LightStream Auto Purchase, Refinance and Lease Buyout Loans: 2023 Review
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Auto loan reviews
New auto purchase loan
Used auto purchase loan
Auto loan refinancing
Auto lease buyout loan
The bottom line:
Best for borrowers with good or excellent credit wanting to buy a new or used car — either from a dealer or private party — or to refinance an existing loan or buy out a lease.
New auto purchase loan review
Not yet rated
on LightStream's website
Pros
Available in all states.
Customer service available on Saturday.
No origination fee.
Fully online application available.
Co-borrowers or co-signers allowed.
No vehicle restrictions.
No down payment requirements.
Cons
Doesn’t offer pre-qualification with a soft credit check.
Doesn’t provide a Spanish version of website.
Best for borrowers with good or excellent credit wanting to buy a new car.
Full Review
LightStream offers new and used car purchase loans, refinance loans and lease buyout loans. It also offers purchase loans and financing for classic cars.
With a minimum credit score requirement of 660, LightStream auto loans focus on borrowers with good or excellent credit (690 or higher on the FICO score model). The company says that credit score is not the only indicator of whether a loan is approved. LightStream also looks closely at credit history, assets, income-to-debt ratio and other information that would show an applicant’s strong financial position.
The LightStream website provides a “find your rate” feature to check current rates. With this tool, a person can select an auto loan type, enter a loan amount, and see possible rates and estimated payments for various loan terms. The rates shown are for borrowers with excellent credit who opt for automatic payment. LightStream offers a 0.50 percentage point rate discount with automatic payment.
LightStream provides a fast and consumer-friendly loan process for borrowers with good or excellent credit. Auto loan applications are only taken online; they include enough information to allow an approval decision the day an application is submitted. LightStream requires a hard credit pull upfront, which can slightly lower an applicant’s credit score, so it may not be the best option for someone just shopping rates and not ready to move forward with a loan.
Once a loan offer is accepted, applicants can receive funds as soon as the day an application is submitted, if all paperwork is complete by 2:30 p.m. ET on a day when banks are open. Funds can be directly deposited to the borrower’s personal bank account or sent by wire transfer.
LightStream stands out from other lenders by offering a loan experience guarantee. If borrowers aren’t happy and have had a loan for less than 30 days, they can contact LightStream, complete a questionnaire and receive $100.
LightStream may be a good fit for those who:
Have good or excellent credit: LightStream offers low rates for borrowers with good or excellent credit, and a rate discount is available when automatic payment is used.
Like maximum flexibility: LightStream has no vehicle restrictions on make, model or mileage. Lightstream auto loans are unsecured, meaning the car is not used as collateral, and LightStream does not hold the title of the car while the loan is being paid off.
LightStream at a glance
How does this loan compare?
|  |  |
Est. APR8.49-15.94% | Est. APR7.54-22.49% | Est. APR5.54-21.24% |
Loan amount$5,000-$100,000 | Loan amount$7,500-$99,999 | Loan amount$7,500-$500,000 |
Min. credit score660 | Min. credit score520 | Min. credit score620 |
Used auto purchase loan review
Not yet rated
on LightStream's website
Pros
Available in all states.
Customer service available on Saturday.
No origination fee.
Fully online application available.
Co-borrowers or co-signers allowed.
No vehicle restrictions.
No down payment requirements.
Cons
Doesn’t offer pre-qualification with a soft credit check.
Doesn’t provide a Spanish version of website.
Best for borrowers with good or excellent credit wanting to buy a used car — either from a dealer or private party.
Auto loan refinancing review
Not yet rated
on LightStream's website
Pros
Available in all states.
Customer service available on Saturday.
No origination fee.
Fully online application available.
Co-borrowers or co-signers allowed.
No vehicle restrictions.
No down payment requirements.
Cons
Doesn’t offer pre-qualification with a soft credit check.
Doesn’t provide a Spanish version of website.
Best for borrowers with good or excellent credit wanting to refinance a vehicle without restrictions on the type, age or mileage of the vehicle.
Auto lease buyout loan review
Not yet rated
on LightStream's website
Pros
Available in all states.
Customer service available on Saturday.
No origination fee.
Fully online application available.
Co-borrowers or co-signers allowed.
No vehicle restrictions.
No down payment requirements.
Cons
Doesn’t offer pre-qualification with a soft credit check.
Doesn’t provide a Spanish version of website.
Best for borrowers with good or excellent credit wanting to buyout a leased vehicle without restrictions on the type, age or mileage of the vehicle.
More from LightStream
Based in San Diego, California, in addition to new and used auto purchase and auto refinance loans, LightStream offers debt consolidation and personal loans.
LightStream also offers a program to beat competitors’ loan rates on unsecured loans. If you are approved for an unsecured loan with the same terms but a lower rate than what LightStream offered, the company will reduce your offered rate by 0.10 percentage points. There are additional terms to qualify for the reduced rate, so not all offers will qualify.
» MORE: Auto loan refinancing lenders
LightStream auto loan rates
Credit requirements vary by auto lender, but LightStream’s lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above). With fair or bad credit you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. You can check your credit score before applying for a car loan.
Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 300-499 (considered deep subprime), a $20,000 used car loan, repayment term of 72 months, interest rate of 18% APR and $0 down payment would have monthly payments of $456. One year later, if all payments were made on time, the borrower will have paid the loan down to a balance of $17,963. If the borrower is able to then refinance at 12% APR for the remaining 60 months, the payment would drop to $399 and result in interest savings of $3,394 over the life of the loan.
To review LightStream, NerdWallet sent a survey to LightStream requesting more than 60 data points and followed up with company representatives. This information was compared with other lenders that seek the same customer or offer a similar product.
Frequently asked questions
LightStream was originally created as the online consumer lending division of SunTrust Bank. In February 2022, SunTrust and BB&T Banks merged to form Truist Bank. Lightstream is a division of Truist, but not all LightStream services are available within Truist branches or on Truist.com. Lightstream is accredited by the Better Business Bureau and has an A+ rating.
LightStream does a hard credit inquiry and in most cases captures enough information upfront to allow an approval decision the day an application is submitted. Same-day funding is available if applicants are approved and sign the loan agreement, provide banking information, and complete the final verification process before 2:30 p.m. ET on a banking business day.
Yes, the hard credit inquiry, which can slightly lower an applicant’s credit score, is done upfront. LightStream does not offer pre-qualification with a soft credit check. It also does not offer auto loan preapproval. Applicants must complete and submit LightStream’s online loan application. There is no obligation to accept a loan offer, but submitting the application will result in a hard credit inquiry.
