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If you are considering purchasing a vehicle or refinancing your current car loan, you may be considering financial services from a company called LightStream. But is this loan provider the best option for you?
LightStream offers products and services that meet a variety of consumer needs, including loan purchase and refinancing of cars, homes, medical bills and even weddings. In this review, we take a closer look at LightStream auto loans, explaining the application process, loan details, and reputation of LightStream customers.
To compare auto loan options from several lenders, visit AutoCreditExpress.com.
In this article:
About LightStream
LightStream is a subsidiary of SunTrust Bank, which has been in existence for over 120 years. Recently, SunTrust merged with BB&T to become Truist Financial Corporation. Truist is currently the sixth largest bank holding company in the United States, and thanks to LightStream, borrowers can get loans for car purchases, kitchen renovations, debt consolidation, swimming pools, medical bills. , weddings, timeshares and boats.
While Truist is headquartered in San Diego, LightStream loans are available in the United States.
| LightStream Advantages |
LightStream The inconvenients |
|---|---|
| Offered by a bank with an established reputation | Cannot offer loans to those with bad credit or no credit |
| High loan amount limits | Doesn’t have a great reputation for customer service |
| No charges | |
| Wide range of loans available |
LightStream Auto Loans: Borrowing Limits, Interest Rates, and Fees
You can use a LightStream auto loan to refinance your existing auto loan or to purchase a new, used, or classic car. Details on loan amounts, interest rates and loan term are shown in the table below.
| LightStream Loan Details | |
|---|---|
| Loan amount range | $ 5,000 to $ 100,000 |
| term of the loan | 24 to 144 months |
| Annual percentage rate (APR) | 3.49 to 20.49 percent |
| Creation costs | Nothing |
| Penalty for early repayment | Nothing |
The APR of your loan will depend on a number of factors, including:
- Where you live
- Your credit history
- The vehicle you drive
- The payment term you choose
- Your annual income
LightStream will reduce your APR by 0.5 percentage point if you choose to use automatic payment instead of making manual monthly payments. LightStream also has a “lower rates” program and a loan experience guarantee that helps customers save money. If you provide proof that another lender has approved you for a loan with terms similar to your LightStream offer, LightStream will charge a lower APR of 0.1%.
The LightStream Loan Experience Guarantee promises to send $ 100 to any customer dissatisfied with their loan experience. To collect this money, customers must notify LightStream of their dissatisfaction within 30 days of receiving their loan and complete an email questionnaire.
LightStream Request Process
Anyone can apply for a LightStream auto loan online and expect a response within minutes. Just be prepared to provide your social security number and employment history. Once a loan is offered, you can electronically sign your loan agreement and complete the paperwork entirely online. Borrowers can apply for a loan and receive funds on the same day.
There are no administration fees, nor restrictions regarding the age and mileage of the vehicle. While LightStream does not list a minimum credit score requirement for applicants, it does look for clients who have:
- Several years of credit history
- A demonstrated ability to save by having assets such as money for a down payment, retirement savings, or a house
- Stable and sufficient income
- A good debt repayment history
Drivers with excellent credit or even good credit will most likely be approved, but those with extremely poor or no credit may have to look elsewhere.
LightStream Reviews and Reputation
LightStream doesn’t have a Better Business Bureau (BBB) page, but parent company Truist does. Truist is BBB accredited and holds an A + rating. However, the company only got a score of 1.0 out of 5.0 stars and has filed over 800 complaints in the past three years.
While that seems like a large number, it’s not that big of a deal given that Truist serves around 12 million American homes. In addition, the company has taken the time to deal with most of its customer complaints filed through the BBB. Common complaints include double and overbilling, difficulty resolving issues, and non-reimbursement of payments. One customer wrote:
“I am so sorry that I took out a loan from this company. I feel like they are doing what they can to make any money they can, and that includes stealing every dollar from you…. You are charged additional payments unless you make them on the day your payment is due that month … This company will do absolutely nothing to help you or make you have a good experience.
– John S. via BBB
There weren’t too many positive reviews posted on the BBB website, although some clients whose loans had been approved appeared to be happy with the application process.
Our opinion on LightStream: 3.5 stars
LightStream loans are offered by an established and reputable bank. This allows the business to offer large loan amounts at relatively low APRs. LightStream is a direct provider of auto loans, so customers can get their loan applications processed quickly and even receive money the same day they apply.
Overall, here’s how we rate LightStream:
| Engine Rating 1 | 3.5 |
|---|---|
| Loan details | 4.0 |
| Loan availability | 3.5 |
| Application process | 4.0 |
| Customer service | 3.0 |
The most worrying factor for LightStream is the low rating profile of its parent company’s customers. There aren’t many positive reviews online, and many customers seem to have a hard time receiving the service they want. However, considering the size of Truist, the volume of complaints is relatively low.
Visit AutoCreditExpress.com to compare auto loan options from several lenders.
