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Lightstream Approval/purchase Question

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New Member

Lightstream Approval/purchase Question

Hi all,

So I was approved for a secured loan from lightstream and its pending my acceptance. They called me before approval to ask a couple questions, one of which was what cars I was shopping. I told them the car I planned to purchase and they were like ok.

Well fast forward a couple weeks to now and after more research I think I've decided on a different car(same ballpark pricing). I am even considering a lightly used one. Will this be ok or is the loan tied to the exact car??

I have reviewed the terms and there is no mention of the car model, Vin etc. It just says "click here" to accept and get the funds. I just want to make sure that I don't have any hiccups one way or the other.

Thanks
3 REPLIES 3
Established Contributor

Re: Lightstream Approval/purchase Question


@TwoStep wrote:
Hi all,

So I was approved for a secured loan from lightstream and its pending my acceptance. They called me before approval to ask a couple questions, one of which was what cars I was shopping. I told them the car I planned to purchase and they were like ok.

Well fast forward a couple weeks to now and after more research I think I've decided on a different car(same ballpark pricing). I am even considering a lightly used one. Will this be ok or is the loan tied to the exact car??

I have reviewed the terms and there is no mention of the car model, Vin etc. It just says "click here" to accept and get the funds. I just want to make sure that I don't have any hiccups one way or the other.

Thanks

From what i read about LightStream the loan is unsecured they don't hold the title they give you the funds and you do as u please they are going to deposit funds in your bank account and you can buy car of choice u are basically a cash buyer. 

Message 2 of 4
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Regular Contributor

Re: Lightstream Approval/purchase Question


@bigpoppa09 wrote:

@TwoStep wrote:
Hi all,

So I was approved for a secured loan from lightstream and its pending my acceptance. They called me before approval to ask a couple questions, one of which was what cars I was shopping. I told them the car I planned to purchase and they were like ok.


From what i read about LightStream the loan is unsecured they don't hold the title they give you the funds and you do as u please they are going to deposit funds in your bank account and you can buy car of choice u are basically a cash buyer. 


Lightstream do both unsecured and secured auto loans.  Best rates are on unsecured loans, secured rates are higher. 
OP needs to talk to lightstream.  I doubt they care which new car you buy, but new vs used are different risk equations, and have different rate structures. 

Message 3 of 4
New Member

Re: Lightstream Approval/purchase Question

Thanks guys! I ended up getting 1.9% through American Honda Finance so never needed to use Lightstream.
Message 4 of 4
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