Your car can be an expression of your personality, but sometimes that expression is tempered by your creditworthiness. The higher your credit rating, the more expressive you can afford to be with your choice of automobile. For those with moderate to excellent credit, SunTrust Bank has affordable, unsecured auto financing options that can help you express yourself very well. Their current low interest rates can make their auto loan packages very attractive, although SunTrust does not offer auto loans for credit-challenged borrowers or for those with less than a moderate credit rating.
Whether you are in the market for a new, used, or classic auto, SunTrust Bank can help you with one of their LightStream loans. Not only are these unsecured loans designed specifically for autos, they:
•Have no fees
•Have no prepayment penalties
•Offer same-day funding
•Range from $5,000 to $100,000
•Are paperless and simple
•Have a $100 guarantee
If a new or used auto loan is in your future, LightStream offers highly competitive rates and a simplified loan procedure. Loan application steps are as follows:
•Complete an online application
•Receive their expedited response within minutes, during regular business hours
•E-sign your loan documents when you are approved
•Receive your funds in your bank account
•Same-day funding is available
Their auto refinance program has the same $100 guarantee as their new and used auto purchase loan programs and the same expedited application process. SunTrust guarantees that a LightStream auto refinance loan will be your best loan experience ever or they will pay you $100. The $100 loan guarantee for all auto loans is as follows: If you are dissatisfied with your loan process, contact SunTrust within 30 days. They will mail you a questionnaire to complete and you must provide specific examples so that they can improve their customer satisfaction rating. Once they receive your completed questionnaire, they will mail you $100.
Interest rates on both new and used auto loans start as low as 1.99 percent annual percentage rate, or APR, if you set up your loan with autopay. Interest rates for classic car loans also start at 1.99 percent APR with autopay. These rates apply to loans from dealers only; interest on private party loans start at 2.79 percent APR.
SunTrust also offers auto lease buyout loans with interest rates starting at 2.79 percent APR. All of these loans have a fixed rate, so your payment will not increase due to interest rate fluctuation.
Variables that will affect the interest rate of an auto loan from SunTrust are:
•The price of the auto
•The term of the lease
•Your creditworthiness
The lower your credit score, the higher the rate. In addition, a loan with a longer term will usually incur a higher interest rate. A complete table of the lease terms and rates can be found here.
For those borrowers who do not qualify for an unsecured loan, SunTrust offers a secured auto loan program with competitive interest rates that are determined by your credit profile. LightStream is the new auto division of SunTrust Bank.
Currently, auto loan payments cannot be made online except through autopay, unless you have a checking or savings account with SunTrust Bank. This can be an inconvenience for some. Alternatively, payments can be made at any branch office. For some consumers, this lack of convenience may offset the otherwise attractive interest rates.
As is the case with all lending institutions, SunTrust Bank has some dissatisfied customers as well as some who swear by them. Overdraft fees can be steep and, as with many financial institutions, they are not usually reversible. This can result in a substantial hardship on those who can afford it the least and one overdraft can cause a cascade effect. Some consumers report that their collection tactics are more aggressive than the industry norm and that customer service is sometimes unreliable.
