I bought a used car in February 2017 for $17,000. My income is $50,000 and my credit score is 785. I applied for a used car loan through local banks and my best offer was 4.99%. I knew I could do better than that. That's where Lightstream came into play. After researching, I didn't think I would get approved since I read that they require substantial income (which I would say mine is not). They also require excellent credit, which I knew wouldn't be an issue for me. I had also read that they may require collateral for the loan. I was unsure whether or not to apply, but they advertised rates as low as 2.49% for a 5 year used car loan.
With the possibility of cutting my APR in half, I took the extra hit on my credit report and applied. An hour later I received an email stating that I was approved for the $17,000 at 2.49%! All I had to do was log onto their website and complete and sign the loan agreement and sign up for automatic payments from my bank account. So I logged in and signed the loan agreement (their language is very fair FYI). After that, I was allowed to pick the date when the funds would be deposited into my account (as soon as 2 business days after your application) and that was it. No salary or asset verifications, no collateral, no nothing. It was so easy I was honestly worried it could be a scam. So I was holding my breath until the day when the funds were to be deposited into my account. 8 AM that morning, I logged into my bank account and the $17,000 was already there! Now I can go to the car dealership and be a cash buyer. There was no origination fee and no down payment required. Even with my 4.99% offer from the bank I had to make a $1,500 downpayment. Now I get to keep that down payment and my APR is 50% lower.
The entire process was so easy and so amazing! I would highly recommend Lightsteam to anyone who has excellent credit.
FYI - I did not deal with their customer service, so I cannot comment on that