Thematic videoLightStream Auto Loans Review
5 best loans like LightStream
Formerly known as Darian Rowayton Bank (DRB), Laurel Road offers personal loans to professionals with strong personal finances. Like LightStream, Laurel Road offers some of the most competitive rates out there, even if you aren't a medical professional, with APRs ranging from 7.00% to 24.75%. It also doesn't charge any origination fees or prepayment penalties — though it does charge late fees. If you're looking for a loan less than LightStream's minimum $5,000, Laurel Road might be a better choice, since its loans start at $1,000.
Its loans are especially geared toward doctors and dentists: They can qualify for even higher loan amounts and special rates. And if you're a resident or in a fellowship, you can make $25 monthly repayments until you've completed your program. Unless you're a doctor or dentist, Laurel Road might not be the best option for big-ticket expenses. It caps its 10 c to f amounts at $45,000 and offers a shorter range of loan terms, from 3 years to 5 years. You also need strong personal finances to qualify: It recommends that you make at least $60,000 a year, have a debt-to-income ratio of 40% or lower and requires a credit score of at least 680. Like LightStream, Laurel Road allows you to apply with a cosigner to increase your chances of getting approved with a lower rate.
LightStream Personal Loans Review 2021
Personal loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Meeting the lightstream loan fees below won’t guarantee lightstream loan fees, but they can help you decide if a personal loan is the right fit for you.
Credit Score Requirements
To qualify for a LightStream loan, applicants must have a minimum FICO credit score of at least 660. What’s more, a strong applicant will have several years of credit history, including multiple account types—credit cards, auto loans and mortgage debt, for example—as demonstrated by their credit profile. While a good credit score may be enough to get approved, the lowest rates require excellent credit.
Unlike many other online lenders, LightStream does not have a prequalification process. Therefore, prospective borrowers must submit a formal application and lightstream loan fees to a hard credit check to find out if they qualify and, if so, at what rate.
To get approved, LightStream requires loan applicants to have income that is stable enough and sufficient to repay both current debt obligations and a new LightStream loan. In addition to income requirements, LightStream evaluates applicants based on their liquid assets, cash down payments on real estate, retirement savings and revolving credit card debt. Keep in mind, however, that LightStream does what bank is turbotax prepaid card consider income that is derived from the marijuana industry.
Taken along with the purpose of the loan, these factors help determine an applicant’s debt-to-income (DTI) ratio and likelihood of approval.
Co-signers and Co-applicants
LightStream does not allow co-signers, but prospective borrowers can submit a joint application. In contrast to some lenders, co-applicants do not need to live at the same address as the primary applicant.
Prospective borrowers must indicate at the beginning of the application process that they’ll be filing a joint application and provide details about both applicants in the online application. LightStream will then weigh each applicant’s credit, income and other details equally when evaluating the application.
Home Improvement Loan
Installing solar is a smart decision that will pay off for years to come. When you have good to excellent credit, you've earned a low rate on solar financing from our partner LightStream, the nation's premier online consumer lender and a division of SunTrust Bank.
You can pay for everything related to your solar installation with the proceeds of your LightStream loan. You can also expect:
- Competitive fixed rates, backed by LightStream's Rate Beat Program
- No home-equity requirements, no fees or prepayment penalties
- Financing from $5,000 to $100,000
- A lightstream loan fees simple online loan process
- Same-day funding available1
- Your best loan experience ever, or LightStream will give you $1002
You can finance all aspects of your project with a LightStream loan, including:
- Parts and materials
- Any other expenses related to your solar project
LightStream will even plant a tree once your loan is funded!
W. B. and A. B. from Madison, AL
*Your loan bremen ohio, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
1You 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.
2After receiving your loan from us, if you are not completely satisfied with your experience, please contact us. We will email you a questionnaire so we can improve our services. When we receive your completed questionnaire, we will send you $100. Our guarantee expires 30 days after you receive your loan. We reserve the right to change or discontinue our guarantee at any time. Limited to one $100 payment per funded loan. Truist teammates do not qualify for the Loan Experience Guarantee.
Truist Bank is an Equal Housing Lender. © Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo lightstream loan fees service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
1Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with SwimmingPool.com discount and AutoPay repayment discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% points higher. Excellent credit is required to qualify for the lowest rates. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
Payment example: Monthly payments for a $25,000 loan at 6.39% APR with a term of 12 years would result in 144 monthly payments of $249.04.
‡Discount of .50 percentage points is for a new LightStream loan referred online by Swimmingpool.com. Borrower must apply directly through this website, and with cookies activated on their browser, in order for this offer to be tracked and valid.
Truist Bank is an Equal Housing Lender. © 2021 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
If you’re planning to purchase a vehicle or refinance your current auto loan, you may be considering financial services from a company called LightStream. But is a LightStream auto loan the best option for you?
