LightStream Auto Loans Review: Fast, Reliable, & Easy

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If you have a good to great credit score and are looking to purchase a new or used vehicle or refinance your current auto loan, LightStream may be the right option. LightStream is a division of Truist Bank (the result of the merger of BB&T and SunTrust) that offers low rates for well-qualified buyers in as little as one day!

Read on to find out if LightStream offers the best auto loan rates and whether or not it is a good fit for you.

Best for Online Auto Loans & Refinance
LightStream Auto Loans Review
LightStream Auto Loans
  • Loan Amount
    $5,000 - $100,000
  • Est. APR
    2.99% - 9.99%
  • Learn More
  • Auto Loan Details

How Do LightStream Car Loans Work?

Once you apply (see below on how to apply), the loan offer is good for 30 days, and there is no obligation to accept the terms.

If you do accept the terms, you can potentially get the loan on the same day. The loan can only be used for the purpose of what is on your loan application. Below are several auto loan options LightStream offers.

LightStream Auto Loan Options

#1. Auto Refinance

LightStream offers auto refinance outside of LightStream loans (meaning you cannot refinance an existing auto loan from LightStream). APR starts at 2.49%, and loan terms are 24 months to 84 months.

#2. Classic Car Financing

Unlike many lenders, LightStream has no restrictions when it comes to classic car financing.

#3. Lease Buyout

Auto lease buyouts start at 3.49% APR with loan terms of 24 months to 84 months.

#4. Motorcycle Loans

Motorcycle loans through LightStream are more expensive, with APR starting at 4.29% and loan terms 24 months to 72 months (up to 84 months for loans above $25,000).

#5. New Car Loans

New auto loans from LightStream start at 2.49% with loan terms of 24 months to 84 months.

#6. Private Party Auto Purchase

As you would expect, APR is higher for private party auto purchases through LightStream, with APR starting at 3.49% and loan terms 24 months to 84 months.

#7. Used Car Loans

Used auto loans from LightStream start at 2.49% APR with loan terms 24 months to 84 months.

LightStream Auto Loans Features and Benefits

Here are some of the features and benefits of using LightStream for your auto loan needs.

Fast Funding

You can get funding as quickly as the same day, although most are deposited the next day.

Excellent Customer Service

LightStream provides customer service from 9 AM to 8 PM Eastern time Monday through Friday and noon to 4 PM Eastern on Saturday.

Furthermore, your loan comes with guaranteed satisfaction. If you are unhappy, contact support, fill out a survey, and LightStream may send you $100 for your dissatisfaction.

Fixed-Rate Loans Only

LightStream only offers fixed-rate auto loans, so you do not have to worry about your APR changing over time.

Giving Back – Tree is Planted for Every Auto Loan

With every auto loan, LightStream plants a tree! LightStream now has over 1,500 acres of trees they have planted.

LightStream Auto Loans Pros and Cons

Pros:

  • LightStream offers many different auto loan options.
  • There are no fees nor prepayment penalties.
  • There is no obligation to accept the loan terms.
  • If you are approved, the loan offer is good for 30 days.
  • LightStream plants a tree for every loan and has more than 1,500 acres of trees planted.
  • If you are unhappy with your loan, you can fill out a survey stating why and LightStream may send you $100 for your dissatisfaction.
  • You can use a co-signer for your LightStream auto loan.
  • You can receive your loan on the same day in some cases.
  • There are no restrictions on the vehicle you would like to buy.
  • Classic cars are accepted for LightStream auto loans.
  • LightStream does not require a down payment, so your loan can be for 100% of the purchase price.

Cons:

  • LightStream does not offer any preapproval letters.
  • LightStream average rates are higher than some competitors.
  • If you do not set up autopay, your APR will increase by 0.50%.
  • LightStream does not offer variable rates, only fixed rates, which can be lower sometimes.
  • You need to have good credit, at least 660, to qualify for a LightStream auto loan.

How to Apply for a LightStream Auto Loan

To qualify, you will need good credit and sufficient income or assets to support the requested loan amount.

If you do have sufficient income or assets, click on the “apply” button on their website, acknowledge receipt of LightStream’s “Statement on the Use of Electronic Records,” agree to receive electronic records, and agree to use electronic signatures.

If you are approved, before receiving loan proceeds, you must have a valid Visa or Mastercard credit card for verification purposes.

