LightStream Review Personal Loans Auto Loans

LightStream Auto Loans In-Depth Review

LightStream is the online consumer lending division of SunTrust Bank, and it serves customers nationwide. The company specializes in providing competitive loan rates and a simple process to people with excellent credit.

Loans are available for a wide range of purposes, from recreational vehicles to home improvements to automobiles. In this LightStream auto loan review, we are going to take a closer look at the company’s auto loan offering.

Learn how LightStream auto loans work, how to apply, what customers say about their experiences, and the pros and cons so you can figure out if it’s the right solution for you.

Learn how to get an auto loan with bad credit. 

How do LightStream auto loans work?

LightStream offers the following types of auto loans, covering all the bases well:

Next, let’s look at the specific terms

LightStream allows qualified consumers to purchase any car, from any seller, anywhere using our unsecured loan”

Todd Nelson, business development officer at LightStream

Loan amounts: $5,000 to $100,000

Loan terms: 24 to 84 months

Payment method: Invoice or Autopay

APR: Varies based on your credit profile, loan term, loan amount, and payment method. At the time of this writing, the maximum APR on a LightStream loan is 14.74%

Interest rate type: Fixed, simple interest fully amortizing

Fees: None

Time to funding: Same-day funding possible

Discount: .50 APR discount for setting up Autopay

Collateral: Secured and unsecured loans are available. “LightStream allows qualified consumers to purchase any car, from any seller, anywhere using our unsecured loan,” explains Todd Nelson, business development officer at LightStream.

Customer guarantee: Rate beat program and $100 satisfaction guarantee

Now you know the basics; next, let’s look at how LightStream stacks up when it comes to customer service.

Compare auto loan lenders side-by-side.

LightStream customer service

LightStream offers customer support via email. Unfortunately, no phone support is listed on the website. The company’s business hours are as follows (Eastern time):

Customer Service
Monday to Friday: 9 a.m. to 8 p.m. and Saturday: Noon to 7 p.m.

Application Processing
Monday to Friday: 9 a.m. to 8 p.m.
Saturday and Sunday: Noon to 6 p.m.

While live customer support is lacking, LightStream does offer self-serve options including a comprehensive FAQ page and online account management services.

By creating an account, borrowers can review loan history, make payments, pay off their loan, update contact information, update security information, and apply for another loan.

Read reviews from past customers here.

LightStream online application process

To qualify with LightStream, you must have good-to-excellent credit.

While there are no definitive requirements, here are some basic guidelines LightStream provides:

  • You need to prove you have a stable income that is sufficient to repay the loan
  • Your credit report needs to show a history of timely payments with few delinquencies or other problems
  • Several years of credit history are required
  • You need to demonstrate your ability to save (liquid assets, retirement savings, etc.)

If your credit doesn’t currently meet LightStream’s requirements, check out the best auto loans for bad credit while you work on improving it.

If you think you will qualify, here is how the online application process works.

