The minimum amount you can take is $5,000, which is slightly lower than the industry average, while the maximum is capped at $100,000. Of course, the terms and conditions forbid you from refinancing a different LightStream loan. This is relatively standard practice, but it doesn’t hurt to mention it.
The value of this lender lies in the fact that, unlike most of the competition, LightStream financing doesn’t have special requirements for the vehicle. There are no mileage or model restrictions, which is why it stands out as a unique option for classic car collectors.
LightStream’s biggest selling point is the online application process. You can get everything done online. All you need to do is fill out a couple of forms, send the necessary documents, and you can be eligible to get a car loan online. In theory, it’s possible to fund your loan on the same day you submit your application. However, in practice, you’ll most likely have to wait a couple of days.
The website works on any device, so you can easily apply from your computer, tablet, or phone, but keep in mind that LightStream doesn’t publish its exact credit requirements online.
LightStream customer service agents are available during weekdays from 10 a.m. to 8 p.m. & on Saturdays from noon to 4 p.m. There is no phone support, but you can fill payday loans Wisconsin out a contact form if you encounter problems or want to learn more about the company’s auto loan interest rates.
Note that the agents will only respond during working hours and won’t be able to reply to your Sunday inquiries on the same day. In those instances, you can turn to the site’s fairly detailed FAQ section.
At a Glance
- User-friendly platform
- AutoPay discount option
- Low minimum APR
First of all, you get more loan options to choose from or, in the case of myAutoloan, up to four different loan offers. Secondly, the competition between these lenders is likely to produce better offers. Thirdly, you have a much better chance of finding auto loans because the results are based on your own score.
Because of the way the marketplace functions, you’ll come across different rates every day. The myAutoloan website gives you an overview of the auto loan rates to keep you in the loop. The APR for new car loans hovers between 2.09% and 2.50%, while you can expect anywhere from 2.34% to 2.75% for used cars. The auto refinance rates are the lowest, often dropping below 2%, while private party and lease buyouts can get as high as 3.44%.
While the rates depend on the term length (go for a repayment period of 36 months or shorter for the best prices), you’re unlikely to come across a quote for anything above 5%.
Tools and Resources
After you’ve seen the auto loans that the site has to offer, you should try out two other tools available on myAutoloan. The estimator tells you what rates you can expect in your area, based on the amount you want to borrow and a comprehensive self-assessment of your credit score.
In addition, you have a basic calculator at your disposal that lets you know what your monthly payments might be based on the total amount you want to borrow and the APR. myAutoloan also offers a handful of useful resources that can help you check your credit history, find a vehicle, or buy insurance.
When it comes to low interest car loans, it’s hard to beat the speed of the application process here. All you need to do is fill out a form and wait for the reply. In most cases, your offers will arrive within minutes. Of course, the lenders themselves might take longer to approve your request.