LightStream Auto Loan is the online lending arm of the national SunTrust bank. Their goal is to provide streamlined transactions to get borrowers the maximum amount of financing possible with a low Annual Percentage Rate (APR). Auto loans are just one of the types offered by LightStream.
The company offers fixed rates as low as 1.99% with various payment options. There are no application fees connected to requests, and extra payments can be made without penalty. LightStream believes in their auto loans to the point it offers a $100 guarantee if customers are not satisfied by the process.
How LightStream Auto Loans Work
The process is fairly straightforward. Customers can apply for loans online via traditional computer, tablet, or smartphone. Rapid responses are delivered back during normal business hours. Should the application be approved, customers e-sign an agreement to complete the process. They can receive the needed funds on the same day. Again, this is during normal business hours.
LightStream Loan Rates
Fixed rates range from 1.99% to as high as 6.99%. Terms range from 24 to 84 months depending on the state of the loan — secured vs. unsecured — and the financing amount requested.
How Much Can I Borrow from LightStream?
Customers can borrow as little as $5000 to as much as $100,000 for a new or used vehicle. Most loans offer payment schedules from 24 to 84 months. The upper-end payment schedules are not available for loan amounts between $5000 and $24,999.
Types of Auto Loans from LightStream
LightStream is pretty diverse when it comes to the auto loans they offer. Like other companies, they provide financing for both new and used cars, but they go one step further and allow customers to sign up for classic car financing. Private party funding is available for those who go to an individual and not an authorized dealer to purchase their next vehicle. Auto refinancing and lease buyouts are also offered.
APR rates on the LightStream site are quoted with the AutoPay option. Those who require invoicing of their payments shall receive an APR which is 0.50% higher than what is listed.
Where Does LightStream Operate?
LightStream operates across the contiguous United States as well as Alaska and Hawaii. Applicants do not need to be customers of SunTrust in order to apply.
What Others Say About LightStream?
* LightStream has received a 4.7 out of five stars by CreditKarma
* It has a four-star rating from Lending Tree
* They offer unsecured auto loans well under the 1.99% rate for those with excellent credit
* The entire process is simple and quick to complete