  1. Visit the website and click “Apply Now.”LightStream Auto Loans Review
Note: There will be four steps to the loan process: providing loan information, sharing personal information, creating security information, and submitting the application.LightStream Auto Loans Review
  1. First, you will enter basic information about the loan you want. Note, you can apply as an individual or with another person.LightStream Auto Loans Review
  2. Second, you will enter your personal information. If you are filling out a joint application, the second person will also enter their details.LightStream Auto Loans Review
  3. Third, enter your security information.LightStream Auto Loans Review
  4. Lastly, confirm that all of your information is accurate and submit the application. Note, doing so will impact your credit score.<a href="https://www.supermoney.com/reviews/auto-loan/lightstream">LightStream</a> is the online consumer lending division of <a href="https://www.supermoney.com/reviews/auto-loan/suntrust-bank">SunTrust Bank</a>, and it serves customers nationwide. The company specializes in providing competitive <a href="https://www.supermoney.com/2017/04/get-best-auto-loan-rates/">loan rates</a> and a simple process to people with <a href="https://www.supermoney.com/2017/05/want-excellent-credit-develop-habits-now/">excellent credit</a>. Loans are available for a wide range of purposes, from recreational vehicles to home improvements to automobiles. In this LightStream auto loan review, we are going to take a closer look at the company's auto loan offering. Learn how LightStream auto loans work, how to apply, what customers say about their experiences, and the pros and cons so you can figure out if it's the right solution for you. <a href="https://www.supermoney.com/2016/12/how-to-get-a-car-loan-with-bad-credit/">Learn how to get an auto loan with bad credit. </a> <h2>How do LightStream auto loans work?</h2> LightStream offers the following types of <a href="https://www.supermoney.com/loans/auto-loans/">auto loans</a>, covering all the bases well: <ul> <li><a href="https://www.supermoney.com/2017/03/buying-new-car-vs-old-car/">New</a> auto</li> <li><a href="https://www.supermoney.com/2017/04/how-buy-used-car/">Used</a> auto purchase from a dealer</li> <li>Used auto purchase from <a href="https://www.supermoney.com/2017/10/buy-used-car-private-seller-5-point-checklist/">an individual</a></li> <li><a href="https://www.supermoney.com/2018/04/auto-refinance-deals-how-to-find-the-best-deal-in-3-easy-steps/">Auto loan refinance</a></li> <li>Auto <a href="https://www.supermoney.com/2017/05/lease-buy-new-car-better/">lease</a> buyout</li> <li><a href="https://www.supermoney.com/2017/07/find-best-motorcycle-loan/">Motorcycle</a> purchase</li> <li>Motorcycle refinance</li> </ul> Next, let's look at the specific terms <blockquote class="widget quote" style="display: inline-block;">LightStream allows qualified consumers to purchase any car, from any seller, anywhere using our unsecured loan" <em>Todd Nelson, business development officer at LightStream</em></blockquote> <strong>Loan amounts</strong>: $5,000 to $100,000 <strong>Loan terms: </strong>24 to 84 months <strong>Payment method:</strong> Invoice or Autopay <strong>APR</strong>: Varies based on your credit profile, loan term, loan amount, and payment method. At the time of this writing, the maximum APR on a LightStream loan is 14.74% <strong>Interest rate type</strong>: Fixed, simple interest fully amortizing <strong>Fees</strong>: None <strong>Time to funding</strong>: Same-day funding possible <strong>Discount</strong>: .50 APR discount for setting up Autopay <strong>Collateral</strong>: Secured and <a href="https://www.supermoney.com/2017/08/5-things-know-unsecured-car-loans/">unsecured loans</a> are available. "LightStream allows qualified consumers to purchase any car, from any seller, anywhere using our unsecured loan," explains Todd Nelson, business development officer at LightStream. <strong>Customer guarantee</strong>: Rate beat program and $100 satisfaction guarantee Now you know the basics; next, let's look at how LightStream stacks up when it comes to customer service. <a href="https://www.supermoney.com/reviews/auto-loan">Compare auto loan lenders side-by-side</a>. <h2>LightStream customer service</h2> <a href="https://www.supermoney.com/2016/03/lightstream-review-unsecured-personal-loans-low-1-99-apr/">LightStream</a> offers customer support via email. Unfortunately, no phone support is listed on the website. The company's business hours are as follows (Eastern time): <strong>Customer Service</strong> Monday to Friday: 9 a.m. to 8 p.m. and Saturday: Noon to 7 p.m. <strong>Application Processing</strong> Monday to Friday: 9 a.m. to 8 p.m. Saturday and Sunday: Noon to 6 p.m. While live customer support is lacking, LightStream does offer self-serve options including a comprehensive FAQ page and online account management services. By creating an account, borrowers can review loan history, make payments, pay off their loan, update contact information, update security information, and apply for another loan. <a href="https://www.supermoney.com/reviews/auto-loan/lightstream">Read reviews from past customers here</a>. <h2>LightStream online application process</h2> To qualify with LightStream, you must have <a href="https://www.supermoney.com/2017/11/considered-good-credit-score-5-major-factors-determine-score/">good-to-excellent</a> credit. While there are no definitive requirements, here are some basic guidelines LightStream provides: <ul> <li>You need to prove you have a stable income that is sufficient to repay the loan</li> <li><a href="https://www.supermoney.com/reviews/credit-reporting">Your credit report </a>needs to show a history of timely payments with few delinquencies or other problems</li> <li>Several years of credit history are required</li> <li>You need to demonstrate your ability to save (liquid assets, retirement savings, etc.)</li> </ul> If your credit doesn't currently meet LightStream's requirements, check out the <a href="https://www.supermoney.com/2015/08/best-auto-loans-bad-credit/">best auto loans for bad credit </a>while you work on <a href="https://www.supermoney.com/2016/01/10-ways-boost-credit-100-points/">improving it</a>. If you think you will qualify, here is how the online application process works. <ol> <li> <h6><a href="https://www.supermoney.com/reviews/auto-loan/lightstream">Visit the website</a> and click "Apply Now."<img class="size-medium wp-image-53196 aligncenter" src="https://www.supermoney.com/wp-content/uploads/2018/05/LightStream-Auto-Loans-review-1-478x217.png" alt="LightStream Auto Loans Review" width="478" height="217" /></h6> </li> </ol> <h6>Note: There will be four steps to the loan process: providing loan information, sharing personal information, creating security information, and submitting the application.