Classic Car financing w Lightstream. Better deal than Woodside or JJ Best

Billy,

Congrats on the car... Photos, please!



Oh, and I enjoyed our 'conversation' by PM... You should check out some of the Guitar threads in Silver.

Mike

 

Great tip ! Checked them out, nice rates. Even the 84 month is decent at 3.69%.
Along with Pen Fed, great rates for those of us with stellar credit.

Thanks !

 

Lightstream may be convenient, but it is a UNSECURED line of credit. It will drop your credit score dramatically and show up as a credit card revolving account. Prepare to have your credit score drop up to 100 points, depending on your credit card availability. Secured loans through other companies will only improve your credit scenario. Did you score drop the following month after receiving Lighstream funds?

 

Is this true? If so, saving $1700 seems like false economy...

 

I used a Lightstream account to pay for $100k of my f430 via a loan and I DIDN'T have any credit score issues... My score at this time is in the 700s...

I would HIGHLY recommend Lightstream. Now maybe the score will be affected if you miss a payment, but that is just like any other credit card or loan..

I had the $$$ to pay cash for the F430, but I decided to do the loan and continue to get 15-20% return on my money by keeping it in my fidelity account... great way to do it and then pay 2.19% on the loan...

UPDATE: I'm 2 years into a 3 year loan..... just an fyi - no issues at all so far

 

daviddallas,

Does the light stream loan even show up on your credit report? I was told they may not even report it.

 

If you take out the loan to buy a car, and state so, it will show up as
a auto loan.....it is unsecured, so if you are buying to flip a car....

It can save you a lot of coin in registration / title fees......

Does show up on your credit report. Best thing going.
You apply and 2 days later they have wired the funds into your account.

You can finance part or all of a 40, 50 , 100 year old car purchase.

 

I am with you on all this , including Fidelity.
Specifically the Contra fund. Not doing 20% lately .....
I am looking at a exit in about a year or so-

What do you think ?

 

That is what I'm doing and I would recommend.. FYI - My 20% is over about 4/5 fidelity mutuals.. I like to spread it out a bit...

I have been very happy with Lightstream, I can't comment against the others..
But with Lightstream, you need to have a very good credit rating plus having the money in a Fidelity account probably help me get approval also..

Good luck..

 

Good question, actually I haven't look.. I do know my rating is still high on all 3 systems.

 

To finance a portion of my car purchase. Why finance? I think you answered that question in your initial post. I am making far more from investments than the loan cost me. Why tie up my own capital on a car purchase?

I got an awesome rate from Lightstream - 2.89%

I'll echo the other comments in here. It was easy to apply, quick to fund, and very hassle free. I got the approval within 3 hours of the application. Funding was fast, within a couple of hours after providing bank/wire information. Billing and payment is also now automatic. And, one of the best features - it's unsecured. No issues on sending/holding the car title.

All-in-all, a very, very good experience. I'd use them again in a heart-beat.

One last comment. Lightstream is actually Sun Trust bank, based in Atlanta.

Sid

 

Tag.

 

Lightstream was a total let down.
Because I am self employed and reinvest much of my money back into the business my salary appears low.
Even so I applied for a small "bridge" loan to cover about a 1/3 gap between what I had in cash and the out the door price of a 996 GT2. Prices are rising rapidly and I want to lock in now.
I normally pay for "toys" in cash but much of my reserves have been used up on a recent business deal.
They asked for all sorts of personal and financial data that proved my net worth and liquidity.
I Complied with everything.
No Go.
Because I haven't been a slave to the normal creditors but instead by buying everything with cash or check I don't have sufficient payment history.
Woodside gave me a loan.
It turns out my credit union could have given me a better deal but I had verbally committed to Woodside and they have done a lot of work already.
Gonna cost me 2 grand in interest to keep my word.

 

I had no issues getting a loan from lightstream. Very few questions, minor income verification stuff, rate is 2.2%. More than triple that consistently on investment returns, so a no brainer.

great experience for me.