Frequent question: Does LightStream do auto loans?

What credit score do you need for a LightStream auto loan?

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.

Are LightStream auto loans secured?

All of LightStream’s auto loans are unsecured, which means more flexibility for borrowers. The online lender will even beat competitors’ auto loan APRs by 0.10 percentage points, under certain conditions. If you’re not satisfied with the experience, LightStream may pay you $100.

Is it hard to get a loan from LightStream?

While a good credit score may be enough to get approved, the lowest rates require excellent credit. Unlike many other online lenders, LightStream does not have a prequalification process.

Can I use LightStream loan for anything?

At LightStream, the nation’s premier online consumer lender, we offer good-credit customers fast, easy financing for practically anything and the best loan experience they’ll ever have.

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How long does LightStream take to approve?

Approval and funding: You could get approved and funded the same day you apply, and it typically won’t take more than 2 business days.

How does LightStream give you the money?

LightStream says you may receive the funds the same day if you sign the agreement, provide funding preferences and complete the verification process by 2:30 p.m. Eastern time.

Are LightStream and SunTrust the same?

Welcome to LightStream! We are a national online consumer lending division of SunTrust Bank, the flagship subsidiary of SunTrust Banks Inc., one of the nation’s leading financial services companies.

How many LightStream loans can I have?

The number of loans you can have is really only limited by your income relative to your expenses, including existing debt obligations.

Adam McCann, Financial Writer.

Lender Personal Loan Limit
LendingClub 2
LightStream by SunTrust Bank Up to $100k total
Marcus by Goldman Sachs 2
Prosper 2 (up to $40k total)

Does LightStream use collateral?

LightStream offers a fast, easy online application without requiring any paperwork; you also do not need collateral to borrow funds. Instead, your credit profile and whole financial track record are assessed to decide if you qualify for financing.

Does LightStream hurt credit?

Get personal loan offers from LightStream and other great lenders. It takes just two minutes and will not affect you credit score.

What credit score does SunTrust use?

SunTrust will use TransUnion and/or Equifax for approval. Once you’re approved and begin using your SunTrust credit card, SunTrust will report your payment history to the three major consumer credit bureaus (TransUnion, Experian, and Equifax) on a monthly basis.

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What is excellent credit score?

Generally speaking, a credit score is a three-digit number ranging from 300 to 850. … Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

What is unsecured auto loan?

An unsecured car loan is a personal loan that is used to purchase a new or used car. Since the loan is unsecured, if you stop making payments, the lender cannot repossess your car.

What does an unsecured auto loan mean?

While you’re reviewing your financing options for your new , you may be wondering, “What is an unsecured car loan?” Unsecured auto loans are loans in which the car is not considered collateral. … Don’t let a poor credit history deter you from seeking an auto loan.