You’ll learn about the features, benefits, eligibility criteria, and application process to help you decide if it’s the right fit for you. We highly recommend this lender for borrowers with good to excellent credit.
A little about SunTrust
SunTrust Bank is a financial services company for individuals, business, institutional, and corporate clients.
It provides a wide variety of services and products, such as banking, lending, credit cards, mortgages, and wealth management. As of the last quarter of 2016, it had 1,400 bank branches and 2,160 ATMs in the U.S.
While it’s only physically present in Washington D.C. and 11 southeastern states, the company reaches clients nationwide through its online division known as LightStream.
Applying with LightStream is the easiest way to take advantage of SunTrust’s auto loans.
Let’s take a closer look at the features and benefits.
SunTrust auto loans
Whether you are in search of a new car, used car, or even a classic car, LightStream has a loan product for you. While many lenders shy away from classic car financing, this lender gives it the green light.
It also places no restrictions on the type of vehicle you buy (any mileage, year, model, or make). Further, if you are leasing a car and want to buy it, LightStream offers a solution for that, too.
Another interesting feature is that not all LightStream auto loans are secured. How is that possible? Well, borrowers with excellent credit earn the right to borrow without putting the vehicle up as collateral.
The down payment, loan amount, term, and collateral requirements for which you qualify will depend on your creditworthiness and financial profile.
Why is LightStream so flexible and accommodating? Only those with “excellent credit” will qualify for the lowest rates and most lenient terms.
According to the company, “excellent credit” means no payment delinquencies, a proven ability to save money, sufficient income to cover debts, five or more years of credit history, and a variety of account types.
Applicants with “good credit” can also qualify. So if you have a delinquency on your credit report, don’t worry, you won’t be automatically denied.
However, LightStream isn’t for those with fair credit or below. Todd Nelson, Director of Business Development at Lightstream says, “To qualify for a LightStream loan, a consumer must have good to excellent credit, which includes several years of credit history, demonstrating the ability to pay their bills on time without delinquency. They must also have sufficient income and assets to cover their debt obligations.”
Next, let’s look at the costs.
All interest rates with LightStream are fixed. The rate you get will, of course, vary depending on your creditworthiness. Further, if you set up auto pay, you will get an additional 0.50% off.
This company often has the lowest rates in the industry and will beat any other lender’s qualifying rate by 0.10% (assuming their rate meets certain terms and conditions).
As for fees, SunTrust doesn’t charge any application, origination, or prepayment fees.
The application is conveniently located online and takes just a few minutes.
If you are approved and take out a loan, you can manage it completely online. This includes everything from reviewing your payment history and making payments to applying for another loan. You can also contact the SunTrust auto loan customer service phone number or email address.
Lastly is the satisfaction guarantee. If borrowers aren’t happy within the first 30 days, they can answer a few questions explaining why and will receive $100 from LightStream.
You may be wondering how you can apply. Here’s how it works.
Visit the LightStream website and click “Apply Now.”
Outline the basics of the loan you are seeking.
Provide your personal information.
Provide your employment information.
Share if you have any other sources of income.
Create account login information.
Read and acknowledge the disclosures and submit your application.
That’s all there is to it.
FAQ on SunTrust Auto Loans
What credit score is needed for a SunTrust auto loan?
SunTrust requires a minimum credit score of 660 plus several years of credit history, a strong record of on-time payments and a variety of credit accounts. If you have a co-signer, SunTrust allows joint applications, and one person can have a credit score lower than the minimum.
Does SunTrust refinance auto loans?
Yes, they do. Refinancing your auto loan with SunTrust could help lower your monthly auto loan payment or help you pay off your auto loan sooner.
Does LightStream have prepayment penalties?
LightStream does not charge any penalties for prepaying your loan, in whole or in part. You may make extra payments at any time by signing in to your account.
Does LightStream report to credit bureau?
LightStream reports payments on loans to all three credit bureaus. Be sure to pay your loan balance on time each month to avoid any late payments being listed on your Experian, Equifax, and TransUnion credit reports.
SunTrust auto loan review and summary
Overall, SunTrust stands out in the crowd of online auto loan lenders with its LightStream offerings.
The rates are highly competitive, even promising to beat any other lenders rate by 0.10%. The application process is a cinch. You also have more freedom to finance whatever car you want.
With no fees or catches to be found, the only question is, can you get approved? LightStream does have high standards when it comes to approving applicants. It looks for borrowers with a solid financial profile. By limiting risk, the company can offer benefits like higher loan amounts, no money down, and no collateral.
Unfortunately, if your credit is bad or you don’t have a credit history, you probably won’t qualify. Further, if you don’t have some savings and stable income, you also will have trouble getting approved.
However, for those who do fit the criteria, these auto loans are hard to beat! Nelson says, “LightStream’s auto loans are always a great option for consumers who qualify because they can apply online, get a credit decision in minutes, and have the money in their checking account as quickly as the same day.”