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Lightstream
LightStream 2023 Auto loan review, published 2023-01-01 at 00:00:00.
Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely borrowing money to purchase an automobile.







The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to manage their finances through providing precise, well-studied information that break down complex topics into manageable bites.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with financial calculators and interactive tools as well as publishing informative and objective content. This allows users to conduct studies and compare data for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this website are provided by companies that compensate us. This compensation could affect how and where products appear on this site, including, for example, the order in which they may appear within the listing categories in the event that they are not permitted by law. Our loans, mortgages,, and other home loan products. This compensation, however, does have no impact on the information we provide, or the reviews that you see on this site. We do not contain the universe of companies or financial deals that may be accessible to you.




About our reviews . Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer , and are not reviewed or accepted by any advertising company. The information, including rates and fees that are included in the review are accurate as of the date when the review first appeared. Look over the information on the right, and the lender's site for the most current details.








A quick glimpse 4.1 rating: 4.1 stars out of 5
Score of the Bankrate

Availability Rating: 4.7 stars out of 5
Affordability Rating 4 stars out of 5
Customers Experience Score: 4.6 stars out of five
Transparency Rating: 3 stars out of 5


Check auto loan rates

The amount of the loan is up to $100,000
Min. credit score Unspecified
APR starting at 8.99%
Funds are available as soon as the day you apply



LightStream features. Take a look at these advantages and drawbacks of an auto loan with LightStream prior to submitting an application.
PROS Good user experience
Fast funding timeline
Terms for loans up to 84 months

CONS Unsecured loan
Minimum requirements for loans. loan amount
No prequalification





LightStream is an internet-based lender that provides unsecured auto loans for both used and new cars. It also offers auto loan refinancing and lease buyouts. All options can be completed the same day that you make your application. Since Auto loans are unsecured and not secured by your vehicle, it is not being used as collateral, but it still has an attractive rate and a range of repayment options.
Do you qualify? LightStream doesn't have any specific criteria for eligibility in its loans. However, they do seek out borrowers with a few years of credit history, a credit record with a variety of account types, a strong credit history, and an ability to save and steady income. The lowest rates are given to borrowers with an excellent credit rating, typically defined as the FICO Score above 740. What we like and what don't like Here are some of the benefits and drawbacks of LightStream auto loans. What we like Good user experience. LightStream is entirely online and its website is simple and easy to navigate. The application is fast and can be completed using the phone, tablet, or PC. Rapid funding timeline. You will receive funds on the same day that you apply for an loan through LightStream and the funds are then deposited directly into the account of your bank account. Loan terms up to 84 months. You are able to apply for terms of repayment ranging of 24 to 84 months, which gives you the flexibility to find an affordable monthly payment. We don't like the Unsecured loan. LightStream's auto loan basically functions as an unsecured personal loan, so you don't use your vehicle as collateral. This could translate to higher interest rates than what you'd receive from the traditional lender offering conventional auto loans. A high minimum loan amount. LightStream has much higher loan minimums than its competition. The minimum required to refinance or finance a brand new or used vehicle is $5,000, so LightStream may not be a viable option when you're trying to purchase a cheap used car or if you're looking to refinance a few thousand dollars towards the end of your current auto loan. No prequalification. If you apply with LightStream, you'll go through an extensive credit screening. Unlike with other lenders, it's impossible to determine the rate or eligibility prior to applying. What can you do to reach LightStream LightStream LightStream offers customer assistance through an online form, but doesn't have a telephone number for general queries. The hours of operation are Monday through Friday from 10 a.m. until 8 p.m. ET and on Saturdays 12 p.m. to 4 p.m. ET. Details about your application or loan can be found 24/7 on LightStream's website or app.
Loan types for auto loan types offered LightStream offers auto loans for used and new vehicles. They also offer loans for refinancing as well as for purchasing your lease.
Used and new auto loans
Loan quick facts Amounts: From $5,000 to $100,000 Terms 24-84 months APR: from 8.99 percent


While LightStream's automobile loans are technically secured but they do offer competitive rates. You may be able to negotiate a lower cost with a bank however, LightStream could be a better option for the majority of people than dealer financing. And with terms up to 84 months, you should be able to find an option that is suitable with your budget. Refinance
Loan quick facts Amounts: Between $5,000 and $100,000 Terms of the loan: 24 to 84 month APR: Starting at 9.49%


LightStream's refinance program has an lower start amount than a lot of banks- which makes it good if you are near the end on your loan. However, the beginning APR is very high. Therefore, if you purchased your car at a time when the rates were less, then you may decide to delay refinancing until you require more time to pay. In that scenario the 84-month terms offered by LightStream may be beneficial, but it will end up costing you more in interest. Lease buyout
Loan quick facts Amounts: From $5,000 to $100,000 Terms: 24 to 84 months APR: from 9.49%


LightStream is among the most attractive options in the market for buying out your lease, particularly as many banks and online lenders do not offer this service. As with its brand new or used automobile loans and refinancing programs You will be able to choose flexible loan terms and the ability to finance large amounts which is useful when you lease a more expensive model. How to apply for the loan with LightStream It is possible to apply for the loan through LightStream on its website. You might need to submit identification documents following the submission of your application. If you submit your request within the hours of business you may be contacted, and then you can complete all of your loan documents electronically and receive funds the next day.
The required information for your application is whether you're applying alone or with a co-applicant primary loan objective Your desired loan quantity and time Name Social Security number, date of birth and birthdate Home address and housing status Phone number and email address Driver's license number and financial information


LightStream FAQs
Do I have the option of buying a car from an individual? Yes. LightStream offers loans for purchases by private parties that have the same terms and conditions as pre-owned vehicle loans through dealerships.


What other types of auto financing is available through LightStream offer? LightStream also offers loans for classic cars and motorcycles, as well as boat loans as well as RV loans and financing for planes.



What rates do Bankrate charge? LightStream
Overall score
4.1
Accessibility
4.7
LightStream offers a very high minimum loan amount, yet allows you to choose from a wide range of repayment conditions.
Affordability
4
While LightStream has low interest rates, the company does not reveal the requirements for eligibility.
Customer experience
4.6
LightStream is notable for its quick funding timeframe However, it does not offer customer support by phone, and its support hours are limited.
Transparency
3
Fees are listed on its website, however LightStream does not provide prequalification.


Methodology Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, whether rates and fees are accessible and the APR range all affect lender scores. The scores are divided into 4 categories. Availability: Loan amounts as well as repayment options, dealer requirements and state availability all play a role in this category. Affordability: This section contains APR ranges as well as acceptance criteria, discounts and fees. Customer experience: How long you're required to shop, the customer service availability, whether there's autopay or an app available are accounted for by this segment. Transparency: This section accounts for the accessibility of rates and fees as well as whether prequalification is available.
Disclaimer: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been checked or acknowledged by any advertising company. The information that is included, including rates and fees, presented in the review is accurate as of the date of the review. Review the information on the right as well as the lender's site for the most current information.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of taking out loans to buy the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers feel confident to control their finances through providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.






Auto loans editor










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