LightStream Auto Loans Review

Nowadays, a car is an essential thing which brings comfort into your life, and as it’s often impossible for an ordinary person to buy an automobile at once, there is a choice: either to save money or get an auto loan.

If you decide to save, then you are to be passionate and goal-oriented not to spend the funds on something else.

When getting a loan, you will have to pay additional costs, but it’s a brilliant opportunity to buy an auto as soon as you wish.

That’s why auto loans are so popular.

Auto loans of LightStream

LightStream, Inc. being one of the leading loan providers in the USA offers loans for car purchase as well.

Auto loans of LightStream belong to the group of personal loans and are rather compatible.

LightStream Auto Loans Review

Who Can Apply for the Loan?

LightStream loan for car purchasing might be given to buy a new or used car.

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However, you are to meet some requirements to be able to borrow money from the company.

First of all, Lightstream wants their clients to have excellent or good credit history.

It means you are to:

  • Be a citizen of the USA or permanent resident;
  • Be of full legal age;
  • Have at least five years of significant credit;
  • Have multiple account types in your history, including credit cards, mortgage or other types of loans;
  • Perform excellent debt repaying, without delinquencies;
  • Show your ability to save proved by presence of previous savings;
  • Have sufficient income to be able to repay debt obligations.

If you feature all the options, then you can steadily qualify for the best rates of LightStream online service.

See, also: LightStream Personal Loans Review

In case you have got bad credit, your chance to be given an unsecured auto loan is low, but you may try to apply for a secured one.

How to Get It?

If you have opted for LightStream, your next step is to complete an online application. First of all, you are to choose what terms of the loan you prefer.

Afterwards, it’s necessary to provide:

  • Personal data (full name, date of birth, address, phone number and email address);
  • Social security number and your driving license;
  • Information concerning current employment status;
  • Income details, liabilities and assets.

LightStream will contact you via email within the business hours. In case your application is submitted, you will have to electronically sign the agreement.

The funds will be transferred to your valid MasterCard or Visa credit card on the date you choose, even on the day of application. The due dates are defined by you as well.

What Are the Rates?

The rates of LightStream online loan provider depend on the amount of money you borrow and the term you take the loan for.

The sum of auto loan varies from $5,000 up to $100,000. The minimal loan term is 24 months, up to 7 years if the sum borrowed is quite large – starting with $25,000.

The rate is directly proportional to the loan term and inversely related to the loan amount. The lowest auto loan rate available there is claimed to be 1.99%.

However, your rate will be increased by 0.50% unless you enroll in AutoPay. Interest rates are fixed, which is another benefit of the company.

The greatest advantage of LightStream auto loans is absence of any additional payments. That means you will not have to pay out any fees in case of prepayment, when applying and in case of missing a payment.

Also, if you are not satisfied with your credit conditions, you may apply for satisfaction guarantee within 30 days of your loan term.

Is This Loan Worth Taking?

LightStream is owned by SunTrust Bank, which evidence its reliability. However, it’s rather hard to get your auto loan application submitted as they want their clients to be reliable as well.

If you are lucky enough to get an unsecured loan, then your rates will be smaller than all the rest of online lenders offer.

In case your credit history is not so excellent as demanded, a secured auto loan would be great as well.

1 review

  1. Henry

    LightStream auto loan is the option that helped me to renew my car. Having no money to change my old car I had to borrow it immediately. The financial company offered several services, reasonable rates and convenient conditions. After all, the experience is worth the effort.

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