Lightstream Auto Loan Reviews for Used Cars

About Lighstream by Truist

Lightstream was only founded about 13 years ago, but it has passed through a few owners in that time, including Capital One and, now, Truist. While its credit requirements are more restrictive than those of many other lenders, Lightstream’s loans are more flexible than most, in that the borrower receives funds without being told how or where to spend them.

Company Insights

Truist Bank operates Lightstream. In one of the company's recent SEC filings, its Chairman and CEO, Bill Rogers, had this to say.

"...As we stay on offense, our clear strategic focus, strong balance sheet, and unwavering commitment to our purpose—to inspire and build better lives and communities—position us well to continue driving improved performance in the evolving environment."

Features and Benefits

Lightstream has a lot to offer, including many convenient features that make it easier to use and live with than other lenders.

• Same-day loan funding is available, subject to credit approval

• Loan funds can be used to purchase almost any car from almost any seller

• Lightstream does not require down payments, but $5,000 is the minimum loan amount

• Some discounts are available, including rate cuts for autopay enrollment

• Lightstream does not offer prequalifications

• New and used auto loans are available, along with refinancing

Lightstream Auto Loan Reviews: Editorial Rating

Trusted Company Reviews Rating Score for Lightstream: 8.5

We rated Lightstream as our top used car lender because of its excellent customer service, easy application process, and range of benefits. The ability to use the loan funds to shop almost anywhere with no down payment required is also a significant selling point, as it’s a far more open and flexible policy than the ones offered by Lightstream’s competition.

Why We Like It

Lightstream’s unsecured loans make it one of the best choices for used car shoppers. They let buyers shop around and do not require a down payment, making the process quick and easy. While its website could easily be mistaken for one built 20 years ago, it functions well and offers a range of services.

What We Don't Like

Lightstream’s rates are generally higher than the competition's, and it doesn’t do prequalifications, so borrowers are left in the dark until the end of the application process and after giving up extensive personal information. The $5,000 minimum loan amount also makes it hard to buy cheaper vehicles.

Because Lightstream used auto loans operate similarly to an unsecured loan, borrowers may be better off looking to one of the best personal loan offers for vehicle purchases at or near that minimum threshold, or to combine a car purchase with other borrowing needs.

Lightstream Rates and Terms

Lightstream offers used auto loans with terms between 24 and 84 months, with amounts of up to $100,000, giving borrowers a wide range of repayment options. That said, its rates are higher than expected, at around 6.49% for used vehicles. The upside is that loans can often be funded on the same day.

Additional Perks

Lighstream offers refinancing and other services, but its benefits are impressive. They include paperless service and fully online interactions, referral discounts, a customer satisfaction guarantee, and discounts through its partner companies. The company also plants a tree for each loan.

Lightstream Auto Loan Reviews From Customers

Lightstream customers rave about its fast loan funding and excellent service. Others loved the fact that the bank does not charge origination fees or prepayment penalties, and its loan amounts of up to $100,000 give customers a range of vehicles to choose from.

On the other side of the coin, many people complained about Lightstream’s credit score requirements, and many said the lack of a prequalification made the process more stressful.

Who Is Lightstream Best For?

Lightstream is best for well-qualified borrowers, as its credit score requirements are more restrictive than those of others. It’s also better for people who are comfortable with online service, as the entire application and loan management processes take place digitally.

Woodside Credit Vs Lightstream

Woodside Credit isn’t as well-known as Lightstream, but it has plenty to offer. Its customers say it offers solid service, flexible loan terms, and more. Woodside is also endorsed by Barrett-Jackson as its auction lending partner.

Lightstream Alternatives

Lightstream stands out for its fast funding and flexible unsecured auto loans, but it’s not the only option worth considering. If you prefer credit union service, nationwide branch support, or easy online shopping, these lenders may be a better fit for your needs. Also, check out our overview of the best cheap auto insurance companies to help save more.

• Upgrade: Quick refinance approvals and positive customer reviews, but no purchase loans.

• PenFed Credit Union: Extremely competitive rates, flexible loan terms, and excellent customer service.

• Bank of America: Broad branch network, strong refinancing options, and a 30-day rate lock.

• Capital One: Convenient prequalification process and Auto Navigator tool for transparent car shopping