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

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely using loans to buy the car they want.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing concise, well-studied and well-researched content that breaks down complicated topics into digestible chunks.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with financial calculators and tools that are interactive that provide objective and original content, by enabling users to conduct research and to compare information at no cost - so that you can make informed financial decisions. 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 pay us. This compensation may impact how and when products are featured on the site, such as the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our loan products, such as mortgages and home equity, and other products for home loans. However, this compensation will affect the content we publish or the reviews appear on this website. We do not cover the vast array of companies or financial offers that may be open to you.




Reviewer's disclosures Reviewers are supervised by staff. Opinions expressed therein are solely those of the reviewer , and are not evaluated or accepted by any advertising company. The information, including rates and fees, presented in the review are accurate at the time when the review first appeared. Check the data in the upper right hand corner of the page, and the lender's website to find the most current details.








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

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


Check auto loan rates

The loan amount is $5,000 to $100,000
Min. credit score Unspecified
APR starting at 8.99%
Funds will be available as early as the day that you apply



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

CONS Unsecured loan
High minimum loan amount
No prequalification





LightStream offers an online lender which offers secured auto loans for both used and new automobile purchases. They also offer auto loan refinancing and lease buyouts. All options can be funded the same day you apply. Since LightStream's auto loans are not secured and not secured by your vehicle, it is not used as collateral -- but it still has an attractive rate and a range in repayment alternatives.
Do you qualify? LightStream does not provide specific criteria for eligibility in its loans. However, they do look for borrowers with several years of credit history, a credit history that spans a variety of accounts types, a strong payment history, an established ability to save money and steady income. The best rates are offered to borrowers with an excellent credit score. This is usually described as having an FICO Score above 740. What we love and what don't like Here are some of the advantages and disadvantages of LightStream Auto loans. What we like Good user experience. LightStream is entirely online, and its website is simple and simple to navigate. The application is fast and can be completed using the phone, tablet, or the computer. Rapid funding timeline. You will receive funds within the first day you make an application for a loan using LightStream, and the funds are deposited directly in the account of your bank account. Loan terms up to 84 months. You are able to apply for repayment terms between 24 and 84 months, which gives you the flexibility to find the most affordable monthly installment. What we do not like about Unsecured loan. LightStream's auto loan essentially functions as an unsecured personal loan, so you don't utilize your vehicle as collateral. This could translate to greater interest rates than you'd get from an lender offering typical auto loans. A high minimum loan amount. LightStream has much higher loan minimums than those of its competitors. The minimum amount to refinance or finance the purchase of a new or used vehicle is $5,000 which means that LightStream might not be the best choice if you're looking to buy a cheap used car or if you're looking to refinance some thousand dollars at the end of the current auto loan. There is no prequalification. When you submit your application with LightStream, you'll go through an extensive credit screening. Unlike with other lenders, there's no way to check your credit score and rate prior to submitting an application. How to contact LightStream LightStream offers customer assistance through an online form, but does not provide a phone number for general inquiries. Business hours are Monday through Friday 10 a.m. until 8 p.m. ET and on Saturdays 12 p.m. until 4 p.m. ET. Information regarding your application or loan is available 24 hours a day on the LightStream website or in the application.
The auto loan kinds offered LightStream provides auto loans for both used and new automobiles. The company also provides loans to refinance your loan and also for the purchase of the lease.
New and used automobile loans
The loan amount is $5,000 to $100,000 Terms 24-84 months APR: from 8.99 percent


Although the LightStream automobile loans are technically not secured but they do offer competitive rates. You might be able to score a lower rate with a bank, but LightStream may still be the better choice for most customers than dealer financing. With terms that range from 84 months, you should be able to locate an option that is suitable to your budget. Refinance
Loan quick facts Amounts: From $5,000 to $100,000 Terms of the loan: 24 to 84 month APR: starting at 9.49%


LightStream's refinance options have the lowest starting amount than banks of other bankswhich is great if you are near the end of your current loan. However, the starting APR is very high. So if you financed your vehicle when rates were lower, you might want to hold off on refinancing unless you need a longer payment term. In that scenario the 84-month terms offered by LightStream might be a good option however it could end up costing you more in interest. Lease buyout
Quick facts about loans: Between $5,000 and $100,000 Terms 24-84 months APR: Starting at 9.49%


LightStream is among the more attractive options in the market for buying out your lease, particularly because many banks and online lenders don't offer the service. As with its brand new and used auto loans and refinancing program, you will have flexibility in loan terms and the capacity to finance a large amount that can be beneficial when you lease a more expensive model. How do you apply for a loan with LightStream You can apply for the loan through LightStream on its website. You may need to provide the necessary documents to complete your application. If you apply within business hours you may receive a response, you can sign 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 The principal loan purpose Your desired loan size and term Name, Social Security number and birthdate Home address and current housing status Contact number and email address Driver's license number Your employment and financial details


LightStream FAQs
Can I buy the car at an individual? Yes. LightStream offers loans for purchases by private parties in the same terms as pre-owned vehicle loans at dealerships.


What other financing options does LightStream provide? LightStream offers loans for classic cars and motorcycles as well as boat loans as well as RV loans and financing for aircraft.



How do you calculate the rate of Bankrate LightStream
Overall score
4.1
Availability
4.7
LightStream has a minimum loan amount but lets you choose from a wide range of repayment terms.
Affordability
4
Although LightStream provides low rates on APRs the company does not disclose the eligibility requirements for its customers.
Customer experience
4.6
LightStream stands out for its speedy funding process however, it doesn't provide customer support via phone, and support hours aren't as extensive.
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. Criteria for acceptance, whether rates and fees are accessible and the APR range all affect lender scores. These scores are broken up into 4 categories. Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Accessibility: This section includes APR ranges, acceptance criteria, discounts and fees. Customer experience: How long you're required to shop, the customer service availability, whether there's an app or autopay option are all covered within this category. Transparency: This category is responsible for the accessibility of rates and fees along with the availability of prequalification.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been checked or approved by any advertiser. The information such as rates and charges that are included in the review is correct up to the date when the review first appeared. Look over the information at the top of this page as well as the lender's site for the most up-to-date information.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers feel confident to take control of their finances through providing precise, well-studied information that breaks down complicated topics into bite-sized pieces.






Auto loans editor










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