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Lightstream
LightStream 2023 Auto loan review Published 2023-01-01 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 in navigating the ins and outs of securely taking out loans to purchase the car they want.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances with 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 offering financial calculators and interactive tools, publishing original and objective content, by enabling users to conduct studies and to compare information at no cost and help you 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 Money 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 website, for example, for example, the order in which they may be displayed within the listing categories, except where prohibited by law for our loan products, such as mortgages and home equity, and other home lending products. However, this compensation will have no impact on the information we publish, or the reviews you read on this site. We do not contain the universe of companies or financial deals that may be available to you.




Reviewer's disclosures: All reviews are prepared by staff. The opinions expressed in them are only those of the reviewer , and have not been reviewed or approved by any advertising company. The information, including rates and fees provided in the review are accurate as of the date of the review. Look over the information on the right and the lender's website for the most recent information.








A look 4.1 rating: 4.1 stars out of 5
Bankrate Score

Rating of Availability: 4.7 stars out of 5
Affordability Rating: 4 stars out of 5
Customer Experience Rating: 4.6 5 stars from five
Transparency Rating: 3 stars out of 5


Find out about auto loan rates

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



LightStream features. Consider these advantages and disadvantages of an auto loan using LightStream before applying.
PROS Good user experience
Rapid funding timeline
Terms for loans up to 84 months

CONS Unsecured loan
The minimum loan amount
No prequalification





LightStream is an online lender that offers unsecured auto loans for new and used cars. The company also provides auto loan refinancing as well as lease buyouts. Each option can be completed the same day that you apply. Since the LightStream auto loans are unsecured the car you own isn't used as collateral -- but it still has affordable rates and a wide range different repayment choices.
Do you qualify? LightStream does not have specific eligibility criteria to be eligible for their loans. However, they do consider borrowers with several years of credit history, a credit record that includes a range of account types, a good payment history, an established ability to save and stable income. The lowest rates are given to those with a high credit score. This is usually described as having a FICO score of 740 or higher. What we love and what do not like here are some of the advantages and disadvantages associated with LightStream Auto loans. What we like Good user experience. LightStream is entirely online, and its site is simple and easy to navigate. The application is quick and can be completed using tablets, phones or PC. Quick funding time. You can receive funding as soon as the day that you apply for an loan using LightStream and the money is deposited directly to your bank account. Terms for loans up to 84 months. You can request repayment terms from 24 months to 84 months, giving you the flexibility to find an affordable monthly payment. What we do not like about is an unsecured loan. LightStream's auto loan essentially functions as an unsecured personal loan which means that you don't utilize your vehicle as collateral. This can result in higher interest rates than what you'd receive from an lender that offers conventional auto loans. High minimum loan amount. LightStream offers much higher loan minimums than those of its competitors. The minimum amount to refinance or finance a new or used car 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 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. As with other lenders there's no way to verify your credit score and rate prior to submitting an application. Contact information for LightStream LightStream LightStream offers customer assistance through an online form however it does not have a phone number for general queries. Hours of operation are Monday to Friday from 10 a.m. until 8 p.m. ET and Saturday 12 p.m. to 4 p.m. ET. Details about the application process or loan is available 24 hours a day on LightStream's website or application.
The auto loan types offered LightStream offers auto loans for used and new automobiles. They also offer loans for refinancing and also for the purchase of your lease.
New and used automobile loans
The loan amount is Between $5,000 and $100,000 Terms 24-84 months APR: from 8.99 per cent


While LightStream's automobile loans are technically not secured but they do offer competitive rates. It is possible to negotiate a lower rate with a bank, but LightStream might be the best option for most customers than dealership financing. With terms that range from 84 months, you'll be able to find an option that is suitable with your budget. Refinance
Loan quick facts Amounts: Between $5,000 and $100,000 Terms 24-84 months APR: Starting at 9.49%


LightStream's refinance option has a lower starting amount than many banks -which is great if you are near the end the term of your existing loan. However, the initial APR is very high. If you bought your vehicle when the rates were less, then you might decide to delay refinancing until you have more time to pay. In that case, LightStream's 84-month term may be beneficial however it could be more expensive in interest. Lease purchase
Quick facts about loans: $5,000 to $100,000 Terms of the loan: 24 to 84 month APR: Starting at 9.49 percent


LightStream is among the most attractive options in the market for buying out the lease, especially since many banks and other online lenders don't provide this service. Like with its new as well as used car loans and refinancing service, you will have flexibility in loan conditions and the capability to finance large amounts that can be beneficial if you leased a more expensive model. How do you apply for an loan through LightStream It is possible to apply for a loan with LightStream on its website. You might need to submit identification documents following the submission of your application. If you apply within business hours, you could be contacted, and then you can complete your loan documents electronically, and receive funds the next day.
The required information for your application is whether you're applying alone or in conjunction with a co-applicant. The principal loan goal Your preferred loan size and period Name Social Security number, Social Security number, and birthdate . Home address and current housing status Email address and phone number Driver's license number and financial information


LightStream FAQs
Do I have the option of buying a car from a private party? Yes. LightStream offers financing for private party purchases that have the same terms and conditions as pre-owned automobile loans from dealerships.


What other types of auto financing is available through LightStream provide? LightStream also offers loans for classic cars and motorcycles as well as boat loans, the RV loans along with financing options for aircrafts.



How do you calculate the rate of Bankrate LightStream
Overall score
4.1
Availability
4.7
LightStream has a high minimum loan amount but lets you select from a variety of repayment terms.
Affordability
4
Although LightStream offers low APRs, the company does not disclose the eligibility requirements for its customers.
Customer experience
4.6
LightStream is notable for its fast funding timeline, but it does not provide customer support via phone, and support hours aren't as extensive.
Transparency
3
Fees are listed on its website, but LightStream does not provide prequalification.


Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, rates and fees are accessible and APR range all influence lender scores. The scores are divided into four categories. Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this section. Accessibility: This section includes APR ranges, acceptance criteria, fees and discounts. Customer experience: The length of time you have to spend shopping, customer service availability, whether you have autopay or an app available are all covered in this section. Transparency: This category is responsible for the availability of rates and fees along with the availability of prequalification.
Disclaimer: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and have not been checked or acknowledged by any advertiser. The information, including rates and fees provided in the review is accurate up to the date that the review was written. Look over the information at the top of this page, and 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 has a specialization in helping readers to navigate the ins and outs of securely using loans to buy an automobile.
Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers feel confident to control their finances through providing concise, well-researched and well-written data that break complex topics into manageable bites.






Auto loans editor










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