LightStream only offers a fixed rate. The above rates will include the 0.5% discount on the rate if you choose to set automatic repayments while completing your application.
Those are reference ranges, and your exact final rate will be highly dependant on your credit profile: LightStream offer borrowers with a good or better credit rating among the best rates in the industry
APRs are different in the following cases:
• Used Auto Purchase from Individual: 3.49% to 10.49%
• Auto Lease Buyout: 3.49% to 10.49%
• Motorcycle Purchase or Refinance: 4.29% to 11.89%
LightStream offers a program called “Rate Beat” for unsecured loans. This is kind of like an APR matching program with an added promise to do 0.10% better (once certain conditions are met both from you and other lenders). This way, the company strives to stand out from its competitors.
In summary, understand if LightStream suits you:
Pros
- Competitive starting rates
- No fees.
- 0.5% rate discount for automatic payments
- Quick disbursement
- Plenty of vehicle purchase modalities available
- Auto loan refinancing available
Cons
- Does not offer pre-qualification.
- Lots of financial requisites, several years of credit history
The pros of LightStream car loans
Low rates for anybody with good to excellent credit
In case you are in good standing (high credit score over 660, a blend of credit account types, varied assets, few or no deficient installments, and a consistent income), Lightstream loan rates could be difficult to beat.
Starting from 2.49% is likely to be relevant to you since this is a lower base than most online lenders requiring a 660 or higher credit score.
LightStream may offer a rate of 0.1% lower than what’s offered to you by a contending bank. To exploit this perk, you should show proof that you were endorsed for another loan with similar terms offered by LightStream around the same time. To see accurate terms visit their Rate Beat page.
No expenses
LightStream doesn’t need any further costs, such as application and origination fees. Moreover, there’s no prepayment penalty for paying off the loan early. Residents of Florida should pay a state stamp charge, notwithstanding.
The Cons of LightStream car loans
Just accessible to customers with great credit
A credit score of 670 is a base prerequisite. Lightstream likewise precludes borrowers with a restricted history of taking out loans or utilizing credit cards. To even qualify, LightStream requires at least five years of credit history and no deliquent records.
Not possible to get a rate quote, with a hard credit check on your application
Despite its low rates, it must be mentioned that, unlike most lenders, LightStream doesn’t include a pre-approval stage, where you can see an estimation of your final rate, but you will have to go through the final application, which will impose a hard inquiry on your credit score.
On the other hand, LightStream declares its APRs, so that you know how much your loan will cost: there is great transparency, which not necessarily you will find elsewhere.
How do you apply for a LightStream car loan?
What will be available to you is all dependent on getting approved. Thankfully the application process is easy: done entirely online, it takes just a few minutes, and you may get the response in a matter of hours. Gaining access to funds is also fast and can happen within the same day of approval. This makes the whole process relatively painless.
In order to help smooth out any issues that might occur during this delicate phase, the company also offers a 30-day satisfaction guarantee. If you’re not happy about the service within 30 days of getting approved, LightStream will send you $100.
Customer service
On the lender website, you will find a comprehensive FAQ page, and the customer service team has a good rating among its users.
LightStream isn’t evaluated by the Better Business Bureau. However, its parent organization, SunTrust Bank, got an A+ rating from it, which in short means a very good capability to deal with complaints. Truth be told, you will find an overall subpar reputation among online customers who left their reviews, although there is little online feedback, and this scarcity of reviews can be misleading. In essence, there is quite a common dissatisfaction from customers who saw their application denied for unclarified reasons, so it seems that satisfying financial requisites isn’t easy. On the other hand, borrowers from LightStream who finalized their loans appreciate ease and speed of application, are comfortable with rates and experience with the company, claiming to never have faced any problem.
Final verdict
LightStream is a great option if you are a good-standing borrower who needs to be funded fast and you value saving, thanks to rates that can be considered affordable, along with available discounts. If you rely most on other customers’ words and prefer to live by an impeccable experience, then it is likely better to consider other car lenders. And if don’t have good creditworthyness, chances are that you will be cut out.