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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.
So we were in the market for a 25k used car loan. Ideally we wanted 60 months at the lowest interest rate we could get. When we bought my husbands car, we went through the dealership because he had just immigrated here from England so he had zero credit. We got a shocking 17% apr, made one payment, and refinanced through a credit union at 0.99%. Lucky, I know.
Fast forward to now, we decided this time since our credit is infinately better (I've been repairing for a few years, he's been building. Scores are in the high 700s, quickly closing in on 800) we'd shop for loans. We applied with two credit unions - the one that his nearly finished car loan is with, and the one we bank with. We also applied at a big name bank that we'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 the best. They were the most communicative by far - we got emails from them every step of the way, whereas the two CUs didn't even let us know we were approved, we had to call a few days later to ask what the status was.
Big name bank: 2.99% (Process: bring us the purchase order)
CU with our current loan: 2.89% (Process: here's a blank check up to 25k)
CU we bank with: 2.49% (Process: use our preferred dealer network)
Then Lightstream came back with their approval (12 hours after we applied) at 1.99% - and upon acceptance of their terms by us, they deposited 25k into our checking account the very next day. We get to go car shopping this weekend as "cash buyers" with just our checkbook in hand, and best part is the loan is unsecured, so we will hold the title to the car and not have to have incredulous amounts insurance coverage *if* we choose not to. Would highly recommend Lightstream to anyone with good to excellent credit.
Does Lightstream not make you list them as the lienholder on the title?
WOW. That's amazing! I will definitely check out this option when it's time to replace mine. That's incredible.
@MakeItAMudLight wrote:Does Lightstream not make you list them as the lienholder on the title?
Nope! This is actually the footer of several of the emails I received during the loan process.
Important Reminder:
Please do NOT list LightStream as a lienholder on your vehicle or loss payee on your insurance policy. If the vehicle seller or insurance company inquires, just tell them that you did NOT use secured financing. This will save each of us paperwork hassles in the future. Thanks!
@Hevj1119 wrote:
@MakeItAMudLight wrote:Does Lightstream not make you list them as the lienholder on the title?
Nope! This is actually the footer of several of the emails I received during the loan process.
Important Reminder:
Please do NOT list LightStream as a lienholder on your vehicle or loss payee on your insurance policy. If the vehicle seller or insurance company inquires, just tell them that you did NOT use secured financing. This will save each of us paperwork hassles in the future. Thanks!
I've never heard of a lender doing that. Congratulations!
@MakeItAMudLight wrote:
@Hevj1119 wrote:
@MakeItAMudLight wrote:Does Lightstream not make you list them as the lienholder on the title?
Nope! This is actually the footer of several of the emails I received during the loan process.
Important Reminder:
Please do NOT list LightStream as a lienholder on your vehicle or loss payee on your insurance policy. If the vehicle seller or insurance company inquires, just tell them that you did NOT use secured financing. This will save each of us paperwork hassles in the future. Thanks!
I've never heard of a lender doing that. Congratulations!
Me neither, and if the money wasn't in my checking account with no specifics whatsoever in the loan terms to the type of vehicle that I purchase, I'm not sure I'd believe it myself. LOL. Thank you!
@Anonymous wrote:
That's excellent. Which bureau did Lightstream pull?
Equifax.
Since they deposit the loan amount to your checking, how would they know whether you're buying from a dealer or a private owner? I ask this since buying from a dealer has a lower APR.
You posted in an almost 2 year old thread. If you have a question it would be far better to start your own thread. This one is now locked.