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

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of borrowing money to purchase the car they want.







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

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down complicated topics into digestible chunks.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct research and compare data for free - 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 Make Money The offers that appear on this site are from companies that pay us. This compensation may impact how and when products are featured on this website, for example the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our loan products, such as mortgages and home equity, and other home loan products. However, this compensation will not influence the information we publish, or the reviews that you see on this site. We do not cover the vast array of companies or financial deals that may be available to you.




About our reviews Editorial disclosure: All reviews are prepared by our staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed or approved by any advertiser. The information such as rates and charges that are included in the review is accurate at the time of the review. Review the information in the upper right hand corner of the page and the lender's website to find the most current details.








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

Available Rating: 4.7 stars out of 5
Affordability Rating 4 stars out 5
The Customer Service Rating is 4.6 stars out of 5
Transparency Rating: 3 stars out of 5.


Check rates for auto loan rates

The loan amount is $5,000 to $100,000
Min. credit score not specified
APR starting at 8.99%
Funds will be available as early as the day you apply



LightStream features. Take a look at these advantages and drawbacks to an auto loan using LightStream before applying.
PROS Good user experience
Quick funding timeframe
Loan terms up to 84 months

CONS Unsecured loan
High minimum loan amount
No prequalification





LightStream is an internet-based lender which offers secured auto loans for new and used car purchases. The company also provides auto loan refinancing as well as lease buyouts. All options can be completed the same day that you apply. Because the LightStream auto loans are unsecured, your car is not being used as collateral, however, it offers affordable rates and a wide range in repayment alternatives.
Do you qualify? LightStream does not have specific criteria for eligibility to be eligible for their loans. However, they do consider borrowers with several years of credit history, a credit record that spans a variety of accounts kinds, a solid payment history, an established capacity to save, and a an income that is stable. The lowest rates go to those with a high credit rating, generally defined as the FICO Score above 740. What we like and what don't like Here are some of the benefits and drawbacks that come with LightStream auto loans. We like the user experience. LightStream operates entirely online, and its website is simple and simple to navigate. The application is fast and can be completed with tablets, phones or the computer. Rapid funding timeline. You will receive funds within the first day you make an application for a loan with LightStream, and the funds are deposited immediately into the account of your bank account. The loan terms can be as long as 84 months. You can request terms of repayment ranging from 24 months to 84 months, which gives you more flexibility in finding the most affordable monthly installment. What we don't like Unsecured loan. LightStream's auto loan is essentially an unsecure personal loan and doesn't utilize your vehicle as collateral. This could translate to more interest rates than you'd get from the traditional lender providing typical auto loans. A high minimum loan amount. LightStream has much higher loan minimums than those of its rivals. The minimum to refinance or finance the purchase of a new or used car is $5,000 and LightStream won't be the best choice if you're looking to buy an affordable used vehicle or you're refinancing some thousand dollars at the end of your current auto loan. No prequalification. When you submit your application through LightStream the application will be subject to a hard credit check. As with other lenders there's no way to verify your credit score and rate prior to submitting an application. How to contact LightStream LightStream offers customer assistance via an online form but does not have a phone number for general queries. The hours of operation are Monday through Friday from 10 a.m. to 8 p.m. ET and Saturday 12 p.m. until 4 p.m. ET. The information regarding an application for a loan can be found 24 hours a day on the LightStream website or in the application.
Loan types for auto loan types offered LightStream provides auto loans for new and used vehicles. It also offers loans to refinance your loan and also for the purchase of your lease.
New and used automobile loans
Loan quick facts Amounts: Between $5,000 and $100,000 Terms 24-84 months APR: Starting at 8.99 percent


While LightStream's car loans are technically not secured, they have decently competitive rates. It is possible to negotiate a lower rate through a bank, but LightStream might be the best option for most customers than dealership financing. And with terms up to 84 months, you'll be able to find an option that is suitable with your budget. Refinance
The loan amount is From $5,000 to $100,000 Terms: 24 to 84 months APR: Starting at 9.49 percent


LightStream's refinance option has the lowest starting amount than many banks -- which makes it good for those who are at the expiration date the term of your existing loan. However, the beginning APR is very high. Therefore, if you purchased your car when prices were low, you may decide to delay refinancing until you require more time to pay. In that case, LightStream's 84-month term could be useful however it could be more expensive in interest. Lease buyout
Loan quick facts Amounts: From $5,000 to $100,000 Terms: 24 to 84 months APR: starting at 9.49 percent


LightStream is among the most affordable choices when it comes to purchasing out the lease, especially since many banks and other online lenders don't offer it. Like with its new and used auto loans and refinancing program it offers flexible loan terms and the capacity to finance large amounts which is useful when you lease a more expensive model. How do you apply for the loan using LightStream You can apply for an loan using LightStream on its website. It is possible that you will need to submit identification documents following the submission of your application. If you submit your application within the hours of business, you could receive a response, complete your loan documents electronically and receive funds the next day.
Information required for application, whether you're applying for the loan on your own or in conjunction with a co-applicant. The principal loan goal Your preferred loan quantity and period Name Social Security number, Social Security number, as well as birth date Home address and housing status Contact number and email address driver's license number and financial details


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


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



How Bankrate rates LightStream
Overall score
4.1
Accessibility
4.7
LightStream has a minimum loan amount, yet allows you to choose from a wide range of repayment terms.
Affordability
4
Although LightStream provides low rates on APRs the company does not disclose its eligibility requirements.
Customer experience
4.6
LightStream is notable for its fast funding timeline, but it does not provide customer support via phone, and support hours are limited.
Transparency
3
Fees are listed on its website, however LightStream does not offer prequalification.


Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, fees and rates are offered and the APR range all affect lender scores. These scores are split in four different categories. Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Affordability: This section contains APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: How long you'll need to shop, the customer service availability, whether there's an app and autopay availability are covered by this segment. Transparency: This section accounts for the availability of fees and rates along with whether or not prequalification is offered.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer and are not checked or acknowledged by any advertising company. The information, including rates and fees provided in the review is accurate as of the date when the review first appeared. Check the data in the upper right hand corner of the page as well as the lender's website 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 with the ins and outs of securely borrowing money to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers feel confident to control their finances through providing precise, well-studied data that break complex subjects into digestible pieces.






Auto loans editor










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