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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 has a specialization in helping readers in navigating the details of using loans to buy the car they want.







The edit was done by 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 confidence to control their finances with 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 goal is to help you make smarter financial decisions by offering interactive tools and financial calculators that provide objective and original content, by enabling you to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements 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 come from companies that pay us. This compensation could affect how and when products are featured on this website, for example the order in which they may appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity, or other home loan products. However, this compensation will affect the content we publish or the reviews that you read on this site. We do not contain the universe of companies or financial offerings that could be open to you.




Reviewer's disclosures: All reviews are prepared by staff. The opinions expressed are solely those of the reviewer , and are not reviewed or accepted by any advertising company. The information, including rates and fees provided in the review is accurate at the time that the review was written. Look over the information at the top of this page and the lender's site for the most up-to-date details.








At a look 4.1 Score: 4.1 stars out of five
Bankrate Score

Availability Rating: 4.7 stars out of 5
Affordability Rating: 4 stars out 5
Customers Experience Score: 4.6 stars out of 5
Transparency Rating 3 5 stars.


Compare rates for auto loan rates

About LightStream Loan amount $5,000 to $100,000
Min. credit score not specified
APR from 8.99%
Funds will be available as early as the day you make your application



LightStream features. Consider these advantages and drawbacks to an auto loan with LightStream before applying.
PROS Good user experience
Fast funding timeline
Loan terms up to 84 months

CONS Unsecured loan
High minimum loan amount
No prequalification





LightStream is an online lender that offers unsecured auto loans for used and new cars. They also offer auto loan refinancing as well as lease buyouts. Each option can be paid for the day you make your application. Because Auto loans are unsecured and not secured by your vehicle, it is not being used as collateral, however, it offers an attractive rate and a range different repayment choices.
Do you qualify? LightStream doesn't have any specific criteria for eligibility to be eligible for their loans. However, they do consider borrowers with several years of credit background, a credit history with a variety of account types, a good payment history, an established ability to save money and an income that is stable. The best rates are offered to those with a high credit score. This is usually defined as a FICO score of 740 or higher. What we like and what do not like Below are a few advantages and disadvantages associated with LightStream Auto loans. We like the user experience. LightStream operates entirely online, and its website is simple and easy to navigate. It is easy to use and is accessible via the phone, tablet, or PC. Rapid funding timeline. You could receive your funds within the first day you make an application for a loan with LightStream and the money is deposited straight into the account of your bank account. Loan terms up to 84 months. You can apply for repayment terms of 24 to 84 months, giving you the flexibility to find an affordable monthly payment. We don't like the is an unsecured loan. LightStream's auto loan is essentially an unsecured personal loan, so you don't make use of your car as collateral. This could result in higher interest rates than what you'd find with an lender providing typical auto loans. A high minimum loan amount. LightStream offers much higher loan minimums than those of its competitors. The minimum required to refinance or finance a brand new or used car is $5,000 and LightStream won't be a viable option if you're looking to buy an affordable used vehicle or you're refinancing some thousand dollars towards the end of your current auto loan. No prequalification. When you submit your application through LightStream it will go through an extensive credit screening. In contrast to other lenders, there's no way to check the rate or eligibility prior to applying. What can you do to reach LightStream LightStream LightStream offers customer assistance through an online form however it doesn't have a telephone number for general inquiries. The hours of operation are Monday through Friday, 10 a.m. until 8 p.m. ET and on Saturdays 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 app.
Auto loan types offered LightStream offers auto loans for used and new automobiles. They also offer loans to refinance your loan and also for the purchase of your lease.
Used and new auto loans
Quick facts about loans: From $5,000 to $100,000 Terms 24-84 months APR: starting at 8.99%


While LightStream's car loans are technically secured but they do offer competitive rates. It is possible to get a better cost with a bank but LightStream could be a better option for the majority of people than dealership financing. With terms that range from 84 months, you should be able to find 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: from 9.49%


LightStream's refinance options have a lower starting amount than banks of other banks- which makes it good when you're nearing the expiration date on your loan. However, the initial APR is very high. Therefore, if you purchased your car when rates were lower, you might decide to delay refinancing unless you need a longer payment term. In that scenario the 84-month terms offered by LightStream could be useful, but it will end up costing you more in interest. Lease buyout
Loan quick facts Amounts: Between $5,000 and $100,000 Terms 24-84 months APR: from 9.49 percent


LightStream is among the most affordable choices when it comes to buying out the lease, especially as many banks and online lenders do not offer the service. As with its brand new as well as used car loans and refinancing service, you will have flexibility in loan conditions and the capability to finance a large amount, which can be handy if you leased a more expensive model. How to apply for an loan using LightStream You can apply for a loan with LightStream through its website. You might need to submit identification documents following the submission of your application. If you apply within business hours you may get a response, then you can sign the loan documents electronically, and receive funds the next day.
Information required for application, whether you're applying for the loan on your own or with a co-applicant The primary loan purpose Your desired loan quantity and time Name Social Security number, date of birth as well as birth date Home address and current housing status Phone 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 provides loans for purchases by private parties with similar terms as its pre-owned vehicle loans through dealerships.


What other auto financing does LightStream offers? LightStream offers finance for classic cars as well as motorcycles, boat loans, loans for RV loans along with financing options for planes.



How do you calculate the rate of Bankrate LightStream
Overall score
4.1
Accessibility
4.7
LightStream has a high minimum loan amount but lets you select from a variety of repayment conditions.
Affordability
4
Although LightStream has low interest rates, the company does not reveal the eligibility requirements for its customers.
Customer experience
4.6
LightStream is distinguished by its quick funding timeframe however, it doesn't provide customer support via phone, and its support hours are not as long.
Transparency
3
The fees are available on the website, but LightStream doesn't offer prequalification.


Methodology Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, fees and rates are offered and the range of APR all impact lender scores. These scores are broken up into 4 categories. Availability: Loan amounts as well as repayment options, dealer requirements and state availability all contribute to this category. Affordability: This section contains APR ranges, acceptance criteria, discounts and fees. Customer experience: How long you'll need to shop, customer service accessibility, and whether there's an app and autopay availability are covered by this segment. Transparency: This section accounts for the accessibility of rates and fees as well as whether or not prequalification is offered.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and are not reviewed or accepted by any advertising company. The information, including rates and fees provided in the review is correct at the time when the review first appeared. Check the data in the upper right hand corner of the page, and the lender's site for the most recent details.




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 details of taking out loans to buy a car.
Editor: 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 gain the confidence to control their finances with clear, well-researched data that break otherwise complicated topics into bite-sized pieces.






Auto loans editor










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