LightStream is a leading provider of unsecured auto loans. It is the personal loan division of SuntTrust Bank, which is the largest bank with headquarters in Georgia ($205 billion in assets). LightStream offers unsecured loans for a variety of purposes, but it provides the lowest rates for auto loans on vehicles purchased from a dealer.
Auto loans for new vehicles are as low as 2.19% APR if you sign up for automatic payments. SunTrust Bank is an accredited business of the BBB and has an A+ rating. Standard & Poors give it a BBB+ (stable) rating, and Moody's gives it an a3 rating (stable).
How Do LightStream's Auto Loans Work?
LightStream's auto loans provide an easy and fast way to qualify for low rates and prime terms. LightStream's auto loans do not include additional charges, prepayment penalties or origination fees. The entire process can be completed within the same day if you meet LightStream's eligibility criteria.
Lighstream Auto Loans can be used to purchase new cars, used cars, classic cars, and to refinance an existing auto loan. However, rates do change depending on the type of auto loan you choose.
What Are LightStream's Auto Loans Interest Rates?
Interest rates range from as low as 2.19% to 7.54% APR with AutoPay depending on the loan amount, term, credit rating and purpose of the loan.
A loan for a new vehicle has an interest rate that can range from 2.19% to 6.19% APR (with AutoPay).
A used auto purchase from an individual has interest rates as low as 3.29% to 7.39% APR (with AutoPay).
Auto refinance loans have rates as low as 2.49% to 7.24% APR (with AutoPay).
Loans with shorter terms and larger amounts tend to have lower rates. The rates mentioned above include a 0.50% discount for signing up for automatic payments. If you do not sign up for AutoPay, add 0.50% to the rates quoted above. To illustrate, monthly payments for a $10,000 loan at 5.79% APR with a term of 3 years would result in 36 monthly payments of $303.27.
How Much Money Can I Borrow from LightStream Auto Loans?
LightStream loan amounts range from $5,000 to $100,000. A 60-month loan of $100,000 with a 9.99% interest rate would have monthly payments of $2,124 while the same loan with a 1.99% interest rate would be $1,752 a month. To illustrate the cost, a LightStream loan of $10,000 for a used auto purchase from a dealer at 5.79% APR with a term of 3 years would result in 36 monthly payments of $303.27.
What Is LightStream's Application Process Like?
LightStream's application process is simple and fast to process. Eligible borrowers must have good to excellent credit and sufficient income to cover their current debt and the new loan. The application process only takes minutes to complete, and LightStream confirms the information online, so there is no need for faxing or mailing documents.
How Are LightStream Auto Loans Better than Other Auto Loans?
- LightStream has some of the lowest rates for auto loans (as low as 2.19% APR with autopay).
- There are no origination fees, prepayment penalties or any other hidden charges.
- The loan application process can be completed in one business day. In some cases, you can fund your loan within the same day if you meet the following requirements: (1) review and electronically sign your loan agreement; (2) provide your funding preferences and relevant banking information, and (3) complete the final verification process.
- Rates vary depending on the type of auto loan. This allows LightStream to fine tune rates by risk.
- Loans are unsecured and have fixed rates.
* The APR listed is for an unsecured dealer used auto loan between $10,000 and $24,999 with a term between 24 and 36 months, for applicants with excellent credit. Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. If your application is approved, your credit profile will determine whether your loan will be unsecured or secured. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 2.19% APR with a term of 3 years would result in 36 monthly payments of $287.26.