Yes, LightStream offers boat loans. LightStream boat loans offer a combination of speedy approval times, low APRs and no major fees. The lowest LightStream boat loan APR is 4.29%, and the highest is 11.34%. Those APRs are the only costs associated with the loan, too. LightStream charges $0 in origination fees and late fees. LightStream also offers loans for people looking to buy all types of boats from small to large, as their loans range from $5,000 to $100,000. Of course, getting approved for the maximum loan amount is only for people with great credit history and a lot of income.
A LightStream boat loan works like any other personal loan. First, you submit an application and wait to hear back. LightStream unfortunately doesn’t offer pre-qualification, but you will reportedly need a 660+ credit score to get a loan (more than that if you want a big loan). In many cases, people get approved for a LightStream boat loan the same day they apply. If that doesn’t happen for you, you can usually expect to hear back within 2 business days.
If you get approved for a LightStream boat loan, you will receive a lump sum at the beginning, use it to pay for your boat purchase, and then repay the balance in monthly installments. The repayment period can last from 24 to 84 months with LightStream. If you’re not satisfied with your loan, LightStream will give you $100 for filling out a survey on how they can do better.
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