4.1 of 5starsRead Reviews
LightStream is the nation’s premier online consumer lender, offering low-interest, fixed-rate loans to borrowers with good credit. Our loan amounts range from $5,000 - $100,000, and we take pride in providing a simple online process with zero fees. With LightStream, you’re in control – you can walk into the dealership as a cash buyer, or fund that classic car you’ve been dreaming about.
Quick, easy, and cheap
If you can qualify for a LightStream loan, they're awesome. I just bought a new car with a LightStream loan and the process couldn't have been easier. I applied online and they called me 45 minutes later and asked me some follow up questions. Half an hour later, I was approved and I had the money in my checking account the next day. Since it's an unsecured loan, you can just tell the dealership you're paying cash, which makes the buying process simple and quick, too.
LightStream gave me the best rate I could find, by a good margin. My loan is at a 1.99% interest rate; the second best I could find was 2.39% at my credit union.
Most of the bad reviews of LightStream seem to be people who were rejected. LightStream has stricter loan requirements than anywhere I've encountered. That's how they offer such low rates on unsecured loans. Don't assume that a credit score in the mid-700s will be enough. There's a good chance it won't be.
The most amazing loan experience I've ever had
I can't say enough about this company and their customer service. My wife and I found them by chance back in 2013 and since then we've closed four auto loans totaling ~$60k. The first was a refinance which saved 2.5% and hundreds over the life of the loan. The process was so seamless that we refinanced another vehicle about two weeks later. It seems that they value repeat customers and consider their payment history as the subsequent loans were even easier and quicker decision; within hours in both cases with little to no documentation required. In all cases we had the choice to receive same day deposits of the funds for a small fee or next day for no additional charge. We both have ~ 800 credit scores and some assets, but I would say this company is worth a shot for anyone above 750, some assets, and good debt to income. It seems that most of the negative reviews are from those who were denied. What I'll say is that the customer service is second to none and if you establish a relationship with them (even if it's via the internet) they will deliver in a way which other lenders cannot.
The Easiest Process EVER
I cannot say enough wonderful things about this company or their process. I applied for a $17k auto loan, was approved within 3 hours at the lowest rate they offer (which I had convinced myself would only be available to people with 840+ credit scores. Once I received my approval, it was so simple to go in, select a deposit date, and select the beginning repayment date.
This process was so seamless, so easy, that I almost feel like I cheated the "system". I will be recommending LightStream to all of my friends, family and co-workers.