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lighstream a division of suntrust...auto loan 1.99%

aaba78 5,121 1,364 May 13, 2016 at 06:30 AM
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Looking to buy a car soon. has anyone used them before...they seem to offer good rates but im not sure about them..looking for feedback


ill probably borrow 15k but what happens if i find a car less than that...do i just pay it back using the funding they gave me will my monthly payment go down .or will there be a windown for me to adjust the loan amount once i know purchase price....1st time doing this


Should i ask for more than i need just in case?

any better options out there...what happens if i dont find a car in 30 days? wasted a credit pull?

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#2
Quote from aaba78 View Post :
Looking to buy a car soon. has anyone used them before...they seem to offer good rates but im not sure about them..looking for feedback


ill probably borrow 15k but what happens if i find a car less than that...do i just pay it back using the funding they gave me will my monthly payment go down .or will there be a windown for me to adjust the loan amount once i know purchase price....1st time doing this


Should i ask for more than i need just in case?

any better options out there...what happens if i dont find a car in 30 days? wasted a credit pull?
I really cannot tell if you are trolling. Your last thread was horrendous. You clearly don't understand how a secured loan works and that is either ignorance or trolling but it's so blurred as to which.

When you get an auto loan, you secure it against the vehicle. They are not just going to give you cash or your pre-approved amount. You will be pre-approved for a certain amount, that is your max spending limit, anything under that is acceptable as long as they approve of the vehicle for the loan. IE: certain rates apply to how new the car is. You aren't going to get a 1.99% auto rate for a 2004 vehicle under normal circumstances as an example.

A credit pull isn't that big of a deal, some people go ape-shit trying to avoid them like the plague. A couple pulls is no big deal -- if your list is 30 inquiries long, then something is probably up.

Pre-approval will show you how much you can afford. A good suggestion is to NEVER spend that much.

Start Googling a bit more. You are using these forums in a bit of a troll manner. Do a little work on your own if you are asking people to do the work for you.
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#3
Quote from eekthecat View Post :
I really cannot tell if you are trolling. Your last thread was horrendous. You clearly don't understand how a secured loan works and that is either ignorance or trolling but it's so blurred as to which.

When you get an auto loan, you secure it against the vehicle. They are not just going to give you cash or your pre-approved amount. You will be pre-approved for a certain amount, that is your max spending limit, anything under that is acceptable as long as they approve of the vehicle for the loan. IE: certain rates apply to how new the car is. You aren't going to get a 1.99% auto rate for a 2004 vehicle under normal circumstances as an example.

A credit pull isn't that big of a deal, some people go ape-shit trying to avoid them like the plague. A couple pulls is no big deal -- if your list is 30 inquiries long, then something is probably up.

Pre-approval will show you how much you can afford. A good suggestion is to NEVER spend that much.

Start Googling a bit more. You are using these forums in a bit of a troll manner. Do a little work on your own if you are asking people to do the work for you.
definately not trolling..i have excellent credit im just trying to better understand...i have 5k down looking to finance the rest 12k so just wondering how much i ask for...
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#4
Quote from aaba78 View Post :
definately not trolling..i have excellent credit im just trying to better understand...i have 5k down looking to finance the rest 12k so just wondering how much i ask for...
They will talk with you about what kind of car you want or you can just get a max approval amount and get anything under it. You will not receive the cash difference as this is a secured loan and not unsecured.
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#5
I haven't personally used Lightstream, but I did research them heavily as I was considering using them for an RV loan. The complaint that reviewers kept repeating over and over again was that Lightstream changed the terms of loan after the application. This is the kind of thing you expect from the shady little lenders that car dealerships pimp out to customers with poor credit, but it's not the norm for reputable lenders. I would recommend going with another lender if your credit is indeed good.
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As the username says ...
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#6
Quote from ManUpOrShutUp View Post :
I haven't personally used Lightstream, but I did research them heavily as I was considering using them for an RV loan. The complaint that reviewers kept repeating over and over again was that Lightstream changed the terms of loan after the application. This is the kind of thing you expect from the shady little lenders that car dealerships pimp out to customers with poor credit, but it's not the norm for reputable lenders. I would recommend going with another lender if your credit is indeed good.
who would you reccomend? any place online thats easy and seamless
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#7
Quote from aaba78 View Post :
who would you reccomend? any place online thats easy and seamless
Local credit union.
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#8
Quote from aaba78 View Post :
who would you reccomend? any place online thats easy and seamless
Quote from eekthecat View Post :
Local credit union.
+1. I have my truck loan with PenFed. Their rates [penfed.org] for new/used car loans are very competitive. I believe you can apply online once you are a member. You can become a PenFed member by first joining the National Military Family Association [militaryfamily.org] and then applying to PenFed.
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#9
I just got approved for an unsecured used auto loan on Lightstream. 60 months at 1.99%. The unsecured rate seems too good to be true. Any ideas on what the catch is, other than them getting 1.99% interest from me. Oh and they require autopay.

Also got approved for 4 yr 2.49% from PenFed normal secured used auto loan.
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Last edited by DavidD8032 May 21, 2016 at 11:10 PM
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#10
Quote from DavidD8032 View Post :
I just got approved for an unsecured used auto loan on Lightstream. 60 months at 1.99%. The unsecured rate seems too good to be true. Any ideas on what the catch is, other than them getting 1.99% interest from me. Oh and they require autopay.

Also got approved for 4 yr 2.49% from PenFed normal secured used auto loan.
you applied for both at same time?
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#11
Quote from aaba78 View Post :
you applied for both at same time?
Applied for Penfed first got approved. Then read up on Lightstream and applied after. Both are waiting for me to click accept.
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#12
Quote from DavidD8032 View Post :
Applied for Penfed first got approved. Then read up on Lightstream and applied after. Both are waiting for me to click accept.
if you dont mind me asking what was your credit score? and amount of loan?
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#13
Quote from aaba78 View Post :
if you dont mind me asking what was your credit score? and amount of loan?
Applied for both for 40k. FICO per credit card fake FICO service shows 830. So I'm guessing my real FICO is 790-810.
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#14
Quote from avidD8032 View Post :
Applied for both for 40k. FICO per credit card fake FICO service shows 830. So I'm guessing my real FICO is 790-810.
FICO per credit cards are fake now? I thought fake ones were from those free creditscore sites.
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#15
Quote from pr1nyc1 View Post :
FICO per credit cards are fake now? I thought fake ones were from those free creditscore sites.
Maybe not fake per se but variation based on which credit agency.
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