Online Auto Loans Unlocking $100,000 Auto Loans: Insider Hacks with Live Stream Financing

 In this video I'll show you how you can get an auto loan up to a hundred thousand dollars and you get to keep the title

What's up winners! My name is Nam. If you're new here, welcome! Here we talk all things personal finance and credit. Start out by subscribing so you don't miss out on any future videos.

Company Overview

I have personally done this for myself on a recent car purchase, so I know the whole process. The company that we will be covering is called Live Stream. You might have heard them before since they are very popular. They are a division of Truist Bank, which is a merger between SunTrust Bank and BB&T not too long ago, so you know that they are very established in the finance industry.

Disclaimer

As a disclaimer, this video is not sponsored whatsoever. I'm pretty sure Live Stream would not sponsor the video even if I asked. But I'm gonna show you some hacks that you can use at your own discretion.

Live Stream as a Lender

Let me go over Live Stream as a lender. They basically offer loans for most things that you can think about—of course, common things like auto loans, personal loans—but they also offer loans for home remodeling, swimming pools, medical expenses, weddings, and even a loan for a horse if you want. Another thing that you must know about Live Stream is that they are focused on individuals who have good to excellent credit. So if your credit score is below 680, then I would not recommend applying through them because they don't have any pre-qualified offers, meaning that you won't be able to see your rate and the amount until you fully apply and get your credit pulled. But there is a way around this. There is a Bankrate link down in the description where you can pre-qualify. Now, this will not guarantee that you will get approval from Live Stream, but it will better your odds. So if you know your credit is on the lower end of the spectrum, I would just wait until you build up or repair your credit before applying. I do have a bunch of videos in my library that teach how to build and repair credit, so just make sure you check those out if that applies to you.

Interest Rates and Economic Conditions

Whenever you are watching this video, interest rates do change every now and then. So right now, the current economy is not too hot and they are trying to fight inflation, so interest rates are pretty high. You want to see rates ranging anywhere between 5% to 8% for people with good credit, which is between 680 and 740. The interest rates can be a bit higher.

Qualifications for Approval

Since we are going to be focusing on a lot of loans, let's dig a little bit deeper on that and talk about the qualifications that are needed to get approved. They do have an FAQ section that tells you everything that you need to know, but let me go over it so you don't have to read it yourself and you know exactly what you need to know by watching this video.

Credit Bureau Information

Now, the first question is: which credit bureau do they actually pull from? They say that they actually pull from TransUnion or Equifax. Based on what happened to me, they pulled TransUnion. Here's also a pro tip: TransUnion is really big on the amount of debt that you currently have. So if you have current loans or balances on your credit cards, they are very sensitive to that, which will reflect your credit score.

Credit History and Assets

A little bit more on credit: they really want individuals who have a very established credit history. So if you're in the range of 680 and above and you have a credit history of five years or more of diversified accounts—meaning credit cards, loans, and mortgages—this will strengthen your odds. On top of your credit history, your assets are also a big factor. This was something that was kind of strange to me whenever I applied for that loan because for every other loan that I ever applied for, they really never asked for my assets nor did they care about how much money I had in my bank account. But unlike other lenders, Live Stream does not require a down payment. They want to see that you have money inside of your retirement or investment accounts and your liquid assets—essentially money that you have access to right away. So whenever I did apply for this loan, I uploaded all of my statements from my bank accounts and my stock brokerage accounts. Whatever amount that you put down during the application, just make sure that you can back it up.

Personal Experience and Loan Details

Just to be transparent with you guys and give you some actual data points on my application: I did have a TransUnion credit score in the high 700s, plus my liquidity was over six figures. I'm pretty sure that helped me quite a bit in securing a $100,000 unsecured auto loan with the lowest interest rate. One thing that I found kind of strange, since this was the first time I applied for an auto loan through them, is that they will request your credit card information. They do this so they can further identify your personal identity, but you're in good hands because they will not use that information against you. It's just part of the process of getting approved.

