Lightstream Unsecured Boat (Auto) loan approval

[FICOdawg]

Got approved from my Lightstream boat loan & posting this for thoese seeking information about personal loans from Lightstream.    The Auto loan process is the same.  The benefit to Lightstream is it's unsecured so the boat, car, or whatever you are buying is you hold the title from day one.    You will pay slightly more interest than other financing.    I'll mention the process first and at the bottom explain why use unsecured debt.

Firstly, Lightstream is part of Truist bank.   They have NO phone number.   Entire process is online only.    They ask for income, house equity, banks and investment savings, retirement accounts, house debt (mortgage/rent).     Be prepared to back up anything you claim as they can and will ask.  They specfically tell you not to include bonuses in your income when filling in the income box.

After submitting I immediately got hard credit pull notice on Credit Wise.   They pulled Trans Union.    About 30 minutes later got email asking for most recent pay statement which I promptly loaded pdf to their website.     This was around 6pm at night.   Next morning I got approval.   Boat rates currently listed as 7.9% for 144 months and I was approved for 8.75%.     With a score of 772 this was expected as the best rates you need a true 800.      However, I am getting such a great deal on boat I am buying it more than made of the the higher interest.

They ask you day of funding and during the process you also set up the auto pay and select the date you want payments to start. 

If you have a lot of debt, a sub 750 score, etc don't be shocked by a denial or you'll get a very high rate that makes it unpalatable.     If you have any other personal loans you can also be potentially denied.

Now, I could have gone conventional finanacing but with boats there are a lot of lenders who won't touch older boats even 15+ years old, want the survey report and get involved in the buy/sell process, and they hold title.    Lightstream doesn't care.     This is highly advantageous as the boat market swings and if you need to sell and it's underwater can still sell the boat and just pay the rest of the loan.    The boat I am buying is now 1/2 the price it was 3 years ago as example.    

While I'm not a fan of carrying negative equity, Lightstream could also be an option in the kind of situation.   Financially may not be good idea but at least an option for you.

Hope this help anyone wanting to know about Lightstream in future.