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Lightstream? Any opinions?

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Was looking at new toys the other day and Lightstream was suggested since they will underwrite loans for the first $100K of a purchase.  Vehicle in question actually isn't much north of that by the time all is said and done...with TTL, it would be somewhere in the $115K range.  The vehicle in question does not appear in some of the drop-down lists with more conventional sources like Chase. 

 

Curious whether anyone here has experience with them on a new vehicle loan.

 

Qualifying should be no issue in terms of score or income...BUT with some of the shakeups in the recent financial markets, I also was unsure about whether they have tightened up on the upper-end of the borrowing range. 

 

Thnx...

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Lightstream I'm sure you know is part of SunTrust.  I've had my personal checking account with SunTrust for years.  I've been happy.  However my experience deal with them from a dealers finance department leaves much to be desired.  I always found them to be conservative and slower than molasses on a frigid February morning.  I wish I could help more but that's pretty much all I know bout them.

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16 hours ago, MarvBear said:

Lightstream I'm sure you know is part of SunTrust.  I've had my personal checking account with SunTrust for years.  I've been happy.  However my experience deal with them from a dealers finance department leaves much to be desired.  I always found them to be conservative and slower than molasses on a frigid February morning.  I wish I could help more but that's pretty much all I know bout them.

I was hoping you would reply for precisely the reason you give...you were on the other side of the deals.  I knew they were part of what is now the Suntrust/BBT amalgamation, and do have a BBT card.  I just didn't know much about their auto lending operations or experiences people may have had with them.  Nothing was in CP that I could find and a search did not turn much up here...

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Most of the credit analysts have a cap of $50,000. Any higher and it goes to a high muckety muck for a decision. I remember one time I did a loan on a heart surgeon who wanted to buy a Dodge Viper north of $100k. He had excellent credit and astounding income. Suntrust wanted to argue with me and kept referring it up the ladder. He didn't want to put money down. BOA didn't give me no flack just asked a couple questions and transmitted an approval. So I've been wary of Suntrust for automotive product since then. Hope that helps a bit more.

Sent from my SM-N950U using Tapatalk
 

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Can't speak to Lightstream with any experience where it come to high dollar amount loans (which is what I know you're principally looking for @centex ).  Marv has fortunately come forward with substance on that count.

 

I just wanted to remark that I've had a couple of signature loans (approx $20k ea) with Lightstream and have been thoroughly impressed with the entire experience.  It's been entirely straightforward, above board, no surprises, and reasonably speedy.  Rates, for a signature loan, have been the best that can be found.  I wouldn't hesitate to consult them for any borrowing need.

 

Again, this isn't in the lending arena at subject here.  This is merely a "character reference" ;)

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I have a loan with Lightstream. They were awesome.  I've been searching for a rare car and finally found one and needed to jump quick.  I applied online on a Monday. Monday afternoon they emailed me with a couple of questions and told me I would know within 24 hours.  One minute later they emailed me the approval. Logged in and signed docs and money was in my account the next morning and wired the next afternoon. I was BLOWN away with how quick they were.  

Another thing worth noting - I applied for an auto loan. They never once asked for information about the car.  I was surprised they sent the money directly to my personal checking (Suntrust) but they did.  

The interest rate was a bit high but making double payments to offset that - and every time I make an extra payment they show what my new payment could be if I wanted to change it.  After reading the mortgage hack post thread I am thinking about doing something similar here. But in any event quite happy with Lightstream.

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I know this is kind of old but for anyone wondering about Light Stream it is geared towards a higher income and better credit score. Its not an auto loan as much as a personal loan. Thats why the gentlemen above didn't have to provide any vehicle info.

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On 7/27/2020 at 10:13 AM, bingly said:

I know this is kind of old but for anyone wondering about Light Stream it is geared towards a higher income and better credit score. Its not an auto loan as much as a personal loan. Thats why the gentlemen above didn't have to provide any vehicle info.

 

Well, you can take a signature loan (i.e. "personal" loan) from LightStream for any purpose.  However, LightStream does issue auto loans (where the auto is security for the loan).  Generally speaking, the auto loan rate will be lower than that of a signature loan.

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On 6/2/2020 at 5:28 PM, centex said:

Was looking at new toys the other day and Lightstream was suggested since they will underwrite loans for the first $100K of a purchase.  Vehicle in question actually isn't much north of that by the time all is said and done...with TTL, it would be somewhere in the $115K range.  The vehicle in question does not appear in some of the drop-down lists with more conventional sources like Chase. 

 

Curious whether anyone here has experience with them on a new vehicle loan.

 

Qualifying should be no issue in terms of score or income...BUT with some of the shakeups in the recent financial markets, I also was unsure about whether they have tightened up on the upper-end of the borrowing range. 

 

Thnx...

 

Mercedes-Benz?

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