Unlike most auto loan providers, LightStream has no restrictions on vehicle requirements as the vehicle is not used as collateral for the loan. Therefore, you could use your auto loan for a broader range of vehicles than standard auto loans, from trucks to RVs and everything in between.
LightStream states that a personal auto loan can be used for the following purposes:
- New auto purchase
- Used auto purchase from the dealer
- Used auto purchase from individual
- Auto lease buyout
- Auto loan refinance
- Motorcycle purchase or refinance
Loans can be taken out between 24-84 months, but the loan term cannot be changed after it has been entered into. LightStream has a higher minimum loan amount compared to most auto loan providers of $5,000, with a maximum amount that you can borrow of $100,000.
A minimum credit score of 660 is required, meaning your credit score will need to be good or excellent to be eligible. This figure is higher than most auto loan providers. APRs vary from 5.99 to 11.49%, which is very competitive.
Overall, the loan terms are pretty good and worth pursuing if you meet the credit score requirements. While the APR is competitive in the marketplace, make sure you are happy with your repayment term, as you will not be able to change this later.