in Auto Loans
Mostly not recommended
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Where does LightStream do business?
LightStream is a bank based in San Diego, CA. It was founded in 2013 and offers auto loans in 50 states (and Washington, DC).
How much can you borrow via LightStream?
LightStream auto loan amounts start at $5,000 and go up to $100,000.
What APR does LightStream offer on its auto loans?
LightStream has a variable APR that ranges from 3.59% up to 12.34%.
What is the maximum loan term you can get with LightStream?
LightStream has auto loans with a maximum term of 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto loan, the more interest you will pay.
Does LightStream charge an origination fee?
No, LightStream does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does LightStream charge a late fee?
No, LightStream will not charge you a late fee.
Does LightStream charge prepayment fees?
No, LightStream will not charge you a fee for paying your loan early. Whenever possible choose lenders like LightStream that don't charge a prepayment fee. These fees can reduce or even cancel the interest savings of repaying a loan early.
What do you need to qualify for a loan with LightStream?
Applicants with a credit score of at least 680 can apply for a loan via LightStream. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- An active and valid checking account
- Proof of citizenship or residence permit
- Recent pay stubs
- Proof of income
What is the estimated funding time for an auto loan via LightStream?
LightStream will typically approve (or deny) an auto loan application within 24 hours and fund the loan within 1 business day of approval.
Does LightStream report loan payments to credit bureaus?
LightStream may report credit data to the following credit reporting agencies:
- San Diego, CA 92101 USA
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- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- U.S. Citizen
- U.S. Permanent Resident
- Employed Full-Time
- Employed Part-Time
- Active Duty Military
- Military Dependent
- 1099 Misc. Income
- Direct Deposit (W2, SSA, SSDI)
- Payroll Check or Prepaid Card
- Proof of Income
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)