LightStream is a consumer lending division of Truist-which formed following the merger of SunTrust Bank and BB&T. The platform does offer customers a number of other perks and discounts, including unemployment protection and the ability to change their payment due date once a year. This means the loan proceeds will be deposited to your bank account and you’ll have to pay off your other lenders individually. However, if you’re considering a debt consolidating loan from SoFi, keep in mind that the lender does not offer direct payment to a borrower’s other creditors. What’s more, SoFi doesn’t charge origination fees, late fees or prepayment penalties-a stand-out feature because personal loan lenders often charge origination or late payment fees at a minimum. SoFi also lets prospective borrowers submit joint applications-although co-signers are not permitted.Īpproved borrowers are rewarded with comparatively low APRs. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000). Loan amounts available may vary by the state you live in. Loans are available from $5,000 to $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms. However, credit unions may offer a viable lending solution for those who have already discussed the matter with a financial expert, such as a licensed financial planner.SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state. Not all first-time car buyers may even want to finance their first automobile purchase. To be able to take on the potential financial burden of borrowing before they do.Įach borrower’s journey is different. These considerations aren’t just crucial for securing a loan it’s also important to ensure that one is going What’s more, though credit unions can offer flexible rates, terms, and even lending requirements, first-time car buyers looking to secure financing through one will still need to consider many of the same factors as they would seeking financing through a traditional bank.Īmong these, importantly, are one’s credit score and history, one’s debt-to-income ratio-which quantifies how much one is earning in relation to how much they owe in debts-the down payment amount, the rates and term or a potential loan, and one’s general budget and income. As such, you may need to ensure you’re eligible to join before joining a credit union. Other fields of membership requirements may hinge on places of employment, places of worship, or membership of another group. That might be the community that the organization is aimed at assisting. For example, a credit union may require that members live in a certain area, such as a city or town. While each first-time car buyer should first consult with a financial expert, such as a certified and licensed financial planner, before deciding on whether to finance or buy outright, those who have already determined that they would like to opt for financing through an auto loan for their first car, may wonder what their options are.Ĭredit unions can be wonderful-but it’s important to check if one can join! Membership requirements can vary between credit unions.Ĭredit Unions are required to establish a charter and, in it, a “field of membership.” This dictates who can join and which common bond members share. Which car to buy, financing options, and more! Our experts at iTHINK Financial have made it easy for you by reviewing the different options and sharing the advantages of buying your first car with a Credit Union!įor many first-time car buyers, financing is a potential option. McCants Memorial Scholarship Programīuying your first car is an experience that comes with many questions.
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