LightStream Auto Loans Review
ConsumersAdvocate.org Rating: 9.5 / 10 (Excellent)
Lightstream is a financial service company that offers auto loan, banking, commercial finance, investments, retirement planning and consumer lending. The company offers auto loans and refinancing for classic, brandnew and used cars.
Types of Auto Loan
- New Auto Loans
- Used Car Loans
- Auto Refinancing
Clients can buy any vehicle from any dealer or individual regardless if it’s a brandnew or used vehicle. Interest rates vary depending on the client’s credit profile, loan purpose, loan term, loan amount and payment method selected. Discounts are offered for AutoPay and automated monthly payments.
Clients must provide vehicle information such as mileage, model, year and make. The company doesn’t require any down payment for vehicle purchase. Borrowers may apply for an auto loan online and must agree with the loan agreement. If approved, client must have a valid MasterCard or Visa credit card for verification purposes. The loan proceeds must be used for the loan purpose selected on the application. It cannot be used for professional, commercial or industrial purposes.
Borrower must possess a good credit score including assets and sufficient income to support existing debt obligations and the requested loan amount. A good credit holder must possess the following characteristics:
- Several years of credit history.
- A credit history with a variety of account types such as major credit cards (for example, Visa, MasterCard, Amex), installment debt (vehicle loans) and mortgage debt if applicable.
- A good payment history with few, if any, delinquencies or other problems repaying debt obligations.
- An ability to save evidenced by some or all of the following; liquid assets (stocks, bonds, bank deposits, etc.), cash down payments on real estate, retirement savings, and manageable revolving credit card debt.
- Stable and sufficient income and assets to repay current debt obligations and any new loan with Light Stream.
Auto Loans at Lightstream
Lightstream is a good start your search for an auto loan because it offers a simplified loan application process. It also doesn’t charge prepayment penalties. Lightstream also offers some of the most competitive rates in the market today but this is still subject to a customer’s credit profile.