I searched the boards for Lightstream and didn't find too many posts so I just wanted to share my experience for others who are also shopping for a car loan. I copied a some of this information from another lightstream post, because a) much of the info is the same and b) I'm lazy
I was in the market for a 40k used car loan. I wanted 60 months at the lowest interest rate we could get. I checked out DCU but they wanted a social security card (who still has this), no other document works. Not my military discharge paperwork, birth certificate, mortgage documents, passport, nothing. Also, they wanted me to open an account there and do auto pay. I love my current bank so this was a no go. Lastly, I secured a great price on a BMW X4 35i but I needed the money by last weekend. It would take at least two weeks to get my social security card.
I have pretty decent credit and my scores are in the 800 range. I applied with two credit unions and a big name bank that I've had a relationship with for awhile. On a whim, I tossed an application at Lightstream as well - wasn't expecting much but I figured, take the inquiry while it didn't count, right? The application process with Lightstream was great. I got emails from them every step of the way, whereas one of the CUs didn't even seem to want my business and made the application as hard as possible (DCU).
USAA: 2.449% (Process: bring us the purchase order)
NFCU: 2.49% (Process: here's a check up to 40k)
DCU: 2.49% (Process: bring us the purchase order, did not get approved for membership because no social security)
Then Lightstream came back with their approval (7 hours after I applied) at 1.99% - and upon acceptance of their terms, they deposited 40k into my checking account the very next day. I went car shopping as a "cash buyer." The best part is the loan is unsecured, so I will hold the title to the car. Would highly recommend Lightstream to anyone with excellent credit.
It is pretty much a known thing that lightstream will only loan people with excellent score. So someone with 750 may not even get it but yours are in 800 so that seals the deal for them. Congrats
Thanks, I had never heard of lightstream before and I didn't see many posts on here , that's why I decided to write this post.
Also, according to their score I'm only 788, but on citibank it says 801. I'm not sure if they use a different fico or if the credit was pulled at a different time, but 788 was good enough for their lowest interest rate.
Citi uses Bankcard FICO which can be significantly higher than FICO itself (350-900 range). But that is good to know that lightstream does consider 780 as an excellent score.
