LightStream Auto Purchase, Refinance and Lease Buyout Loans: 2025 Review

Full Review of LightStream

LightStream offers new and used car purchase loans, refinance loans and lease buyout loans. It also offers purchase loans and financing for classic cars. LighStream’s auto loans are unsecured, which means that 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 auto loans focus on borrowers with good or excellent credit (660 or higher on the FICO score model). The company says that credit score is not the only indicator of whether a loan is approved. It also looks closely at credit history, assets, income-to-debt ratio and other information that would show an applicant’s strong financial position.

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. The lender 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.

Table of contents

LightStream at a glance

LightStream may be a good fit for those who ...

Do you qualify for a LightStream auto loan?

How to apply for a LightStream auto loan

How auto loan rates work and how we collect them

How do we review auto loan direct lenders?

LightStream at a glance

• RestrictionsRestrictions

  • New vehicle definition: Did not disclose.

  • Maximum vehicle age: None.

  • Maximum vehicle mileage: None.

  • Other vehicle restrictions: None.

  • Loan amount minimum: $5,000.

  • Loan amount maximum: $100,000.

  • Maximum loan-to-value ratio: Did not disclose.

  • Refinance time restrictions: None.

  • Bankruptcy restrictions: Borrowers cannot have a bankruptcy record within the last 3 years.

• Other loan detailsOther loan details

  • Approval speed: Within minutes in most cases. Approved loan offer is good for 28 days.

  • Initial deferred payment: Does not offer.

  • Existing loan payoff: For refinancing, funds are provided to the borrower who must then pay off the previous loan.

  • Selected payment due date: Borrowers can select their payment due date prior to signing the loan agreement.

  • Late payment grace period and fee: No grace periods or fees for late payments.

  • Hardship plans: Yes. Each borrower’s hardship request is reviewed individually.

• More lender detailsMore lender details

  • Contact options: Email. LightStream has multi-lingual customer service agents available.

  • Availability: Customer service is available Mon-Fri, 9:30 a.m. - 7 p.m. ET and Sat, noon - 4 p.m. ET. Application processing is available Mon - Fri, 10 a.m. - 6 p.m. ET and Sat - Sun, 1 p.m. to 6 p.m. ET.

  • Mobile app to manage account: Yes.

  • Online resources: Provides FAQs that answer questions specific to the LightStream’s auto loan application process. The lender’s website also offers 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, which comes with a 0.50 percentage point rate discount.

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 borrowers opt into automatic payments.

• Like maximum flexibility: LightStream has no vehicle restrictions on make, model or mileage. Additionally, its auto loans are unsecured, which means that the car is not used as collateral.

Do you qualify for a LightsStream auto loan?

Here are LightsStream's basic eligibility requirements to apply for an auto loan:

• Must be 18 years or older.

• Must be a U.S. citizen or permanent resident.

Here are LightStream's minimum borrower requirements to qualify for an auto loan. Note that meeting these requirements doesn’t guarantee approval. Also, many lenders are flexible with minimum requirements when considering an applicant's total financial picture.

• Minimum credit score: 660

• Minimum credit history: None.

• Maximum debt-to-income ratio: Did not disclose.

• Minimum annual income: None.

Before you apply

Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. For purchase loans, use an auto loan calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. When you know your maximum car payment, a car affordability calculator can help you determine a realistic car price. For auto refinance loans, use an auto refinance calculator to see your monthly payment and determine what APR and term you need to make refinancing worthwhile.

Gather your documents. LightStream requires the following to submit an initial application: Social Security number or ITIN, address, time at address, phone, email, citizenship status, birthdate, employment status, employer name, income, housing status/housing payment amount and driver's license number. Other financial requirements may be asked for such as retirement, disability, assets, child support, etc, in addition to standard application information regarding the loan amount, term and purpose.

» MORE: Compare auto loan refinancing lenders

How to apply for a LightStream auto loan

1. Input loan information and personal details on LightStream’s website. LightStream auto loan applications are only taken online; they include enough information to allow an approval decision the day an application is submitted. During the online application, you'll first be asked if you're applying jointly or individually, how much you want to borrow, what type of loan you want and your preferred loan term. You’ll also be able to preview a monthly payment and APR range. Then, you must provide personal information like your name, address, Social Security number and other financial information like your income and employment.

2. Submit your application. Once you’ve entered the required information, you can complete and submit a loan application. This could require more documents to confirm the information you gave prior. 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. After you accept your final loan terms, funds can be deposited directly into a borrower's checking or savings account.

3. Stay on top of your loan payments. LightStream reports car payments to all three major credit bureaus, so on-time payments will help build your credit score, but missed payments will hurt it. If you can, set up automatic payments to make sure your payments arrive by the due date.

» MORE: Compare auto loans, rates and lenders

How auto loan rates work and how we collect them

The auto loan APR range NerdWallet displays is provided by the lender. We make every attempt to keep rates updated, by sending out bimonthly rate surveys and encouraging lenders to send us updates when rates change. We also compare these rates to APRs on the lender's website, if available. The accuracy of our rates depends on the information lenders provide to us. It’s always a good idea to check average auto loan interest rates, and compare to similar lenders, to determine if a lender’s provided rate seems realistic.

We ask lenders to provide their lowest rate that at least 10% of applicants applying for the lowest rate have qualified for in the previous three months, without including any potential rate discounts. The lowest rates shown are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above).

We also ask lenders for their highest rates, which typically reflect rates available to borrowers with fair or bad credit (a FICO score in the mid-600s or below). The highest interest rates result in higher monthly payments and more total interest paid.

Actual rates received by this lender’s auto loan borrowers may be different from the rates shown in this review.

How do we review direct lenders for auto loans?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Our survey for direct lenders has different questions than the survey for aggregators, but each includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, a lender must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).