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

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of 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 control their finances with precise, well-studied information that break down complex 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 financial calculators and interactive tools that provide objective and original content. We also allow you to conduct research and to compare information at no cost to help you make sound financial decisions. Bankrate has partnerships with issuers such as, 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 compensate us. This compensation could affect how and when products are featured on this site, including for instance, the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our loans, mortgages,, or other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews that you see on this site. We do not contain the entire universe of businesses or financial offerings that could be available to you.




Reviewer's disclosures The reviews are written by our staff. The opinions expressed in them are only the opinions of the reviewer and are not reviewed or accepted by any advertiser. The information that is included, including rates and fees that are included in the review is accurate at the time of the review. Look over the information in the upper right hand corner of the page and the lender's site for the most recent information.








A quick glimpse 4.1 Score: 4.1 stars out of five
Score of the Bankrate

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


Check auto loan rates

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



LightStream features Consider these benefits and drawbacks to an auto loan with LightStream before you apply.
PROS Good user experience
Quick funding timeframe
The loan terms can be as long as 84 months

CONS Unsecured loan
The minimum loan amount
No prequalification





LightStream offers an online lender which offers secured auto loans for new and used cars. It also offers auto loan refinancing as well as lease buyouts. All options can be funded the same day you apply. Because the LightStream auto loans are unsecured, your car is not used as collateral -- but it still has competitive rates and a variety of repayment options.
Do you qualify? LightStream doesn't have any specific eligibility requirements in its loans. However, they do look for borrowers with several years of credit background, a credit history that includes a range of account types, a strong credit history, and an ability to save money and an income that is stable. The best rates are offered to borrowers with an excellent credit rating, usually defined as 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. We like the user experience. LightStream operates entirely online, and its site is easy and simple to navigate. The application is fast and can be completed with a phone, tablet or computer. Rapid funding timeline. You could receive your funds within the first day you make an application for a loan with LightStream, and the funds are then deposited directly to the account of your bank account. Terms for loans up to 84 months. You can request repayment terms from 24 months to the length of 84 months. This gives you the flexibility to find an affordable monthly payment. What we do not like about is an unsecured loan. LightStream's auto loan is essentially an unsecured personal loan which means that you don't utilize your vehicle as collateral. This could translate to more interest rates than you'd get from a lender that offers traditional auto loans. High minimum loan amount. LightStream offers much higher loan minimums than its rivals. The minimum required to refinance or finance a brand new or used vehicle is $5,500 which means that LightStream might not be a good option for those looking to purchase an affordable used vehicle or refinancing some thousand dollars to pay off your current auto loan. No prequalification. If you apply using LightStream the application will be subject to a hard credit check. Unlike with other lenders, it's impossible to determine your rate and eligibility beforehand. Contact information for LightStream LightStream LightStream offers customer assistance through an online form, but doesn't have a telephone number for general inquiries. Hours of operation are Monday to Friday from 10 a.m. to 8 p.m. ET and Saturday 12 p.m. to 4 p.m. ET. Information regarding the application process or loan can be found 24 hours a day on the website of LightStream or through the application.
The auto loan types offered LightStream offers auto loans for used and new automobiles. It also offers loans to refinance as well as for purchasing the lease.
New and used automobile loans
Loan quick facts Amounts: $5,000 to $100,000 Terms 24-84 months APR: starting at 8.99 percent


Although the LightStream auto loans are technically not secured, they have decently competitive rates. You may be able to negotiate a lower rate through a bank, however, LightStream might be a better option for most people rather than dealer financing. With terms as long as 84 months, you should be able to locate an option that is suitable with your budget. Refinance
Loan quick facts Amounts: From $5,000 to $100,000 Terms: 24 to 84 months APR: starting at 9.49%


LightStream's refinance option has the lowest starting amount than many banks -- which makes it good if you are near the end of your current loan. However, the initial APR is high. Therefore, if you purchased your car when rates were lower, you may decide to delay refinancing unless you need a longer payment term. In this case the 84-month terms offered by LightStream may be beneficial but it's likely to end up costing you more in interest. Lease buyout
Quick facts about loans: From $5,000 to $100,000 Terms of the loan: 24 to 84 month APR: from 9.49 percent


LightStream is one of the more competitive options when it comes to buying out your lease, particularly as many banks and online lenders don't provide the service. As with its brand new and used auto loans and refinancing program, you will have flexible loan terms and the ability to finance a substantial amount that can be beneficial in the event that you have leased an expensive model. How to apply for the loan using LightStream The application for a loan using LightStream on its website. You might need to submit identifying documents after completing your application. If you submit your request within the hours of business, you could be contacted, and then you can you can sign the loan documents electronically and receive funding within the same day.
The required information for your application is whether you're applying for the loan on your own or in conjunction with a co-applicant. The principal loan purpose Your desired loan quantity and term Name Social Security number, Social Security number, and birthdate Home address and housing status Contact number and email address driver's license number and financial details


LightStream FAQs
Do I have the option of buying the car at an individual? Yes. LightStream provides loans for purchases by private parties in the same terms as pre-owned vehicle loans through dealerships.


What other financing options is available through LightStream offers? LightStream offers loans for classic cars and motorcycles, boat loans, RV loans and financing for aircraft.



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


Methodology Bankrate considers 18 data points when rating auto loan lenders. Criteria for acceptance, whether rates and fees are accessible and the range of APR all impact lender scores. These scores are split into four categories. Availability: Loan amounts and repayment options, dealership requirements, and availability in the state all contribute to this section. Affordability: This section houses APR ranges, acceptance criteria, discounts and fees. Customer experience: How long you're required to shop, the customer service accessibility, and whether there's an app or autopay option are accounted for within this category. Transparency: This category is responsible for the availability of rates and fees as well as the availability of prequalification.
Editorial disclosure Reviewers are supervised 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 that is included, including rates and fees, presented in the review is correct up to the date of the review. Look over the information in the upper right hand corner of the page, and 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 is a specialist in helping readers in navigating the ins and outs of securely borrowing money to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers feel confident to manage their finances through providing precise, well-studied information that breaks down complex subjects into digestible pieces.






Auto loans editor










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