LightStream is an online lender that provides unsecured auto loans to purchase new and old automobiles. Together with that, it provides lease buyouts and refinancing options for automobile loans. Any of these choices may get you financed on the same day you apply. The fact that LightStream's auto loans are unsecured means that your vehicle will not be used as security; yet, the company's loans still provide affordable interest rates and several different ways to make payments. Below you will find LightStream auto loans reviews.

Do You Qualify?

To be eligible for a loan from LightStream, you must meet the company's general lending guidelines. Nonetheless, the organization searches for borrowers with a credit history that spans many years, a credit history that includes a range of account types, a decent payment history, a capacity to save money, and a steady income. Borrowers with an excellent credit score, commonly defined as a FICO score higher than 740, are eligible for the best interest rates.

What We Like

A pleasant experience for the user. LightStream is a completely web-based business, and its website is designed to be user-friendly and uncomplicated. The application takes a few minutes to complete and may be done on a computer, tablet, or smartphone.

Quick financing timeframe. When you apply for a loan with LightStream, you may get financing on the same day you submit your application, and the money will be paid straight into your chosen bank account.

Financing periods are available up to 84 months in length. You can submit an application for repayment periods ranging from 24 months to 84 months, which provides you with additional flexibility in determining an acceptable monthly payment.

What We Don't Like

Loan without collateral. You won't need to put up your car as collateral if you apply for an auto loan with LightStream since it operates similarly to an unsecured personal loan. Because of this, the interest rates you get from a lender who provides conventional auto loans might be greater than those you would receive from a lender who provides conventional auto loans.

A significant minimum amount of the loan. The loan minimums required by LightStream are much greater than its rivals. LightStream has a $5,000 minimum to refinance or finance a new or used vehicle, so if you're looking to buy a cheap used car or refinance a few thousand dollars when your existing auto loan is up, it may not be the best option for you.

No prequalification. When you apply for financing with LightStream, your credit history will be thoroughly investigated as part of the process. There is no method to verify your rate or eligibility in advance, in contrast to what is available with other lenders.

How To Contact Lightstream

LightStream provides customer support via an online form; however, the company does not provide a phone number that may be used for more general inquiries. The business is open from 10 a.m. to 8 p.m. Eastern Time (ET) Monday through Friday and from 12 p.m. to 4 p.m. ET on Saturday. Through the LightStream website or mobile app, you may access information on your application or loan anytime of the day or night.

Types of Auto Loans Available

LightStream is pleased to provide financing options for both new and pre-owned automobiles. Loans to pay off your lease or refinance are also available.

New and used auto loans

LightStream's auto loans feature relatively reasonable rates, even though they are legally unsecured. Even if you are approved for a cheaper interest rate through a bank, most customers will find financing via LightStream is better than financing through the dealership. You should also be able to discover a payment plan that is suitable for your financial situation since we offer periods of up to 84 months.

Refinance

If you are getting close to the end of your loan term, you may want to consider LightStream's refinancing option since it offers a lower beginning amount than many other banks. Yet, the first APR is rather hefty. If you bought your automobile when interest rates were lower and financed the purchase, you might want to postpone refinancing it until you need a longer payment period. In this scenario, the 84-month term offered by LightStream might be beneficial, but it will cost you more money in interest.

Lease buyout

When buying you out of your lease, LightStream is one of the more affordable alternatives, particularly considering that many banks and other online lenders do not provide it. You will have flexible loan terms and the opportunity to finance a significant amount, just like with its new and used auto loans and refinancing program. This is useful if you lease a more costly model since it can help you spread your payments over a longer period.