Quick car loans from $5,000 to $100,000 with Competitive rates for borrowers with strong credit.
finder.com’s rating: 4.4 / 5.0
|Product Name||LightStream Auto Loans|
|Min. Loan Amount||$5,000|
|Max. Loan Amount||$100,000|
|Interest Rate Type||Fixed|
|Requirements||Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old|
First, do I qualify?
To meet LightStream’s most basic eligibility requirements, you must:
- Have good to excellent credit
- Have enough income or assets to cover your current debt obligations and a new loan
- Be over 18 years old
- Be a US citizen or permanent resident
What makes LightStream auto loans unique?
LightStream has one of the fastest turnaround times out there when it comes to car loans, making it a great choice if you need funding fast.
Borrowers who can afford to spend a little more time shopping around can also benefit. LightStream will beat any rate offer by 0.1% as long as the other lender’s APR meets its terms and conditions.§
What’s a LightStream car loan?
LightStream new car loans are fixed-rate loans from $5,000 to $100,000. You can apply to finance up to 100% of your vehicle’s value with flexible terms and competitive rates. LightStream looks at your loan term, amount, creditworthiness and payment method when determining your interest rate. You won’t face any application, origination or prepayment penalties.
Its unsecured new car loans have no restrictions on your vehicle’s year, make or model. However, these are only open to borrowers with the strongest credit. Others might only qualify for a secured loan, which is limited to cars, SUVs, light-duty trucks and passenger or conversion vans.
Other types of auto financing available through LightStream
- Used auto purchase from a dealer. A fixed-rate loan for buying a used car directly through a dealership.
- Used auto purchase from an individual. Don’t want to go through a dealer? LightStream can also finance a car purchase from a friend, family member or even Dan from Craigslist.
- Auto lease buyout. When you’ve grown attached to the car you were leasing, LightStream can help make that large buyout payment more affordable.
- Auto loan refinance. Apply to swap your current car loan for more favorable rates and terms by refinancing with LightStream.
- Motorcycle purchase or refinance. LightStream also offers special financing options for buying a motorcycle or refinancing an existing motorcycle loan.
What are the benefits of a LightStream auto loan?
- Same-day funding.† LightStream has one of the quickest turnaround times for a car loan out there.
- Up to 100% financing. LightStream doesn’t require you to make a down payment on your vehicle.
- Secured and unsecured options. If you don’t have strong enough credit for an unsecured loan, you can back your loan with your new vehicle — though additional requirements apply.
- Rate beat program.§ Have a more competitive offer from another lender? LightStream can beat it by 0.1%, as long as the competitor’s APR meets certain terms and conditions.
- Competitive rates. LightStream auto loans come with some of the most favorable rates out there. Plus, you can shave 0.5% off your loan’s APR by signing up for autopay during the application process.
What to watch out for
- Restrictions on secured loans. If you can’t qualify for an unsecured loan, you can only use your loan to purchase a lien-free car, SUV, light-duty truck or passenger or conversion van. You also must purchase and own it in one of the 50 states or Washington, DC.
- No preapproval option. LightStream doesn’t allow you to apply for a personalized rate quote before you start your application.
- Good or excellent credit required. This lender isn’t for you if your credit history is brand new or has taken a hit.
Compare more car loan providers
How do I apply?
- Click the Go to Site button on this page.
- Follow the steps to complete the car loan application.
- Review your loan offer and e-sign your loan documents.
- Wait for your funds to be disbursed to your bank account.
What do I need to apply?
To apply for a LightStream auto loan, you typically need to provide the following documents and information:
- Name, birthday and Social Security number
- Driver’s license
- Information about your job and salary
- Information about other assets and income
- Details about your monthly debt obligations
I got the LightStream auto loan. Now what?
Once you have your LightStream auto loan, you’re free to use the funds to buy your new vehicle. You’ll also be on the hook for monthly repayments using the repayment method you selected in the application.
Autopay repayments are automatically deducted from your bank account. Otherwise, LightStream will send you an invoice by email each month with instructions on how to pay off your loan.
Keep an eye on your bank account and loan balance. If you have any questions or concerns, reach out to customer service as soon as possible.
LightStream’s auto loans have a fast turnaround time and competitive rates. But you may have a hard time qualifying if you don’t have a strong credit score or the income to support another loan.
Check out our car loans guide to compare other lenders and learn more about how auto loans work.
Frequently asked questions
Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.
† You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.
§ After receiving your loan from LightStream, if you are not completely satisfied with your experience, please contact them. They will email you a questionnaire so they can improve their services. When they receive your completed questionnaire, they will send you $100. LightStream’s guarantee expires 30 days after you receive your loan.
LightStream reserves the right to change or discontinue their guarantee at any time. Limited to one $100 payment per funded loan. LightStream and SunTrust teammates do not qualify for the Loan Experience Guarantee.
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