If you’re in the market for a new or used car, LightStream may be the perfect lender. This lender prefers applicants with good credit and a paid-off installment contract. However, since the company is an online lender, it is impossible for it to inspect the vehicle that you intend to purchase. As a result, you may be able to get a better rate elsewhere. However, if you’re in the market for a new car, LightStream is definitely worth the application process.
Before you apply for a LightStream auto loan, make sure to check your credit score and compare other loan offers. A high credit score will likely mean lower interest rates, but knowing your credit score can help you set your expectations accordingly. Shopping around will help you find the best terms and conditions. As with any other loan, make sure to check your credit score before you apply. LightStream also offers a wide variety of loan terms.
As mentioned earlier, Lightstream auto loan rates vary by credit score, but they are generally the same across the U.S. and can even differ from state to state. Getting a new car loan through Lightstream can significantly lower your monthly payment and reduce your total interest expense. On average, it will save you up to $600 annually, or $50 per month. And because you’ll be making lower payments for the rest of your life, it is guaranteed to save you money.
You may want to check out LightStream’s online loan application first before visiting a branch of the lender. It doesn’t have a phone number, but if you’re familiar with SunTrust and BB&T, the application form will lead you to LightStream’s website. You may also be able to apply at a BB&T branch to get an auto loan. But keep in mind that LightStream is an online division of Truist, a bank owned by BB&T and SunTrust.
For more information on LightStream’s auto loans, read our review below. LightStream auto loans received an overall rating of 4.88/5 from LendEDU. This rating is based on a weighted average of multiple data points and is therefore not a perfect predictor of future credit quality. However, the LightStream loan experience guarantee is worth checking out if you’re considering applying for an auto loan.
One disadvantage of LightStream auto loans is the loan minimum. Its minimum loan amount is $5,000, so it’s not the best option if you’re in the market for a used car or a refinancing of a smaller amount. Another drawback is that applicants must go through a credit check. That means that you can’t check if you’re eligible for LightStream loans before applying.
You can use LightStream’s unsecured auto loans for new and used cars, motorcycles, RVs, boats, aircraft, and more. You can apply online for a LightStream auto loan, whether you’re buying from a dealership or a private seller. LightStream also offers specialty vehicle financing for almost any type of car with an engine. Another advantage of LightStream auto loans is that you don’t need to provide a down payment, and you can receive funds quickly. There are no restrictions as far as vehicle make or model go.