LightStream is the online consumer lending arm of SunTrust Bank, a leading provider of financial services. LightStream offers competitive fixed-rate financing for purchases by consumers with strong credit profiles. All interactions are online, from application to funding. Service is so quick that it is possible for the entire transaction to be completed in a single day*. LightStream is so confident about their loan service that they offer a $100 Loan Experience Guarantee*, stating that the loan process will be the best you’ve ever had. If you’re offered a lower rate from another lender, LightStream has a unique program called the Rate Beat Program which promises to beat any competing APR by 0.10 percent. If you are interested in this program, our team recommends reading LightStream’s Terms and Conditions for all the details.
3.99% – 9.19%1
24 – 84 months1
$5,000 – $100,000
LightStream finances new, used and classic cars. It also lends for a variety of other purposes, including grade-school tuition, wedding expenses, timeshares, boats, motorcycles, RVs, medical/dental expenses, adoptions, land, home improvements and many more. Many loans require no collateral, and they range from $5,000 to $100,000. There are no penalties for early repayment, and in fact, LightStream charges no fees at all. You can make extra payments at any time and you will not be charged a pre-payment fee. The application of your payment may change depending on whether you are paying via AutoPay or Invoice.
An unsecured auto loan does not require any lienholder paperwork, and you can purchase the car from any source either from dealers and private parties . If the auto loan is collateralized by the vehicle, it requires some lienholder paperwork to prove that the vehicle is lien-free and is being sold by any automobile dealer or private seller within the U.S. To get the best loan terms, you must have excellent credit, which LightStream defines as:
- A credit history of at least five year for a variety of accounts, including mortgage debt, installment debt and major credit cards
- A flawless payment history, unmarred by delinquencies or other deficiencies
- The ability to save money, as evidenced by cash down payments, retirement savings, liquid assets and little credit card debt
- Stable income and assets sufficient to repay current and new debts
In general, LightStream confers “excellent” credit status on consumers most likely to fully repay loans on a timely basis.
LightStream is an online company. You apply by filling out an online application in which you provide personal and employment information. LightStream will check your credit report to help evaluate your application. You’ll get a decision shortly (during business hours). If approved, you’ll be asked to e-sign the loan agreement and arrange to have your loan proceeds transferred to your bank account. The money will appear as quickly as same-day* (you must complete all steps before 2:30 pm EST). You must accept the loan proceeds within 30 days of approval.
LightStream does not require any down payments on auto loans – you can borrow the full price.
New Car Loans
You can apply to LightStream for a collateralized or uncollateralized (if you have excellent credit) new-car loan. The best rates apply to AutoPay payments, but invoiced payments are also available for an extra 0.50 interest rate points. Loans use simple interest financing (non-compounding) and are fully amortizing installment loans.
New-car loans of $5,000 to $100,000 are available for terms of 24 to 84 months*. Your actual rate depends on your loan purpose, the amount borrowed, the loan term, and your credit profile.
Bear in mind that new-car auto loans cannot be used to refinance any existing LightStream loans. In addition, Florida borrowers are subject to a Documentary Stamp Tax not reflected in advertised APRs.
Used Car Loans
LightStream does not place any restrictions on used cars with regard to year, make, model and mileage. One set of rates applies to used-car purchases from a dealer, and another, higher-APR set applies to purchases from individuals. Rates for dealership loans are somewhat different from those for new cars. APRs on used car purchases from an individual are higher, topping out at 9.19 percent* with AutoPay (for a borrower with good credit seeking a 73 to 84 month* loan from $5,000 to $9,999).
Classic Car Loans
LightStream offers classic-car loans for purchases from dealers or individuals. AutoPay loans for classic cars purchased from a dealer start at 3.99%* APR for amounts from $10,000 to $100,000. Rates and terms are the same as those for used cars purchased from dealers, whereas classic cars sold by individuals are subject to higher APRs ranging from 4.99 percent* to 9.19 percent* with Autopay. There are no restrictions on the classic car relative to its type make, model, year, mileage and loan-to-value ratio. These loans can be secured or unsecured, depending on your credit score.
You can refinance a lower-rate auto loan with LightStream, with the slightly different rates as those offered on used car loans. However, you cannot use these loan proceeds to refinance another LightStream auto loan.
¹ Rates as of 9/1/2017, rates subject to change. Payment example: Monthly payments for a $10,000 loan at 4.44% APR with a term of 3 years would result in 36 monthly payments of $297.20. LightStream disclosures here.