A LightStream auto loan caters to borrowers looking for financial services regarding new car purchases, used car purchases from a dealer or an individual, auto lease buyouts, auto loan refinancing, or a motorcycle purchase or refinance.
LightStream also provides other financial products for different loan purposes like debt consolidation, home improvement, or other major expenses.
They offer their lowest rates for all loan types to borrowers with the highest credit scores and the lowest length of terms.
Here is everything you need to know about the auto loan provider LightStream to ensure you have the information at hand to make wise financial decisions.
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LightStream’s personal loans are the online lending division of SunTrust Bank and are registered with the NMLS (Truist who just merged with BB&T).
The arm is best suited for customers with “good credit” or “excellent” credit profiles or with years of credit history, who want a straightforward auto loan process.
If you would like to be considered for a loan, all you have to do is fill out an online loan application, providing information like your social security number, email address, phone number, and driver’s license number.
As an online lender, LightStream can complete the quick online application process in as little as a business day.
Additionally, LightStream offers eligible customers certain perks, such as the Rate Beat Program, Autopay discounts, and Loan Experience Guarantee programs.
This stage does come with a hard credit check with the three credit bureaus (Experian, Equifax, and Transunion), however, and there is no pre-approval process for prospective customers.
You will have a variety of options when it comes to APR range, loan amount or size, and other terms.
Borrowers can receive anywhere from $5,000 to $100,000 with loan term lengths (repayment terms) from 24 to 84 months.
The annual percentage rate or APR is the interest rate per year associated with a loan.
The APR is an essential part of researching auto loans as it includes origination fees and other additional costs.
Put another way, the rate will tell you how much money it will cost you to take out a loan.
According to ValuePenguin, the average auto loan APR falls between three and ten percent.
The figure will fluctuate on several factors, including credit history, annual income, job history, and the final terms of the loan.
It is important to show you can build liquid assets and retirement savings as well as the means to place down cash down payment.
For instance, if you have a low amount of debt (like credit card debt) and a high salary, you will receive more favorable conditions.
Depending on the type and length of the loan, APR will be as low as 2.49 percent.
They back up their claim of having the best rates, promising if you find another lender offering low rates, LightStream will come in .10 percentage points beneath the other lender’s loan rate.
*rates current as of 3/2/21*
There are different types of loan agreements, depending on whether you are purchasing a new or used vehicle, or if you want to refinance your current one.
When you look into auto loans at LightStream, each one lists the terms beneath the APR table.
Each of these points includes the phrase, “no fees or prepayment penalties.”
LightStream also does not have fees for the origination of the loan or late fees. There are no other extra expenses either.
When you combine the absence of fees and their competitive interest rates, LightStream comes through as a worthwhile option for anyone in need of a car loan without the hassle of various fees.
LightStream is a reliable source for car loans. The company is progressive and customer-forward in its loans with accessible online applications and proprietary technology.
They also have a range of different auto loans to service various vehicular needs, including unsecured loans.
LightStream has a respectable financial track record. Its parent company, SunTrust Banks, maintains positive scores from the heavyweight credit rating agencies, ranging from BBB+ to A as of December of last year.
SunTrust Banks has a lower to upper-medium grade as an institution.
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