LightStream offers products and services lightstream loan fees meet a variety of consumer needs, including purchase loans and refinancing for cars, homes, medical bills, and even weddings. In this review, we take a closer look at LightStream’s auto loans, explaining the application process, loan details, and LightStream’s customer reputation.
In this article:
LightStream is a subsidiary of SunTrust bank, which has operated for over 120 years. Recently, SunTrust merged with BB&T to become Truist Financial Corporation. Truist is currently the sixth largest bank holding company in the United States, and through LightStream, borrowers can get loans for auto purchases, home improvement, debt consolidation, swimming pools, medical bills, weddings, timeshares, and boats.
Truist is headquartered in San Diego. However, you can't get service in person at a Truist branch. LightStream auto loans are only available online.
|Offered through a bank with an established reputation||May not offer loans to those with bad or no credit|
|High loan amount limits||Doesn’t have a shining customer service reputation|
|Broad range of loans available|
LightStream Auto Loans: Borrowing Limits, Interest Rates, And Fees
You can use a LightStream auto loan to refinance your existing auto loan or to purchase a new, used, or classic car. LightStream funds your account directly, which means you can negotiate at the dealership as if you were paying with cash. Details about loan amounts, interest rates, and term lengths are outlined in the chart below.
|LightStream Loan Details|
|Loan Amount Range||$5,000 to $100,000|
|Loan Term Length||24 to 84 months|
|Annual Percentage Rate (APR)||3.49 to 20.49 percent|
Your loan’s APR will depend on a number of factors, including:
- Where you live
- Your credit history
- The vehicle you drive
- The payment term you choose
- Your annual income
With LightStream's autopay discount, you can save 0.5 percentage points off your APR if you choose to use autopay instead of making manual monthly payments. LightStream also has a rate beat program and loan experience guarantee that helps customers save money. If you provide evidence that another lender has approved you for a loan with similar terms to your LightStream offer, LightStream will counter with a 0.1-percent lower APR.
The LightStream loan experience guarantee promises to send $100 dollars to any customer that lightstream loan fees unsatisfied with their loan experience. To collect this money, customers need to notify LightStream of their dissatisfaction within 30 days of receiving their loan and complete a questionnaire by email.
LightStream Auto Loan Application Process
Anyone can apply for a LightStream auto loan online and expect to receive a response in a matter of minutes. Simply be ready to provide your social security number and work history information. After a loan is offered, you can electronically sign your loan agreement and complete the paperwork entirely online. Borrowers can apply for a loan and receive funds on the same business day.
There is no application fee, nor are there restrictions for vehicle age and mileage. While LightStream does not list a minimum credit score requirement for applicants, it does look for customers that have:
- Several years of credit history
- A demonstrated ability to save by having assets such as cash for a down payment, retirement savings, or a home
- Stable and sufficient income
- A good debt-payment history
Drivers with excellent credit or even good credit will most likely be approved, but those with extremely low or no credit may have to look elsewhere. As with other lenders, drivers with the best credit records will find the lowest rates.
LightStream Reviews And Reputation
As a division of Truist, LightStream shares a Better Business Bureau (BBB) profile with its parent company. Truist is accredited by the BBB and holds an A+ rating. However, the company only has a 1.1 out of 5.0-star customer review score and has fielded over 1,800 complaints in the last three years.
While this seems like a lightstream loan fees number, it's important to consider Truist serves about 12 million U.S. households. Plus, the company has taken time to address most of its customers’ complaints filed through the BBB. Common complaints include double and over-charging, difficulty getting issues resolved, and failure to have payments reimbursed. One customer wrote:
“I am very sorry I took a loan from this company. I feel they do what they can to make money any way they can, lightstream loan fees that includes cheating you out of every dollar…. You get charged for extra payments except if you make them on the day your payment is due that month… This company will lightstream loan fees absolutely nothing to help or give you a pleasant experience.”
- John S. via BBB
There weren’t too many positive reviews posted to the BBB website, though some customers who lightstream loan fees loans approved seemed pleased with the application process.
Our Take On LightStream: 3.5 Stars
LightStream loans are offered through an established and reputable bank. This allows the company to offer high loan amounts at relatively low APRs. LightStream is a direct provider of auto loans, so customers can have their loan applications processed quickly and even receive money the same day they apply.
Overall, here’s how we rate LightStream:
The most concerning factor for LightStream is its parent company’s poor customer review profile. There are not many positive reviews online, and many customers seem to have difficulty receiving the service they want. However, given the size of Truist, the volume of complaints is relatively low.
FAQ: LightStream Auto Loans
Disclaimer: Our research team aims to keep this information accurate and up to date, but you'll get the most recent information from financial institutions. Rates and terms vary according to applicant and market conditions. We do not offer warranties for any loan products or services discussed on the site, and we recommend you read through a financial institution’s terms and conditions carefully when making a decision on a loan product.