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LightStream Auto Refinance Review


ConsumersAdvocate.org Rating: 3.3 / 5 (Very good)
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Founded in 1997, LightStream is an online consumer lending division of Truist. The company offers consumer loans for practically anything, including auto loans and refinancing for classic, new, and used cars, from both dealers and private parties.
 
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How is LightStream rated?

Breakdown

3.0/5
Loan Details
3.5/5
Customer Experience

Overall Rating: 3.3 / 5 (Very good)

LightStream offers a great selection of reliable loan products for an impressively broad range of uses., including both auto purchase loans and auto refinancing of both new and used vehicles. Their unsecured auto loan products require applicants to have good to excellent credit, which will determine their rate. People looking to obtain financing for the purchase of a new vehicle or simply wanting to refinance their current auto loan to a better rate are sure to lower overall interest charges through LightStream's services. This direct lender could be an ideal choice for consumers with good to excellent credit looking for a reliable financing option from a reputable lender.

Auto Loans & Refinancing

Loan Details - 3 / 5

LightStream offers almost every kind of loan available, from auto loan finance and refinance options, to horse and aircraft loans with low fixed rates. They currently extend purchase, refinance, lease buyout, and private party purchase loans ranging from $5,000 to $100,000 for clients with good to excellent credit profiles. Their auto loan terms go from 24 to 84 months*. Loan rates vary depending on the purpose of the loan, the applicant's credit history, and whether the applicant elects AutoPay. Visit https://www.lightstream.com/auto-loans to find out what rates may be available to you.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Purchase Loans

Loan Amount
$5,000
Max Loan Amount
$100,000
Term Length
24 months
Max Term Length
84 months
Minimum Down Payment
No Down Payment Required

Loan Refinancing

Min. Loan Amount
$5,000
Max Loan Amount
$100,000
Min. Term Length
24 months
Max Term Length
84 months

Additional Info

Payment example: Monthly payments for a $10,000 loan at 11.19% APR with a term of 3 years would result in 36 monthly payments of $328.29.

Loan Qualifications

Qualification - 4.5 / 5

To get approved for an unsecured auto loan with LightStream, applicants must be 18 years or older and have a good to excellent credit profile, meaning they must have several years of credit history, varied credit accounts, a good payment history, liquid assets or savings, and a stable income. Those who qualify, however, are able to obtain financing for the purchase of any type of car, regardless of make, model, age, or mileage.

Borrower Qualifications

Minimum Age
Must be 18 or older
Minimum Income
Not Specified
Minimum Credit Score
Good to Excellent Credit
Verification / Documents Required
Social Security Number

Vehicle Qualifications

Mileage Limit
No Limit
Car Age
No Age Limit
Car Makes
Any Vehicle Make

Application & Service

Customer Experience - 3.5 / 5

LightStream delivers a hassle-free application and quick approval times, usually within 24 business hours. There are no application or prepayment fees and customers can obtain funding as soon as the same day if they meet certain deadlines, but must choose a funding date within 30 days. Unlike other online lenders, LightStream does not provide pre-approvals or applications over the phone, fax, or email. If you submit a request for a loan, LightStream will perform a hard credit pull, which may negatively affect your credit score.

To qualify for auto refinancing, applicants must complete the company's online form and await a response. Once they have been contacted with an offer, they can proceed to accept the loan agreement, sign it upon approval, and set up their loan for funding.
Approval Time
Sometimes within 24 hours
Funding Time
As soon as same day (conditions apply)
Fees
No Fees
Benefits/ Features
Online Rates / Application
Auto Loan Calculator

LightStream Reputation & Reviews

Reputation - 4.5 / 5

Although LightStream has been the subject of a considerable number negative customer reviews and complaints, that's not entirely unusual in the lending industry, particularly for a company that offers as many loan products as LightStream does. Some of the negative reviews we read about LifeStream revolved around not getting approved for a loan. LightStream seems committed to providing a streamlined loan application process and excellent financing options, but the company does focus on lending to the most creditworthy customers.
Trustpilot Rating
1.9 out of 5
BBB Rating
A+
Number of BBB Positive Reviews
1
Number of BBB Neutral Reviews
2
Number of BBB Negative Reviews
51
Date Collected
2022-03-08

Contact & Additional Information

Lender Type
Lender
Homepage URL
https://www.lightstream.com/
Headquarters Address
214 N Tryon St, Charlotte, NC, 28202
Year Founded
1891

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