LightStream auto refinance loans are inexpensive, and they offer the potential for a lot of funding very quickly. In fact, auto refinance loans are some of the cheapest loans that LightStream offers, with APRs as low as 3.99%. Borrowers take out the loan from LightStream and then use it to pay off their existing car loan. This effectively “refinances” the car loan and can allow the borrower to pay off the balance at a lower interest rate.
LightStream’s auto refinance loans reportedly require a credit score of at least 660 to qualify. For context, the credit bureau Experian states that the average auto loan APR for a new vehicle ranges between 7.52% and 14.41% for people with a credit score of 660. So LightStream’s refinancing option is extremely cheap, even if you only qualify for the highest rate of 8.84%. There are several other important details to know about LightStream auto refinance loans, too.
LightStream auto refinance loan details:
APRs: 3.99% - 8.84%
Loan amounts: $5,000 - $100,000
Loan lengths: 24 - 84 months
Approval/funding timeline: As soon as the day you apply; usually within 2 business days.
LightStream also has a few other great perks. The first is their “Rate Beat Program.” LightStream says they’ll beat a rate a competitor offers you by 0.1 percentage points. But you’ll need to prove you were approved for a loan with said competitor by 2 p.m. EST the business day before your LightStream loan gets funded. And if you’re not completely satisfied with your loan, you can fill out a questionnaire and receive $100 back from LightStream.
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