Auto Loans
Top Companies in 2024
LightStream vs OneMain Financial
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- Loan Experience Guarantee
- A wide range of loans offered
- No extra fees
- Nationwide services
- Fixed rates
- Offers secured and unsecured loans
- Accessible application process
- Strong customer support
- Mobile app
- Lack of transparency
- No Guaranteed Auto Protection (GAP
- Charges origination fee
- Higher interest rates compared to competitors
- Large loan amounts require a lien on an automobile
- Lower maximum loan amount
LightStream, a division of SunTrust Bank, was founded in 2014 and is headquartered in Atlanta, Georgia. It provides unsecured auto loans, allowing borrowers to finance new and used vehicles, refinance existing loans, or purchase motorcycles and boats, with loan amounts ranging from $5,000 to $100,000. The company is noted for their competitive interest rates, starting at 7.24% with autopay, and offers flexible loan terms from 24 to 84 months. Unique features include a rapid funding process that can deliver funds on the same day as application approval and a "Loan Experience Guarantee," which promises $100 to dissatisfied customers. Customer feedback highlights an easy online application process and the advantage of negotiating as a cash buyer, although borrowers with average or lower credit may face higher rates. LightStream has received a solid 4.3 out of 5 stars in reviews, reflecting a mix of strong rates and some customer service concerns. The company is also committed to environmental sustainability, planting a tree for every loan funded, which adds an appealing ethical dimension to their services. With an A+ rating from the Better Business Bureau, LightStream is a reputable choice in the auto loan market, particularly for those with good credit.
OneMain Financial, established in 1912 and headquartered in Evansville, Indiana, is a trusted provider of personal and auto loans for individuals with less-than-perfect credit. Specializing in unsecured and secured loans, they offer loan amounts ranging from $1,500 to $20,000, helping borrowers cover various financial needs, from debt consolidation to major purchases. Known for their customer-focused approach, they strive to make the lending process straightforward and transparent, offering both online and in-person services through their nationwide network of over 1,300 branches. Unique features include flexible repayment terms and the option for same-day funding. Customers frequently praised their personalized service and attentive loan specialists, though it's important to note that interest rates can be higher than industry averages, reflecting the company's target audience of higher-risk borrowers. They maintain an A+ rating with the Better Business Bureau (BBB) and have earned positive feedback for their responsive customer service, making them a reputable option for those looking for a reliable loan provider despite credit challenges. Read our review to learn all you need about OneMain Financial before making your call.
- Loan Terms : Up to 84 months
- Minimum Accepted Credit Score : 660 minimum credit score
- APR : 3.49%
- BBB Rating : A
- Loan Terms : Between 24 and 60 months
- Minimum Accepted Credit Score : Undisclosed
- APR : Between 18% and 35.99%
- BBB Rating : A+
- No restrictions on mileage, car model or make
- Cash deposit as soon as the same day
- Online auto loan application process
- Flexible credit requirements
- Low to no credit score requirements
- No prepayment penalties
- Lease Buyout—Undisclosed
- Loan Refinancing
- New Vehicle
- Private Party—Undisclosed
- Used Vehicle
- Lease Buyout—Undisclosed
- Loan Refinancing
- New Vehicle
- Private Party—Undisclosed
- Used Vehicle
- Extended Warranty
- GAP Insurance
- Limited Warranty—Undisclosed
- Mobile Application—Undisclosed
- Online Account Management—Undisclosed
- Return Policy—Undisclosed
- Extended Warranty—Undisclosed
- GAP Insurance—Undisclosed
- Limited Warranty
- Mobile Application
- Online Account Management
- Return Policy—Undisclosed
- Hard Credit Check—Undisclosed
- Income—Undisclosed
- Minimum Credit Score
- Pre-qualification With Soft Check
- Hard Credit Check
- Income
- Minimum Credit Score
- Pre-qualification With Soft Check
- Documentation/Processing Fee—Undisclosed
- Late Payment Fees—Undisclosed
- Origination Fee—Undisclosed
- Prepayment Penalties—Undisclosed
- Title Transfer Fee—Undisclosed
- Upfront or Application Fees
- Documentation/Processing Fee—Undisclosed
- Late Payment Fees
- Origination Fee
- Prepayment Penalties
- Title Transfer Fee—Undisclosed
- Upfront or Application Fees
- Automatic Payments
- Cash—Undisclosed
- Check—Undisclosed
- Debit or Credit Cards—Undisclosed
- In-Person Payments—Undisclosed
- Mail-In Payments
- Online Payments
- Phone Payments—Undisclosed
- Automatic Payments
- Cash—Undisclosed
- Check
- Debit or Credit Cards
- In-Person Payments
- Mail-In Payments
- Online Payments
- Phone Payments
- Articles and Videos
- FAQs
- Help Guides
- Live Chat
- Phone
- Articles and Videos—Undisclosed
- FAQs
- Help Guides
- Live Chat
- Phone
LightStream Auto Loan vs. OneMain Financial
LightStream and OneMain Financial offer distinct approaches tailored to different customer needs when comparing auto financing solutions. LightStream, a division of Trust Bank, focuses on providing unsecured, low-interest auto loans to borrowers with good credit. At the same time, OneMain Financial caters primarily to individuals with less-than-perfect credit, offering secured and unsecured loans. Here’s a detailed comparison between the two.
Service range and offerings
LightStream offers a range of auto financing options, including loans for new and used car purchases, refinancing, and private-party purchases. The company prides itself on providing a paperless, streamlined process where borrowers can complete everything online. The emphasis on no fees and same-day funding makes LightStream an attractive option for borrowers with solid credit histories. LightStream’s loan amounts can go as high as $100,000, with flexible terms of up to 84 months. LightStream’s unique Rate Beat Program also helps borrowers secure the lowest rates, assuming they meet specific conditions.
In contrast, OneMain Financial’s services cater to borrowers with low credit scores. They offer secured loan options, where borrowers can use their vehicle as collateral, making it possible for individuals with poor credit to qualify. Loan amounts from OneMain typically range from $1,500 to $20,000, with repayment terms of 24 to 60 months. OneMain’s branch network allows for online and in-person applications, offering more personalized support through loan specialists.
Pricing and costs
LightStream offers competitive rates for borrowers with good to excellent credit. The company has no origination fees, late fees, or prepayment penalties, keeping borrowing costs low. Based on credit and loan terms, interest rates range from 7% to 25% APR. However, LightStream does not offer prequalification, so applicants must undergo a hard credit check to get personalized rates.
OneMain Financial’s interest rates start at 18% and go up to 36%, reflecting the higher risk associated with subprime borrowers. They also charge origination fees, which vary by state, and may impose late payment and NSF fees. While these higher costs make OneMain less appealing to those with good credit, it remains a viable option for those with limited borrowing choices.
Security and compliance
Both lenders prioritize security and regulatory compliance. LightStream, part of Truist Bank, ensures compliance with federal regulations and employs encryption to protect customer data. It holds an A+ BBB rating and is known for its customer service.
OneMain Financial also ensures data security with 256-bit SSL encryption and adheres to state lending laws. With a similar A+ BBB rating, OneMain is well-regarded for its transparent business practices and customer service, particularly for non-prime borrowers.
Conclusion
In summary, LightStream is an excellent choice for borrowers with good credit who are looking for low-cost, no-fee auto loans. It offers flexibility and competitive rates but lacks prequalification options. OneMain Financial, on the other hand, is better suited for individuals with lower credit scores, offering accessible loan options despite higher interest rates and fees. The right choice depends on your credit profile and financial needs.