<img class="size-medium wp-image-53197 aligncenter" src="https://www.supermoney.com/wp-content/uploads/2018/05/LightStream-Auto-Loans-review-1a-478x120.png" alt="LightStream Auto Loans Review" width="478" height="120" /></h6> <ol start="2"> <li> <h6>First, you will enter basic information about the loan you want. Note, you can apply as an individual or with another person.<img class="size-medium wp-image-53198 aligncenter" src="https://www.supermoney.com/wp-content/uploads/2018/05/LightStream-Auto-Loans-review-2-478x257.png" alt="LightStream Auto Loans Review" width="478" height="257" /></h6> </li> <li> <h6>Second, you will enter your personal information. If you are filling out a joint application, the second person will also enter their details.<img class="size-medium wp-image-53199 aligncenter" src="https://www.supermoney.com/wp-content/uploads/2018/05/LightStream-Auto-Loans-review-3-478x272.png" alt="LightStream Auto Loans Review" width="478" height="272" /></h6> </li> <li> <h6>Third, enter your security information.<img class="size-medium wp-image-53202 aligncenter" src="https://www.supermoney.com/wp-content/uploads/2018/05/LightStream-Auto-Loans-review-4-1-478x268.png" alt="LightStream Auto Loans Review" width="478" height="268" /></h6> </li> <li> <h6>Lastly, confirm that all of your information is accurate and submit the application. Note, doing so will impact your credit score.</h6> </li> </ol> <h6>After applying, most applicants will get a decision within a few hours. You may have to submit further documentation. Upon approval, you can choose a funding date within 30 days, which can be as soon as the same day.</h6> <h2>LightStream auto loan FAQ</h2> <h6><strong><em>Do I need a credit card to get a loan from Lightstream?</em></strong></h6> Yes, LightStream requires all borrowers to have a valid Visa or MasterCard <a href="https://www.supermoney.com/reviews/personal-credit-cards">credit card</a> for verification purposes only. <a href="https://www.supermoney.com/2018/01/top-10-credit-cards-2018-ultimate-guide-choosing-best-one/">See the top 10 credit cards of 2018.</a> <h6><strong><em>Can I add Autopay and get a discount on my loan after it is funded?</em></strong></h6> No, you must enroll in Autopay during the application process to get the .50 discount. <h6><strong><em>Which credit bureaus does LightStream contact to get a borrower's credit scores?</em></strong></h6> LightStream pulls hard inquiries from <a href="https://www.supermoney.com/reviews/credit-reporting/experian">Experian</a> and <a href="https://www.supermoney.com/reviews/credit-reporting/equifax-complete-advantage">Equifax</a>. <h6><strong><em>Can I get GAP insurance through LightStream?</em></strong></h6> No, LightStream does not offer GAP <a href="https://www.supermoney.com/2017/06/car-insurance-cover/">insurance</a>. <h6><strong><em>How can I get same-day funding?</em></strong></h6> If you apply for a loan on a banking business day and all approval steps are completed by 2:30 p.m. ET, your loan can be funded on the same day. <h6><strong><em>If I only qualify for a secured auto loan, are there restrictions on which vehicle I can buy?</em></strong></h6> Yes, secured auto loans can only be used to purchase an automobile, SUV, light-duty truck, or passenger or conversion van. <h6><strong><em>Does LightStream charge an origination, application, or prepayment fees?</em></strong></h6> No, LightStream does not charge any fees. <h2>LightStream auto loan review: The verdict</h2> So, is LightStream right for you? Let's sum up the pros and cons. <div class="sm-widget-block sm-widget-pros-cons"> <div class="sm-title-block title-background-03" style="text-align: center;">WEIGH THE RISKS & BENEFITS</div> <p class="text-center">Here is a list of the benefits and the drawbacks to consider.</p> <div class="sm-pros-cons-list"> <div class="sm-widget-split sm-pros-list"> <h5>Pros</h5> <ul> <li>Rewards excellent credit</li> <li>Fast and simple online loan process</li> <li>Highly competitive rates</li> <li>No fees</li> <li>High loan amounts available</li> <li>No restrictions on vehicles</li> <li>No fees or prepayment penalties</li> <li>Fast funding</li> <li>$100 loan experience guarantee</li> <li>Rate beat program</li> <li>Lightstream plants a tree for every loan funded</li> <li>Autopay discount of .50%</li> <li>No down payment requirement</li> </ul> </div> <div class="sm-widget-split sm-cons-list"> <h5>Cons</h5> <ul> <li>Strict approval requirements</li> <li>Only those with excellent credit will get the best rates and terms</li> <li>Application results in a hard inquiry on your credit report</li> <li>Can't change payment due date</li> <li>No customer service phone line</li> <li>Must have a Visa or MasterCard to get a loan.</li> </ul> </div> </div> </div> Overall, the company offers a few distinct advantages that will benefit customers with excellent credit. Nelson says, "LightStream was designed to reward those consumers with great credit by offering a simple, transparent means to borrow money for almost anything." It has successfully achieved its designed intentions and may very well offer you the lowest overall costs if you have excellent credit. Further, the online process is quick and easy. However, many customers who consider their credit to be good find that they still get denied for a LightStream loan. <a href="https://www.supermoney.com/2017/10/6-key-reasons-people-good-credit-may-turned-loan/">Discover 6 key reasons why people with good credit are turned down for a loan</a>. Another downside is that it will hurt your credit to find out if you qualify or not. Being so, this lender may not be the best option for everyone. But to find out for sure, our <a href="https://www.supermoney.com/reviews/auto-loan/lightstream">review page of LightStream's auto loans</a> is a good place to start. You'll discover more details on the company and their auto loan offerings, as well as real user reviews of the lender. And if you think LightStream is a good fit for your situation, you can head straight to the website and apply. On the other hand, <a href="https://www.supermoney.com/tracking/track.php?offer_id=697&aff_id=2%20">click here</a> if you'd like to find out what other lenders can offer you without hurting your credit score. You'll get personalized loan offers within minutes without any impact on your credit.
After applying, most applicants will get a decision within a few hours. You may have to submit further documentation. Upon approval, you can choose a funding date within 30 days, which can be as soon as the same day.

