In a Nutshell
- A wide range of interest rates and repayment terms
- The application to approval process can take less than a day
- Requires good or excellent credit for loans
- Higher rates if autopay not enabled
LightStream at a Glance
LightStream offers a variety of auto financing options including traditional car loans and new funds for new and used cars from both dealers and private parties. All options offer competitive interest rates, but the company stands out more for the flexibility of its loan amounts and repayment terms for new and used auto loans.
LightStream goes a step further by offering non-traditional loan options that include auto refinancing for customers looking to improve their financial situation with more favorable interest rates.
Additionally, these non-traditional auto loans include financing for classic cars whereby customers finance purchases of previously owned vintage cars. There are separate loans for classic and used cars sold from a private party so that borrowers can transact with private sellers instead of a dealership.
LightStream is the consumer lending branch of SunTrust Bank, a major U.S. financial institution. The company was formed to provide borrowers with good credit the most attractive possible loan and financing alternatives thanks to a simplified application and streamlined approval process.
LightStream accomplishes these goals by exclusively providing online services, thereby eliminating the typical loan application bureaucracy. With an excellent website and simple approval process, customers can rest easy and focus on using their funds instead of filling out endless forms. LightStream is so confident in its services that it offers a $100 satisfaction guarantee.
LightStream is a good option for a variety of customers as it provides unsecured loans for new and used cars. LightStream only works with customers who have good to excellent credit, making it a better alternative if you have solid financial standing and are simply looking for a way to expedite the car buying process. Also, LightStream’s generous loan amounts and low interest rates are flexible.
LightStream offers loans for:
- New cars
- Used cars from a dealer
- Used car from a private party
- Auto refinancing
- Lease buyouts
- Classic cars from a dealer
- Classic cars from a private party
LightStream goes out of its way to ensure that you can find an easy and versatile financing solution for any type of car purchase. It has a variety of loan types—financing for new and used cars, classic cars, private party purchases, and even lease buyouts. Approval and funding can be completed within the same day because the process eliminates the paper application. You can even complete the process on your computer or mobile device. LightStream offers a rate beat program, whereby it will beat any comparable interest rate presented by competitors by 0.10%.
Some highlights include:
- A fast application process
- A variety of loan options
- Flexible loan terms
- Loan amounts up to $100,000
- Secured and unsecured loans
- Receipt of funds within the same day
LightStream Application Process
Getting started with LightStream is both efficient and painless. The company’s explicit goal is to help you avoid the red tape that accompanies conventional lending, and its online application process reflects this. LightStream works with customers that have good to excellent credit profiles, which is a major reason why it can offer competitive rates and terms.
Given the unique nature of each individual's credit profile, LightStream does not hold to a single definition of "good credit." Instead, it considers the following criteria:
- Several years of the borrower’s credit history.
- A credit history with a variety of account types, such as major credit cards (Visa, MasterCard, Amex), installment debt (vehicle loans), and mortgage debt, if applicable.
- Payment history including any delinquencies or other problems repaying debt obligations.
- An ability to save evidenced by some or all of the following: liquid assets (stocks, bonds, bank deposits), cash down payments on real estate, retirement savings, and manageable revolving credit card debt.
- Stable and sufficient income and assets to repay current debt obligations and any new loan with LightStream.
Loan Types and Terms
LightStream offers a variety of loan options. Aside from traditional new car loans, you can opt for used car loans for both dealer purchases and private party financing, auto refinancing, and lease buyouts. These alternatives feature solid interest rates and term options to help you find the financing solution that matches your financial circumstances. All loan types offer amounts that range between $5,000 and $100,000, and range from 24 to 84 months.
All loan amounts for all auto loans now extend from 24 to 84 months. New and used car loans for dealer purchases start at 3.49% APR for customers who use LightStream’s AutoPay option. Loans higher than $10,000 and lower than $24,999 have starting interest rates as low as 3.49% APR with AutoPay for a 24 and 36-month term.
For used car loans from private parties, interest rates start slightly higher at 4.99% APR with AutoPay. Refinancing offers interest rates as low as 3.49% APR with AutoPay for loans between $10,000 and $24,999 with terms of 24 to 84 months.
All loans from LightStream are unsecured and fixed-rate. Additionally, LightStream does not charge any prepayment penalties or charge other fees related to loan underwriting. Overall, it offers an outstanding variety of loan amounts, terms, and interest rates.
How Safe is It?
LightStream emphasizes the protection of customer information. It goes beyond the industry standards for security and uses Norton Security tools to protect against the most common attacks including phishing, malware, and identity theft. Moreover, LightStream is transparent about the information it collects from customers and how it shares that information with third parties, if at all. All customer information is protected by layers of encryption, firewalls, physical security measures, and redundancies.
LightStream offers a vast range of repayment terms and alternatives. You can choose to manually pay your loan by receiving invoices, or you can opt for the AutoPay service, which will reduce your interest rates by 0.50%.
For repayment terms, LightStream offers an excellent spectrum. All repayment terms are up to 84 months.
Help & Support
Representatives from LightStream support are available via email and respond to inquiries during business hours Monday through Friday and Saturdays on a shortened schedule. LightStream does not offer telephone support or live chat. However, LightStream does offer an insightful and easy to navigate FAQ section that covers most common questions that may arise during the process.
LightStream’s broad range of services include new and used loans, classic car financing, and lease buyouts. The lender provides all customers with the right financing solution to meet their unique circumstances. The company also offers flexibility thanks to its broad repayment terms, loan amounts, and interest rates. In addition to helpful customer support and a simple application process, LightStream is a top choice for borrowers looking to purchase or refinance a car and with good to excellent credit.
303 Peachtree Street NE
* See LightStream disclosures here. Payment example: Monthly payments for a $10,000 loan at 3.49% APR with a term of 3 years would result in 36 monthly payments of $292.98.