LightStream a unit of Sun Trust Bank is offering financing for new and used cars at 1.99% and 1.89% for old f**cks like me (via AARP) for auto-pay from checking accounts. I have no interest in Sun Bank or their subsidiaries but wish I did.

 

Really tempting. Any catches?

 

None that I'm aware of. Done online with approval in less than 24 hours. with funds going directly to checking account. I am retired but have a great FICO and I am sure that helps.

 

I was out car shopping with my daughter (recent college grad) and we encountered several dealers offering 1.99% financing. I got her pre approved from BOA at 2.24% if she can't land lower.

 

I used them last year for a car purchase (at 1.99%) - it could not have been easier. It is an unsecured loan, so you don't have to deal with the hassles of having the bank involved with the title.

 

Lightstream is great. I used them to finance a portion of my 7TT as my investments were doing well and I didn't want to pull the money out.

1. Unsecured, no lien on the title
2. quick funding, no BS
3. don't care what car it is, no LTV calculations, nothing.

con:
You need a very good credit score. I'd imagine for most here it would be no problem.

I paid 2% on a used car, which I found to be excellent, even compared to the typical credit unions like Penfed.

 

Thanks, great information. I'll certainly keep them in mind when I finance my next car. When you say "very good" credit score, do you mean 800+?

 

Is this a fixed rate for a certain term or is it a variable rate? Do you know if they have loan limits i.e. $100,000 or less?

 

Rate I received (1.89%) is a fixed rate for 60months. I do not know maximum nor there lending criteria re max $ loan.

 

I'm also curious what credit score was needed for light stream...I may call them tomorrow...

 

USAA is offering 1.5%, but you need to be a member.

 

My score is over 800 but I'd imagine above 750 would get it done no problem

 

I got 1.99% on my used C2S from Park Place Porsche in March 2015.

 

I checked Light Stream website and they limited the maximum loan to $100,000. Nevertheless, it looks like a good company to consider for an auto loan especially an unsecured one.

 

Is there any logic to an equity loan on a house other than the tax deduction?