Loans can only be made to individuals and can only be used for the purpose selected on the application.

You can receive access to your loan in as little as the same day, with most funds being disbursed within 24 hours.

How Does LightStream Auto Loans Compare?

Here is how LightStream compares to other auto loan lenders.

#1. LightStream Auto Loan vs. Ally Clearlane

Unlike LightStream, Ally Clearlane approves lower credit scores. Ally Clearlane APR starts at 3.74%, which is a higher starting point than LightStream, but Ally Clearlane max APR is 7.49% which is lower than LightStream.

Loan amounts are $10,000 to $80,000 with Ally Clearlane where LightStream is $5,000 to $100,000. Ally Clearlane does have a preapproval option and utilizes a “soft inquiry” to your credit score, so it has no impact.

>> More: Ally Clearlane Auto Loans Review

#2. Consumers Credit Union Auto Loan vs. LightStream Auto Loans

Consumers Credit Union (CCU) offers auto loans starting at 2.49% for vehicles in 2019 and newer and 2.74% for vehicles in 2015 to 2018. Loan terms are 0 to 84 months. Not all applicants may qualify for the fixed base rate.

Eligible buyers can finance 100% of the purchase price. CCU also offers 24 hours emergency mechanical repair coverage.

If you are a member of CCU, you can get a 0.50% rate reduction on your loan. There are no vehicle restrictions for loans between $5,000 to $75,000.

#3. myAutoLoans.com vs. LightStream Auto Loans

myAutoloans.com pulls a soft inquiry on your credit and then provides you with up to 4 lenders that offer you the best rates.

You will need a FICO score of 575 or higher, and you must be within the lower 48 states to be eligible. Auto refinance starts at an amazing 1.99% APR with a $5,000 minimum.

Minimum auto loans outside of refinancing are $8,000 with terms of 24 months to 72 months. The maximum loan amount is dependent on each individual’s financial situation.

Although myAutoloans.com provides you with up to 4 lenders right away, you will most likely receive calls with other offers as their network consists of more than 20 lenders.

>> More: Full MyAutoLoans Review

LightStream Auto Loans Review FAQs

Here are some frequently asked questions about LightStream auto loans.

How Hard is it to get an Auto Loan through LightStream?

You do need to have good credit. Your credit score should be at least 660 to be approved for LightStream auto loans.

How Long Does It Take for LightStream to Approve Auto Loans?

If you have good credit, getting approved is quick and easy. Funds are normally made available within 24 hours. And in some cases, the funds can be available on the same day.

Are LightStream Auto Loans Legit?

Yes, LightStream auto loan is legit. LightStream is backed by Truist Bank, which results from the merger of SunTrust Bank and BB&T Bank.

What Credit Score is Needed for a LightStream Auto Loan?

You should have a minimum credit score of 660 when applying for LightStream auto loans. As with all loans, the higher the credit score, the better rates and terms you will receive.

>> More: What Credit Score Is Needed to Buy a Car?

Is LightStream a Good Lender for Auto Loans?

If you have a good credit score, then the rates of LightStream auto loans are phenomenal, starting in the mid 2% range with the funds available to you within 24 hours. However, if your credit score is not great, your rates will most likely be higher than they would with other auto loan lenders.

Are LightStream Car Loans Safe?

Yes, LightStream auto loans are safe. LightStream is backed by Truist Bank, has a great A+ BBB rating, offers customer support six days a week, and you have access to the loan within 24 hours.

Bottom Line: LightStream Auto Loan Review

If you have a credit score that is at least 660 and you need an auto loan or a refinancing option for an auto loan, LightStream may be a good option for you.

As with most loans, the better your credit score is, the better the loan terms are that you will receive. With LightStream, you can get an APR as low as 2.49%. There are no vehicle restrictions, and classic cars are even approved for an auto loan via LightStream. When you find the vehicle, you want to buy, you want to make sure you do not lose it to someone else.

LightStream provides the financing to you within 24 hours of being approved, and you may be able to receive the funds the same day!

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Brian Latchford
Brian Latchford

Brian is a serial entrepreneur that loves financial technology and personal finance. From working with start-ups to creating his own recruiting company, Brian knows first hand what it takes to manage money. Throughout his career, Brian has become a respected writer covering topics in personal finance, business, and financial technology.