2025 LightStream Auto Loan Review

LightStream auto loans at a glance

The main difference between LightStream and most other auto loans is collateral. LightStream car loans are unsecured, which means they don’t require collateral. Traditional auto loans use the car you’re financing as collateral. Loans with collateral typically come with lower rates, but your lender can repossess your car if you fall too far behind.

Here are some other standout features you can expect from a LightStream car loan.

• Easy online process: It takes just a few minutes to apply for a LightStream car loan. You also won’t need to know what make and model you’re buying before borrowing.
• Fast funding: As long as LightStream approves you by 2:30 p.m. EST on a business day, you can get your money the same day that you apply.
• No vehicle restrictions: You can use a LightStream car loan to buy any year, make or model. This is rare — most auto loan lenders won’t finance a car if it’s over a certain age.
• Can’t prequalify: You can’t see if you’re eligible without taking a ding to your credit. In addition, LightStream doesn’t offer preapproved car loans.
• Can’t have bad credit: LightStream requires at least good credit to qualify, and you’ll typically need a 740-plus credit score for the lowest rates.
• Best for borrowers with excellent credit who are willing to pay higher rates for an easier experience: A LightStream car loan can be a great choice if you value a smooth experience over the absolute lowest rates. Because it doesn’t use your car as collateral, LightStream is usually a bit more expensive than other auto loan lenders. Getting a loan is generally easy, though, assuming you qualify.

LightStream auto loan requirements

You can only get a LightStream car loan if you have good or excellent credit. In addition to a stellar score, you’ll need to have several years of credit experience, assets, a healthy debt-to-income ratio and a good payment history.

But when it comes to vehicle restrictions, LightStream is lenient: There are none. You can buy any new or used vehicle from any dealer and even get a private-party auto loan. There are also no rules about the car’s year, make, model or mileage — and it’s true whether you’re purchasing or refinancing.

LightStream pros and cons

Knowing how to buy a car isn’t just about picking the perfect ride. Unless you’re paying in cash, you’re also picking a new finance company. And while there’s a lot to like about LightStream, it won’t work for everyone.

LightStream doesn’t have vehicle restrictions because it doesn’t use the car as collateral. This is called an unsecured loan. However, unsecured loans are riskier for the lender and can come with higher rates for you. As a result, LightStream car loans can be more expensive than other financing options.

Still, the trade off here is speed and ease. You won’t have to spend hours sitting in a dealership getting approved for a LightStream auto loan. Instead, you’ll apply online and potentially have funds in your bank account by the end of the day.

However, LightStream’s credit requirements are hard to meet. It doesn’t approve scores lower than 670, and most of its borrowers have at least five years of credit history.

You’ll also have to agree to a hard credit pull to see if you qualify for LightStream. To complicate things, LightStream only approves “good credit,” but it doesn’t exactly define what “good” means in its eyes.

Further, LightStream might not work for a cheap used car, since you have to borrow at least $5,000. Otherwise, you can buy any vehicle. LightStream doesn’t even require a down payment.

LightStream company overview

LightStream is owned by Truist Bank, which at the time of this writing is the eighth-largest bank in the United States. This online lender primarily specializes in personal loans, but it offers unsecured auto loans, too.

As a whole, LightStream is known for higher credit requirements, but it offers unique perks for those who qualify. For instance, LightStream guarantees its customer service. If you aren’t happy with your experience, LightStream will give you $100 (as long as you complete a questionnaire within 30 days of getting your loan).

LightStream auto loan types offered

LightStream offers several vehicle financing options, including those shown below. Note, in particular, that it doesn’t matter whether you’re buying from an individual or a dealer — LightStream is fine with either.

• New auto loans
• Used auto loans
• Lease buyout loans
• Auto refinance loans
• Motorcycle loans and refinance
• Boat loans and refinance
• RV loans and refinance

How to get an auto loan with LightStream

LightStream makes the auto loan application process fairly quick and painless, requiring just three simple steps. Here’s what you’ll need to get your application started:

1. Loan information: LightStream will ask you what kind of loan you need, including how much you want to borrow and whether you have a cosigner. Consider checking the autopay box so you can qualify for the 0.50% rate discount. Just make sure the funds are in your account when LightStream is due to deduct them.
2. Personal information: Give LightStream your address, phone number, date of birth, Social Security number, citizenship status, financial information, employment information and the last four digits of your driver’s license number.
3. Security information: To access your offer, you’ll need to create an account with a username and password. LightStream will also ask you to choose a security question.

Once you complete these steps, your application will be immediately submitted for review.

If LightStream approves you, you’ll sign your loan agreement online. As part of the verification process, LightStream requires a valid Visa or Mastercard credit card number before it will send you your money, but it won’t apply any charges.

Is a LightStream auto loan right for you?

No one lender is the absolute right choice for every single borrower. Even if you’ve used LightStream in the past, it’s important to always shop around to get the best loan rates and terms you can.

That said, LightStream might be your lender if you have top-tier credit, want your loan quickly and are at peace with a slightly higher rate. Since it doesn’t have vehicle restrictions, you may also want to check out LightStream if you’re buying something out of the norm, like a classic car.

How LightStream auto loans compare

LightStream has its strengths, but shopping around is always the best option. No matter the lender, the rates you see advertised won’t necessarily apply to you. Car loan rates depend on factors like your credit score and how much debt you already have.

Still, the table below (which reflects rates for new cars only) can help you get started.

Like LightStream, Capital One primarily works online. However, it offers traditional auto loans that use your car as collateral. In turn, it has lower rates. Unlike LightStream, Capital One is willing to offer bad credit car loans.

You’ll have to become a credit union member to get an auto loan from PenFed. Luckily, membership is open to everyone. As not-for-profit institutions, credit union loans are generally cheaper than online lenders. Like the others, PenFed doesn’t specify its credit score requirements, but you can check rates before becoming a member.