03-04-2019, 10:33 PM
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#22 (permalink)
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Base Member
Join Date: Dec 2017
Location: N. Carolina
Posts: 74
Drives: 2017 Nissan 370Z SPT
Rep Power: 9
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Quote:
Originally Posted by Memphis370Z
I've financed three loans through LightStream (SunTrust Bank) and, although the purpose of those loans were listed as auto purchases, the lender never once put a lien against any of the vehicles, nor did they request the VINs. I asked them about this and was told that they make credit decisions based upon the borrower's credit score and ability to repay. Further, I was told they are not interested in collateralizing these types of debt (auto loans) due to the administrative costs and low risk due to their credit decisioning model.
All that noted, did you have a different experience with LightStream? Did they request your VIN and place a lien against your Pacifica?
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Same experience here; and, the rate I got was as competitive with any used car rate elsewhere.
Quote:
Originally Posted by Desert Rat
Guessing the interest rates you got on those loans was significantly higher.
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I finance once with a local back and the rate was a tad higher; but, it was a local bank and I didn't expect the best rate in the nation. In this case, the vehicle (title) was held as collateral - and they were fully aware of the title status. Only extra step required was a visual inspection.
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