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Lightstream Reviews

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  • Pros
  • Excellent tools and resources
  • No application or prepayment fees
  • Affordable APR
  • Cons
  • Higher rates without auto pay

LightStream Auto Loans

LightStream is an online lending division of SunTrust Bank connecting you to great providers and allowing you to compare rates. If you are looking for low rates and lots of options, look into LightStream. They have made their way up to the top replacing renowned providers along the way.

With LightStream you can look forward to a quick and easy application through a website secured by SunTrust Banks, Inc., so no worrying about submitting personal information. If you have questions during the applications or at any other time in the car buying process, you can contact LightStream's customer service center which has great response times and fantastic customer reviews stating the representatives are patient and never pushy. It might not look like you can call LightStream but when you get to the application a "Contact Us" link appears at the top of the page, which gives you the phone number to be able to reach their customer service representatives. They have long business hours from 9:00pm to 8:00am which is a huge plus since other brokers have shorter business hours.

Tools and Recourses

You also have valuable tools right at your fingertips allowing you to figure out the perfect budget for any financial situation and work out on estimate of what you might be paying based on the vehicle you're interested in, your credit status, and if you decide to make a down payment. If at any point you are unsatisfied with the experience provided by LightStream they will send you a questionnaire to improve their service, along with $100.

When it comes to financing, your able to get a loan anywhere from $5,000 to $100,000 with no fees what so ever (no application fee, late fee, or prepayment penalty). This means you don't have to study the fine print because there is none! Up2Drive allows you to apply for financing for the full amount of the vehicle which means they do not require a down payment on a vehicle purchase, so no money up front. You have the freedom to choose from any vehicle no matter the make, model, year or mileage. You can act as a cash buyer since the finds can be in your account within the same business day, and you choose your loan repayment terms. There are also no restrictions on being able to get a private party loan which can get you lower rates on used cars than you would find at a dealership.

When you apply you can get loan rate offers as low as 1.99% APR* provided that you use their AutoPay system and have purchased the car through a dealer. The AutoPay system is a great resource LightStream provides since it automatically makes your car payment for you, eliminating any chance of late payment. Although if you do not decide to use AutoPay and instead use their invoicing system your rate will be .50 higher since the payment is not going to LightStream directly from your bank as it is with AutoPay.

If you are late on a payment you must pay the interest accrued on a per diem basis until you make the payment. Many other lenders impose a fee of usually around $15 any time you miss a payment or a payment fails to go through, so this is good news. With LightStream you can even prepay your loan in whole or in part and they do not charge any penalties. You can easily make extra payments at any time by signing in to your personal LightStream account. Your account also lets you do a variety of other things including review your loan(s) and payment history, update your contact information, update your security information and even conveniently apply for another loan.

Another great feature of Lighstream is that there are two loan solutions, either secured or unsecured. Many brokers only offer unsecured loans but with LightStream you have the freedom to choose. Secured loans are suited for people who do not have good credit allowing them to put of a certain amount of collateral to lower the risk on the lender and allow the borrower to be approved. Also they provide loan terms up to 84 months (7 years) which is a year over the normal payment term other lenders have to offer.

LightStream doesn't only offer financing to fund the purchase of a car, but also lease buyouts and classic car financing. A lease buyout allows you to purchase the car you are currently leasing instead of returning it to the dealer at the end of the lease. With lease buyouts you can have the money in your account the same day and get financing anywhere from $5,000 to $100,000 just like an auto loan. All of you financing needs are in one place with LightStream since they offer many other loans for things like home improvement, recreation, aircraft, medical and even credit card/debt consolidation. The only types of loans LightStream currently does not offer is business loans, or loans for the funding of college or post-secondary educational expenses.

Verdict - Very Good

Restrictions are never an issue with LighStream. You have so much freedom to choose virtually any car you want. They work with people who have bad credit by offering secured loans making them a great option for any individual. They are so confident in their customer service team and the services they provide that they even back their service with a $100 guarantee if you are ever dissatisfied with your experience.

They have a very secure site which gives peace of mind when submitting personal information. The site also allows you to have one stop for all your loan maintenance right through your own personal login. LightStream charges no fees what so ever, not even if you're late on a payment which is such a huge plus to any borrower. The only slight downside to using LightStream is that if you do not opt in for AutoPay, and decide choose the invoicing option instead, your interest rate will slightly go up.

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In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.

Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.