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Where does LightStream do business?
LightStream is a direct lender based in San Diego, CA. It was founded in 2013 and offers auto refinance loans in 50 states (and Washington, DC).
How much can you borrow via LightStream?
Auto refinance loan amounts start at $5,000 and go up to $100,000.
What are the auto loan refinancing rates offered through LightStream?
APRs for auto refinance loans through LightStream range from 3.59% to 9.44%.
What is the maximum loan term you can get with LightStream?
LightStream offers auto refinancing 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 refinancing loan, the more interest you will pay.
Does LightStream charge an origination fee on auto refinance loans?
No, LightStream does not charge a loan origination fee for refinancing an auto loan.
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.
Does LightStream charge a late fee?
No, LightStream will not charge you a late payment fee..
Does LightStream charge prepayment fees?
No, there is no prepayment penalty.
What are the key eligibility criteria for LightStream auto loan refinancing?
Applicants with a credit score of at least 670 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
- Proof of citizenship or residence permit
- Recent pay stubs
- Recent bank statements
What is the estimated funding time for an auto loan refinance with LightStream?
Auto refinance loan applications are typically approved (or denied) within 24 hours and funded within 0 to 1 days of approval
Does LightStream report loan payments to credit bureaus?
LightStream reports payment behavior to one or more of the following credit reporting agencies:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- Active Duty Military
- Military Dependent
- 1099 Misc. Income
- Direct Deposit (W2, SSA, SSDI)
- Payroll Check or Prepaid Card
- Only Individual Applications
- Employed Full-Time
- Employed Part-Time
- U.S. Citizen
- U.S. Permanent Resident
- Proof of Income
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)
- Automatic Payments
- Check by mail
- Credit/Debit Card