LightStream offers a number of auto loan options, including:
- Loans for new cars
- Loans for used cars
- Auto loan refinancing
- Auto lease buyout loans
- Motorcycle loans and refinancing
- RV loans and refinancing
LightStream loans can be used to buy vehicles from dealerships or individuals, and there are no restrictions based on the vehicle’s make, model, mileage or year.
LightStream’s auto loan application process is completely online. To apply for a LightStream auto loan, you will need to provide personal and financial information along with details about the loan you are requesting. LightStream will also check your credit. If you are approved, you can sign the loan agreement online. You can get funds in your account the day you are approved as long as it is a banking business day and you complete relevant steps by 2:30 p.m. Eastern Time. Otherwise, you can pick a day within 30 days of being approved to get funds. For auto refinancing, the application process does not require a car appraisal. LightStream does not offer pre-approval for auto loans.
LightStream auto loans for new and used cars have annual percentage rates starting at 3.99%, and car refinancing loans have APRs starting at 4.99%, including the 0.5 percentage point autopay discount. The maximum APR for new loans and refinancing is 20.49%, and terms range from 36 to 84 months. LightStream does not have any conditions on a vehicle’s make, model, year or mileage for financing. Loans range in size from $5,000 to $100,000.
LightStream offers a 0.5 percentage point discount on rates for borrowers who opt to make automatic payments before receiving loan funds.
LightStream does not list a minimum credit score for auto loans, but says you need good credit to qualify. You’ll generally need several years of credit history, a solid payment history, a mix of account types, a demonstrated ability to save and enough income and assets to repay debt. LightStream works with customers in all 50 states, and you do not need to be a Truist customer to qualify.
LightStream has an A+ rating from the Better Business Bureau. In 2021, Truist Financial, the parent company of LightStream, had 146 complaints related to vehicle loans or leases filed against it with the Consumer Financial Protection Bureau. Truist provided timely responses to all but one complaint. It closed 136 complaints with an explanation, seven with non-monetary relief and three with monetary relief.
You can reach LightStream by emailing customerservice@lightstream.com Customer service hours are Monday to Friday from 10 a.m. to 8 p.m. Eastern Time and Saturday from 12 p.m. to 4 p.m. Eastern Time.
- People who want an online auto loan application process.
- People who have a strong credit history.
- People who are comfortable making automatic payments.