Interest.com reviews the LightStream car loan process
You’ve test driven several cars and you’re finally sitting in the one you love. When the salesman asks how you’d like to pay for it, he says the dealership can offer you a car loan, right away.
If you haven’t researched your options, it might seem like a good idea to let the dealership handle your financing. But in fact, you may have other options, like dipping into savings or getting a car loan from a financial institution. Deciding whether it makes sense to get a auto financing from a bank or credit union takes research, as interest rates, terms, and speed of the loan process will vary.
Interest.com did some of that homework, and here’s what they had to say:
“Some of the best car loan rates we’ve seen this year are from LightStream, the online consumer lending division of Atlanta-based SunTrust Bank. LightStream is offering customers with excellent credit five-year car loans starting at 1.99% when they choose the automatic repayment option. Compare that to the national average for auto loans, which is 4.14%, according to our national survey of lenders.”