At a glance

- Availability
- Affordability
- Customer Experience
- Transparency
About LightStream
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Loan amount
$5,000 to $100,000
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Min. credit score
Not specified
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APR from
8.49%* with AutoPay
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Funds available in
As soon as the day you apply
Loan amount
$5,000 to $100,000
Min. credit score
Not specified
APR from
8.49%* with AutoPay
Funds available in
As soon as the day you apply
Consider these benefits and drawbacks of an auto loan with LightStream before applying.
Good user experience
Fast funding timeline
Loan terms up to 84 months
Unsecured loan
High minimum loan amount
No prequalification
LightStream is an online lender that offers unsecured auto loans for new and used car purchases. It also offers auto loan refinancing and lease buyouts. Each option can be funded the same day you apply.
Because LightStream’s auto loans are unsecured, your car is not used as collateral — but it still has competitive rates and a variety of repayment options.
LightStream does not provide specific eligibility requirements for its loans. However, the company does look for borrowers with several years of credit history, a credit history with a variety of account types, a good payment history, a proven ability to save and stable income. The lowest rates go to borrowers with an excellent credit score, which is typically defined as a FICO Score above 740.
Here are some of the benefits and drawbacks of LightStream auto loans.
Although LightStream’s auto loans are technically unsecured, they have decently competitive rates. You may be able to score a lower rate with a bank, but LightStream may still be a better option for most people than dealership financing. And with terms up to 84 months, you should be able to find a payment plan that works for your budget.
LightStream’s refinance option has a lower starting amount than many banks — which makes it good if you are near the end of your current loan. However, the starting APR is high. So if you financed your car when rates were lower, you may want to hold off on refinancing unless you need a longer payment term. In that case, LightStream’s 84-month term could be useful, but it will end up costing you more in interest.
LightStream is one of the more competitive options when it comes to buying out your lease, especially since many banks and other online lenders don’t offer it. Like with its new and used auto loans and refinancing program, you will have flexible loan terms and the ability to finance a large amount, which can be handy if you leased a more expensive model.
You can apply for a loan with LightStream on its website. You may need to provide identifying documents after completing your application. If you apply within business hours, you could receive a response, sign your loan documents electronically and receive funding within the same day.
Overall score | 4.2 | |
---|---|---|
Availability | 4.8 | LightStream has a high minimum loan amount but lets you choose from a wide range of repayment terms. |
Affordability | 4.8 | While LightStream offers low APRs, it does not disclose its eligibility requirements. |
Customer experience | 4.4 | LightStream stands out for its fast funding timeline, but it does not have customer support via phone, and its support hours are limited. |
Transparency | 3 | Fees are listed on its website, but LightStream does not offer prequalification. |
Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into four categories.