Auto loan reviews
The bottom line: LightStream is a good fit for those with excellent credit looking to buy a new or used car — either from a dealer or private party — or to finance a classic car, buy out a lease or refinance an existing loan.
In this regard, is LightStream a good lender?
The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices. The bottom line: LightStream’s low rates and zero fees make it one of the top lenders for borrowers with good or excellent credit.
Furthermore, is it hard to get approved by LightStream?
It’s not unusual that LightStream does a hard pull. Most personal loan providers will use a hard pull during their approval process. The exceptions are some extremely expensive bad-credit lenders, such as payday lenders or auto title lenders.
Does LightStream use FICO score?
LightStream requires a minimum FICO credit score of 660. … Several years of credit history with a variety of account types and good payment history. Demonstration of savings ability with liquid assets, real estate down payments and retirement savings.
Does LightStream hold your title?
The response from LightStream (division of Sun Trust Bank) had the best rate. … Important Reminder: Do NOT have LightStream listed as a lienholder on your vehicle title or loss payee on your insurance policy.
How long does LightStream take to approve?
For home improvement loans, you can schedule to receive your funds within 90 days of approval. For all other loan purposes, you can schedule to receive funds within 30 days of approval.
Does LightStream require income verification?
Application Process
You may be required to upload documents to verify your identity, employment and income. Once you submit your application, you should receive a quick response during business hours. If approved, you can login to sign the loan documentation and set a funding date.
Is SoFi or LightStream better?
In general, we recommend LightStream for borrowers who want two, four or six year loan terms or a vehicle/auto loan. On the other hand, SoFi is good for those borrowers who want to bundle financial products or want a personalized touch during the borrowing process.
How do LightStream auto loans work?
If you’re approved for a LightStream loan, you may be able to receive your loan funds the same business day you apply. LightStream deposits the money directly into your bank account, so you can make an offer on a car as a “cash” buyer. This means you may have the opportunity to negotiate for a better purchase price.
Can I use LightStream loan for anything?
LightStream offers high borrowing amounts and low rates on its unsecured personal loans, which can be used for nearly any purpose, including debt consolidation and adoption financing.
Are LightStream auto loans unsecured?
LightStream offers unsecured financing for new and used cars, as well as auto refinancing and lease buyout loans to borrowers in all 50 states. You may use one of its auto loans at the dealership or to buy a car from a private seller.
What is considered excellent credit?
Generally speaking, a credit score is a three-digit number ranging from 300 to 850. … Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
What credit score do you need for SoFi?
680