LightStream Auto Loans Review

Auto Loan Refinance

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• Get funding as soon as same day
• No vehicle restrictions

• Cosigner release not available until halfway through repayment term

Rates (APR)	7.74% – 15.94%
Loan Amounts	$5,000 – $100,000
Repayment Terms	3, 4, 5, 6, or 7 years

Auto Loan

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• No down payment required
• No vehicle restrictions
• No purchase restrictions

Rates (APR)	7.49% – 15.69%
Loan Amounts	$5,000 – $100,000
Repayment Terms	3, 4, 5, 6, or 7 years

LightStream, a division of Truist, offers unsecured loans ideal for refinancing or purchasing a vehicle if you have good credit. Unlike traditional auto loans, these loans don’t require collateral, which gives you more flexibility. With quick online processing and perks, including no fees and competitive rates, LightStream stands out among auto lenders.

This lender also offers a range of personal loans branded for specific needs, such as RV or adoption loans, all built on the same unsecured personal loan foundation. If you’re looking for a fast, flexible loan without the hassle of securing it with your vehicle, LightStream could be an excellent choice.

Table of Contents

1. Our take on LightStream’s auto loan refinance
2. Our take on LightStream’s auto loans
3. Who’s eligible for LightStream auto loans?
4. Pros and cons of LightStream
5. LightStream alternatives
6. FAQ

Our take on LightStream’s auto loan refinance

If you’re interested in refinancing an auto loan with LightStream, know that it’s really an unsecured personal loan rebranded for auto loan refinances. The only difference between it and LightStream’s other personal loans is the slightly higher interest rate. Everything else is the same.

You can use a LightStream auto refinance loan to pay off a car loan from any lender except for LightStream. LightStream sends the funds to you rather than your old car loan lender, so you must repay your other car loan. 

Rates, terms, and more

As with its auto purchase loans, LightStream offers a range of term length options and loan amounts. If you have $5,000 or less remaining on your auto loan, LightStream isn’t the lender for you.

Term	Details
Rates	7.74% – 15.94% fixed, with a 0.50% autopay discount
Loan amounts	$5,000 – $100,000
Repayment terms	3, 4, 5, 6, or 7 years
Availability	All U.S. states
Fees	None
Unique features	Same-day funding via wire transfer with no collateral required

How do you repay an auto refinance loan from LightStream?

You’ll repay an auto refinance loan the same way as any other loan LightStream offers. LightStream recommends signing up for autopay, but you can make manual payments each month if you agree to pay an interest rate 0.50% higher. 

Besides the interest rate, everything is the same for its vehicle purchase loan—the same loan amounts, term length options, and application methods.

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Our take on LightStream’s auto loans

LightStream’s auto loans are just like its refinance loans in that they are rebranded personal loans. If you have good credit and want the most flexible buying options possible, LightStream is a terrific choice. You can apply for funds, have them on hand, and use them for any car you want. 

However, if you’re looking to save money or if your credit is less than stellar, we’d caution against LightStream. You can find lower rates with more traditional secured auto loans that use your car as collateral. LightStream also doesn’t allow cosigners—an important point for many borrowers.

Rates, terms, and more

LightStream’s rates and terms for its auto loan are the same as those for its refinance loan except for its rates.

LightStream also has no vehicle or purchase restrictions, meaning you can use your auto loan funds for any vehicle you choose.

Term	Details
Rates	7.49% – 15.69%, fixed, with a 0.50% autopay discount
Loan amounts	$5,000 – $100,000
Repayment terms	3, 4, 5, 6, or 7 years
Availability	All U.S. states
Fees	None
Unique features	No down payment required, same-day funding via wire transfer, no vehicle or private party purchase restrictions, no collateral required

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How do you repay an auto loan from LightStream?

LightStream offers a similar way to make your payments to most other auto loan lenders. It’s best to sign up for autopay, drafted right from your checking account every month. Not only will this save you the credit damage from a late payment, but you’ll continue to pay the advertised interest rate.

You can also make manual payments by logging into your account and submitting each payment yourself. However, LightStream will charge you an additional 0.50% on your interest rate if you opt for this route. 

Who’s eligible for LightStream auto loans?

LightStream doesn’t say much about whether you’ll likely be approved besides stating that you need good credit. (According to FICO, a “good” credit score is 670 or higher.) 

Here are a few other specifications:

Requirement	Details
State of residence	Any U.S. state
Vehicle requirements	None
Min. credit score	Requires good credit; specific number not disclosed
Min. income	Requires stable income high enough to make monthly debt payments; specific number not disclosed

Pros and cons of LightStream

Pros

• Quick funding

  Same-day funding via wire transfer is available if you apply early.

• No restrictions

  Buy any vehicle you want from anywhere within the limits of your loan.

• No down payment

  Finance 100% of the purchase price if you wish.

• Wide range of loan structures

  Borrow anywhere from $5,000 to $100,000.

Cons

• No preapproval

  You must submit a full application, including a hard credit inquiry.

• No cosigner option

  You can apply with a co-borrower but not a cosigner.

• Good credit needed

  You’re not eligible for bad credit unless you have a co-borrower.

• Higher rates than secured loans

  You can find cheaper rates with other lenders that offer a more standard secured auto loan.

• Limited rate-match guarantee use

  LightStream only matches other unsecured loans, but most auto loans are secured, meaning you’re unlikely to have many comparisons.

LightStream alternatives

If LightStream’s auto loans or refinancing options don’t quite fit your needs, several alternative lenders offer competitive rates, different loan terms, or unique benefits. The lenders below provide secured loans that could offer lower interest rates or be available to those with less-than-perfect credit.

It’s important to compare various options to find a lender that aligns with your financial situation, credit profile, and specific needs. The table below highlights top alternatives to LightStream, helping you explore different choices and select the best loan option for you.

FAQ

How can I apply for an auto loan or auto loan refinance with LightStream?

The process is simple. You can apply on LightStream’s website. It shouldn’t take more than a few minutes. You’ll enter personal information, financial details, and the requested loan amount and terms.

What credit score do I need to qualify for LightStream?

A good credit score is crucial for a LightStream auto loan. Typically, the lender looks for a minimum credit score of 660. However, it also considers other factors, including income and credit history. Remember, a higher credit score can help you secure a lower interest rate.

Can I refinance my car loan with LightStream if I’m underwater on my current loan?

If your current car loan is underwater, meaning you owe more than the vehicle’s worth, refinancing through LightStream won’t be an option. It doesn’t offer loans to those in this situation.

Are fees associated with refinancing my auto loan through LightStream?

One of the benefits of refinancing your auto loan with LightStream is the lack of fees. This lender does not charge origination fees or prepayment penalties. It helps keep your overall costs down while refinancing.

How much can I save by refinancing my auto loan with LightStream?

The amount you can save by refinancing your auto loan with LightStream depends on various factors, including your current interest rate and term. However, the potential for significant savings is there, especially with LightStream’s competitive rates.

Can I apply with a co-applicant or cosigner for a LightStream auto loan?

Yes, LightStream allows for joint applications. This can be beneficial if you want to boost your chances of approval or secure a lower interest rate.

How we rated LightStream

We designed LendEDU’s editorial rating system to help readers find companies that offer the best auto loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared LightStream to several auto loan and refinance lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.

Product	Best for	Our rating
LightStream auto loan refinance	No fees	4.7/5
LightStream auto loan	No vehicle restrictions	4.7/5