LightStream auto loan FAQ

Do I need a credit card to get a loan from Lightstream?

Yes, LightStream requires all borrowers to have a valid Visa or MasterCard credit card for verification purposes only.

See the top 10 credit cards of 2018.

Can I add Autopay and get a discount on my loan after it is funded?

No, you must enroll in Autopay during the application process to get the .50 discount.

Which credit bureaus does LightStream contact to get a borrower’s credit scores?

LightStream pulls hard inquiries from Experian and Equifax.

Can I get GAP insurance through LightStream?

No, LightStream does not offer GAP insurance.

How can I get same-day funding?

If you apply for a loan on a banking business day and all approval steps are completed by 2:30 p.m. ET, your loan can be funded on the same day.

If I only qualify for a secured auto loan, are there restrictions on which vehicle I can buy?

Yes, secured auto loans can only be used to purchase an automobile, SUV, light-duty truck, or passenger or conversion van.

Does LightStream charge an origination, application, or prepayment fees?

No, LightStream does not charge any fees.

LightStream auto loan review: The verdict

So, is LightStream right for you? Let’s sum up the pros and cons.

WEIGH THE RISKS & BENEFITS

Here is a list of the benefits and the drawbacks to consider.

Pros
  • Rewards excellent credit
  • Fast and simple online loan process
  • Highly competitive rates
  • No fees
  • High loan amounts available
  • No restrictions on vehicles
  • No fees or prepayment penalties
  • Fast funding
  • $100 loan experience guarantee
  • Rate beat program
  • Lightstream plants a tree for every loan funded
  • Autopay discount of .50%
  • No down payment requirement
Cons
  • Strict approval requirements
  • Only those with excellent credit will get the best rates and terms
  • Application results in a hard inquiry on your credit report
  • Can’t change payment due date
  • No customer service phone line
  • Must have a Visa or MasterCard to get a loan.

Overall, the company offers a few distinct advantages that will benefit customers with excellent credit.

Nelson says, “LightStream was designed to reward those consumers with great credit by offering a simple, transparent means to borrow money for almost anything.”

It has successfully achieved its designed intentions and may very well offer you the lowest overall costs if you have excellent credit. Further, the online process is quick and easy.

However, many customers who consider their credit to be good find that they still get denied for a LightStream loan.

Discover 6 key reasons why people with good credit are turned down for a loan.

Another downside is that it will hurt your credit to find out if you qualify or not. Being so, this lender may not be the best option for everyone. But to find out for sure, our review page of LightStream’s auto loans is a good place to start.

You’ll discover more details on the company and their auto loan offerings, as well as real user reviews of the lender. And if you think LightStream is a good fit for your situation, you can head straight to the website and apply.

On the other hand, click here if you’d like to find out what other lenders can offer you without hurting your credit score. You’ll get personalized loan offers within minutes without any impact on your credit.