Heyy Naam, Now that you've had the loan for a while can you confirm how the Lightstream loans shows on your credit reports? does it show as auto loan/ Or just a unsecure personal loan, or Secure Loan?? and do they report to all 3 credit beaurs?
@@NaamWynn Awesome, Thanks for your prompt response it's greatly appreciated!! One more question if yu may. Prior to applying, did yu have a seasoned Trade line? close to or beyond 100k.. and if yu did what was it. Thanks!
LightStream is a data mining company. Here's why. I have a tier 1 FICO score (800+) and tried to get a rate quote on a $10k personal loan from Lightstream. They want all your personal financial data before giving you a quote. I mean everything, bank deposits, how much in bonds, amount in home equity, tax records, driver license, I mean everything before they would give a quote. Pulling your FICO wasn't enough for a quote. When I refused to give them all my data before an exact rate quote, they denied my application. It's a massive data mining operation they are running. They don't care about the loan ...the data is more important to them.
hey, just letting you know that technically using the funds on anything other than what the loan is intended for is considered loan fraud and you can be fined up to $1M / 20 years in prison. not sure what the odds are that it will happen to you, but i don’t think it’s worth the risk to save 1% apr
Update with a lesser score (due to hard inquiries) I was approved by Truist 57k auto loan, and another Truist 34k auto loan, and with Tesla for 101k auto loan and then refinance with navy federal next day for 101k. Stay away from this play. Don’t waste your inquiry.
@@krod6172 agree I have 76k auto loan with 12 payments , credit was 781. Was denied for vague reasons. I called and they basically said they want you to have a credit age close to 10 years
What this kid forgot to tell y'all or intentionally didn't tell y'all is that any trade lines applied to your history will fall off after 60-90 days Once this happens the finance company has the right to end your contact and take the car back and you'll lose the money you've paid for the car. This is a scam that use to work but most lenders have caught on to trade lines.
What you said doesn’t make any sense to me. You’re only gonna have one lien anyway bc u took out an auto loan. So what’s the point of taking out a light stream loan? Just for cash in the bank? So now u have two loans to pay off. Not really sure the upside to ur “theory?”
It’s not a theory. You use the money from LightStream as a down payment towards the car. This allows you to get a much bigger loan then you can originally. Most people won’t qualify for a 100k loan even if they had good credit and high income unless they had large loans in the past. This hack is for people who want to get into more expensive cars but not able to get a large loan. Hope this helps.
This is the only place that I can find where you can prequalify for this type of loan: 💰PREQUALIFY HERE: bit.ly/3ivxSng
link does nit work
Do they pull from transunion fico or transunion vantage 4.0 score ? Big difference . Because my fico is 60 points high than vantage score
Heyy Naam, Now that you've had the loan for a while can you confirm how the Lightstream loans shows on your credit reports? does it show as auto loan/ Or just a unsecure personal loan, or Secure Loan?? and do they report to all 3 credit beaurs?
It gets reported as an unsecured personal loan on all 3 CB's
@@NaamWynn Awesome, Thanks for your prompt response it's greatly appreciated!! One more question if yu may. Prior to applying, did yu have a seasoned Trade line? close to or beyond 100k.. and if yu did what was it. Thanks!
LightStream is a data mining company. Here's why. I have a tier 1 FICO score (800+) and tried to get a rate quote on a $10k personal loan from Lightstream. They want all your personal financial data before giving you a quote. I mean everything, bank deposits, how much in bonds, amount in home equity, tax records, driver license, I mean everything before they would give a quote. Pulling your FICO wasn't enough for a quote. When I refused to give them all my data before an exact rate quote, they denied my application. It's a massive data mining operation they are running. They don't care about the loan ...the data is more important to them.
There underwriting is more strenuous compared to most, but I really enjoyed using them. I had the loan in my bank account the next day.
Dang that's just for a quote lol. Also saves time i guess. But it is an unsecured loan.
@mengx94 yeah, but in their defense it's more security for them as they won't use your car as collateral.
That’s a big red flag
Makes sense
What makes this different from a personal loan? I can get 6% on a personal loan through my local credit union.
What credit union? Are they still giving you 6%
Will they give me cash as well if i pick the dealer option the APR is lower than private seller ?
What all did they ask for verification purposes
hey, just letting you know that technically using the funds on anything other than what the loan is intended for is considered loan fraud and you can be fined up to $1M / 20 years in prison. not sure what the odds are that it will happen to you, but i don’t think it’s worth the risk to save 1% apr
What was your final interest rate for this loan ?
Denied for 50k auto loan with a 849 score this play is dead
Wow
Update with a lesser score (due to hard inquiries) I was approved by Truist 57k auto loan, and another Truist 34k auto loan, and with Tesla for 101k auto loan and then refinance with navy federal next day for 101k. Stay away from this play. Don’t waste your inquiry.
@@krod6172 agree I have 76k auto loan with 12 payments , credit was 781. Was denied for vague reasons. I called and they basically said they want you to have a credit age close to 10 years
It's not all about credit score. It's about how you're income is yearly as well.
What was your income?
Can I do that on existing finance car ? Will they have Lien on title?
No you’ll hold the title.
They deposit funds into your account
@@BargainsoflaLLC pls you have link for that
this was great info! just came accross their website by accident and am now using your info to guide me! look forward to more of your content!!!
I have 730 credit score 3 hard inquiries and 3 years credit history what’s my chance of 80$k?
Did you apply?
@ yes but dined
What this kid forgot to tell y'all or intentionally didn't tell y'all is that any trade lines applied to your history will fall off after 60-90 days
Once this happens the finance company has the right to end your contact and take the car back and you'll lose the money you've paid for the car.
This is a scam that use to work but most lenders have caught on to trade lines.
Have the right? Sure, will they take the car back? Unlikely.
Would light stream let you place the loan in an llc?
$100k is an awful amount of debt to have under one's personal utilization.
It’s all on personal
What you said doesn’t make any sense to me. You’re only gonna have one lien anyway bc u took out an auto loan. So what’s the point of taking out a light stream loan? Just for cash in the bank? So now u have two loans to pay off. Not really sure the upside to ur “theory?”
It’s not a theory. You use the money from LightStream as a down payment towards the car. This allows you to get a much bigger loan then you can originally. Most people won’t qualify for a 100k loan even if they had good credit and high income unless they had large loans in the past. This hack is for people who want to get into more expensive cars but not able to get a large loan. Hope this helps.
Or pay your less expensive car purchase off with cash... and keep the title
@@vintageleaf4115 thats what I'm thinkin nd have cash left over
Money left over for modifications to really make your dream car unique to you.
You're crazy! But my kinda crazy 😂
U should remove blockfi from you referral list
Done!
Do they have a phone number?
Bangladesh Dhaka munsigong
@Naam lmk thank you