The decision to install solar panels can significantly lower your energy bills and reduce your carbon footprint. However, like any large-scale home improvement project, financing the installation can be challenging.
Fortunately, LightStream offers an innovative solution that makes financing easier and more accessible for homeowners. This article will explore how LightStream can help you finance your solar installation with low rates, flexible terms, and no hidden fees.
What is LightStream?
LightStream is an online lender that offers unsecured loans to homeowners for a variety of purposes, including solar panel installation. With competitive interest rates and a straightforward application process, LightStream aims to make borrowing money for home improvements as simple as possible. The best part is that LightStream doesn’t require any collateral, meaning you won’t need to risk your home or other assets.
The advantages of financing solar panels with LightStream
One of the main benefits of financing solar panels with LightStream is the low-interest rates they offer. Depending on your credit score, you can secure a rate as low as 6.99% APR with AutoPay. For those with excellent credit, this can mean significant savings over the term of the loan. Rates can range from 6.99% to 21.19% APR, which is relatively low compared to other financing options.
Another advantage is the flexibility in loan amounts. LightStream offers loans from $5,000 up to $100,000, which should be more than enough to cover the cost of solar panel installation. There are no home equity requirements, meaning you don’t have to worry about risking your property or undergoing a lengthy appraisal process.
Moreover, LightStream’s loans come with no fees, which is a rare benefit among lenders. There are no application fees, no prepayment penalties, and no hidden charges. This makes it an attractive option for homeowners who want to avoid unnecessary costs while financing their solar installation.
The application process with LightStream
The process of applying for a solar financing loan with LightStream is quick and easy. You can apply online from the comfort of your home using your smartphone, tablet, or computer. The application is straightforward and virtually paperless, allowing you to get your loan approved in just a few minutes. After submitting your application, you’ll receive your loan decision within a short period of time.
Once approved, LightStream allows you to choose your funding date, which can be as soon as the same day if you complete the necessary steps before 2:30 p.m. Eastern Time. This flexibility means you can start your solar installation as soon as possible, without having to wait for a long approval process.
How to qualify for the best rates
In order to secure the best rates from LightStream, you’ll need to have excellent credit. This typically means having a credit score of 700 or higher, along with a stable income and a solid credit history. If you meet these requirements, you’ll be eligible for rates as low as 6.99% with AutoPay. Keep in mind that without AutoPay, the rates are slightly higher, but still competitive compared to other lenders.
LightStream also offers a Rate Beat Program, which guarantees that they will beat any competitor’s rate by 0.10 percentage points if the rate is lower than the one you’ve been approved for. This ensures that you’re getting the best possible deal for your solar financing needs.
Funding your solar loan with LightStream
Once your loan is approved, LightStream will deposit the funds directly into your bank account, giving you full control over the payment process. This direct deposit option eliminates the need for paperwork or delays, allowing you to move forward with your solar installation without hassle.
The loan repayment terms are also flexible, with options ranging from 24 to 240 months. This gives you the freedom to choose a repayment schedule that fits your budget and financial situation. Additionally, there are no early payoff penalties, meaning you can pay off your loan earlier if you wish, without incurring any extra fees.
Conclusion: a smart choice for financing solar panels
Financing your solar installation with LightStream is a simple, efficient, and cost-effective option. With low rates, no fees, and the ability to choose your loan terms, LightStream makes it easier than ever to switch to solar energy. If you have excellent credit and are looking for a hassle-free loan to finance your solar panels, LightStream is an excellent choice. Not only will you save money on your energy bills in the long run, but you’ll also be contributing to a cleaner and more sustainable environment.
