexibility. After loan approval, funds can be available as fast as the same day. Top Ten Reviews is part of Future US Inc, an international media group and leading digital publisher. New York, Power ranks LightStream #1 in customer satisfaction We're proud to be ranked #1 in customer satisfaction for personal loans in the J.D. Very helpfully, there is a table that displays the range of APRs you can expect to be charged in different scenarios. Our opinions are our own. (NerdWallet doesn’t recommend. While Lightstream loans start at 3.99% APR* (as of 10/27/2020), other competing lenders with similar credit requirements (like Discover and Marcus by Goldman Sachs) start their loan APRs at 6.99%. Furthermore,  the company bestows a 0.5% discount if you use its AutoPay feature, and commits to offering a rate 0.1% lower than that available through a competing lender, if you can supply sufficient evidence. LendEDU rates auto loans based on the weighted average of multiple data points, which vary based on the auto loan type. LightStream provides low-rate auto loans for purchases and refinancing, but only for borrowers with good credit. Though it’s the lending arm of SunTrust Bank (soon to be Truist Bank), its loan offerings are open to anyone in the U.S. LightStream does cater more toward borrowers with excellent credit indicated through the $100,000 borrow limit and credit history requirements. LightStream advertises a hassle-free loan that rewards customers for their good credit, providing same-day loan approval and funding. LightStream auto loan reviews are generally positive — out of 12 recent complaints to the Consumer Financial Protection Bureau, one involved an auto loan. Personal Loans Home Loans Auto Loans. Close. LightStream has no vehicle restrictions on make, model or mileage. They currently extend purchase, refinance, lease buyout, and private party purchase loans ranging from $5,000 to $100,000 for clients with good to excellent credit profiles. When evaluating offers, please review the financial institution’s Terms and Conditions. » MORE: Best auto loans for good, fair and bad credit. You can read more about our methodology here. LightStream has no vehicle restrictions on make, model or mileage. Like maximum flexibility. LightStream has a high minimum credit score requirement and offers low rates for borrowers with excellent credit (720 FICO and up). We check over 130 million products every day for the best prices, The credit score needed for a mortgage just got higher - here’s what you should do. If your credit is less than top-tier, your interest rate will be higher, which means your monthly payment will be more and, over time, you’ll pay more interest. The entire auto loan application process is managed online and this is where LightStream really shines. Good credit required: To qualify for a LightStream auto loan you’ll need a credit score of at least 660 or better. J.D. The ability to talk to customer service wouldn't go amiss, but overall, LightStream is a terrific auto loan option. December 31, 2020. If you do have a poor experience during your loan application process, LightStream also promises to send you $100 as part of a loan experience guarantee. Refinance My Loan Get a New Loan Auto Insurance. Auto. The bottom line: LightStream is a good fit for those with excellent credit looking to buy a new or used car — either from a dealer or private party — or to finance a classic car, buy out a lease or refinance an existing loan. Many or all of the products featured here are from our partners who compensate us. Power ranked LightStream number one for customer satisfaction in its 2020 Consumer Lending Satisfaction Study. LightStream is the national online consumer lending division of SunTrust Bank, which … LightStream Auto Loans: 2021 Review LightStream provides low-rate auto loans for purchases and refinancing, but only for borrowers with good credit. LightStream may be a good fit for those who: Have excellent credit. However, LightStream has a rather narrow band of interest rates because of its focus on customers with excellent credit. It also has a small mixed bag of reviews on Trustpilot that veer negative. LightStream Auto Loans: Borrowing Limits, Interest Rates, And Fees You can use a LightStream auto loan to refinance your existing auto loan or to purchase a new, used, or classic car. Rates will also vary by loan type. However, LightStream will not accept information being relayed to it over the phone, by fax or email; if you need support with your application, there is an online form - and there is no contact phone number on the site. Good reviews: LightStream auto loan reviews are generally positive. However, many LightStream customer reviews show accounts of customers complaining about transparency issues and qualification difficulties. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. As the online lending division of SunTrust Bank, LightStream has the support of one of America's leading financial services companies. Consumers reviews also … The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason. Application process: Entirely online  Best for borrowers with good credit looking for a no-hassle loan from a well-known bank. LightStream offers some of the lowest rates for everything from home improvement, debt consolidation, medical bills, auto, motorcycle, RV, boat, etc. In general, LightStream has positive customer reviews, however, their credit options are aimed at borrowers having a sound credit profile and financial condition. Securing a loan with LightStream gives borrowers the safety and security of working with a reputable nationwide bank … A "revolutionary loan experience" is its pledge, but it is the solid reputation that LightStream enjoys that probably serves it best, particularly when it comes to auto loans. Anna Serio. Good credit required: To qualify for a LightStream auto loan you’ll need a credit score of at least 660 or better. LightStream Auto Loan Review. Visit our corporate site. LightStream is an online lender that offers personal loans. Updated December 3, 2020 • 4 min read This date may not reflect recent changes in individual terms. A good payment history mainly clear of delinquencies and repayment issues, a tendency to save, and “stable and sufficient" income and assets are all also singled out as preferred characteristics. Read our review for LightStream auto loans to know more about their services, credit requirements, general terms and conditions, and more. Our partners cannot pay us to guarantee favorable reviews of their products or services. Philip Reed December 4, … While the majority of LightStream loan reviews are positive, customers don’t give this lender great marks across the board. One such issue is the lack of a phone number, meaning if you have a problem, you’re going to have to chat using email, which can be frustrating and slow. Good credit required: To qualify for a LightStream auto loan you’ll need a credit score of at least 660 or better. Pre-qualified offers are not binding. Read our detailed LightStream personal loans review to learn about the interest rates, terms, fees, loan amounts, and more offered by LightStream. Philip Reed is an automotive expert who writes a syndicated column for LightStream auto loans are a great choice if you have a good credit rating and are comfortable with managing everything online. Your exact rates and monthly payments will be determined by your credit history and profile. Competitive rates. However, this does not influence our evaluations. It’s worth noting that LightStream has also made an effort to optimize the application process for mobile devices, which means you can apply from your smartphone, your tablet and your PC. Once you accept an offer, funds can be directly deposited within one business day (if all documents are completed by 2:30 p.m. Get the best reviews, product advice, news and more! LightStream’s auto loans received a 4.88 / 5.00. ET). 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