Application Process

Whenever you are ready to apply, the process is very simple and streamlined. All you would have to do is go onto their website, apply online, and it will ask you a bunch of information, which normally any type of loan application does. Once everything looks good on their end, they will approve your loan and you can receive your funds as early as the same day that you apply or within the next 24 hours. Essentially, when I got approved for my loan, I set up the exact date of when I wanted to get my funds, and boom, I got $100,000 in my bank account.

Unique Features of Live Stream Auto Loans

Now, here's the kicker: when it comes to auto loans with Live Stream, their loans are much different compared to most lenders out there because they're unsecured. I'd say again, their auto loans are unsecured. If you don't know what an unsecured loan is, it essentially means that the lender is not taking anything in collateral. But the requirements are a little bit more strenuous compared to other lenders. But it is worth your while. This basically allows you to become a cash buyer. Now that's the real hack and the golden nugget when using Live Stream loans.

Loan Usage and Flexibility

Legally, I have to tell you that whenever you get your loan, you're supposed to use that loan for the purchase that you selected on your loan application. Meaning that if you got an auto loan, you should be using those proceeds towards a car. But since the loan is unsecured, how would they really know? Just think about that for a second. Now, just use this information however you wish, but whatever loan you take out, you're supposed to use that money towards that specific reason. Additionally, whenever you are getting a loan, it is under your personal name and not a business. But how would I know whether a loan was taken out for business purposes? That's almost the same idea as business credit cards. Because whenever you get a business credit card, you're supposed to use it for business transactions. But who's to say what is a business transaction or individual transaction?

Additional Benefits of Live Stream Loans

One thing that I really did like about getting a loan from Live Stream is that they basically do not have any restrictions on the car that you want to get. It doesn't matter the year, make, model, or mileage. You could get a normal car, a luxury car, a classic car, or even an exotic car, and you would not have any restrictions. Because if anybody ever wanted to buy a 2002 BMW M3, a lot of lenders are not going to give you a loan on a 20-year-old BMW. But the thing is, this car is a collector's car and it is very highly priced. That's just the reality of how lenders are—they just want to limit their risks.

Transparency and Fees

Another pro about Live Stream is that they are pretty transparent because they do not charge any fees whatsoever. So whenever you do get approved, you know exactly how much you have to pay. There's no extra cost like origination fees or any of the loan fees, and there's also no prepayment penalties. This is extremely powerful, especially if you want to pay off your loan early. Because there are a lot of lenders out there that will charge you a fee if you decide to pay off your loan sooner. Those lenders want to make sure that they collect as much interest from you as possible. This is one of the top reasons why I decided to go with Live Stream.

The True Hack: Double Dipping

Now, the true hack of using this type of loan is that essentially you can double dip. Meaning that you can get approved for this loan and have money in your bank and get approved for another auto loan at the same time for the same vehicle. Because whenever you apply for Live Stream, they do not ask for any car information, so they really don't know what you're going to be spending your money on. But if you were to get a loan from a bank or other credit union that typically requires the VIN number, they will hold on to the title until the loan is paid off. Now, I actually got approved from another credit union called DCU (Digital Credit Union). They're actually pretty good and very generous with the rates. They offered me $100,000 at 5.24%, which is probably one of the best deals right now given the current market. So if I were to get a vehicle that costs $200,000, I can essentially get that $200,000 100% financed. The way to do this is by accepting the Live Stream loan first, so that money for your down payment or even purchase it in full. Afterward, you would apply for another auto loan from another lender, and you can do it however you wish—however you decide to buy the car and use your cash.

Summary

So that's basically it. I hope you found this video to be very informative. If you have any questions about anything that I covered or if you want to share your personal experiences with me, make sure you drop a comment below. Let me know what you think about Live Stream or any auto loans that you've gotten in the past. Also, check out the link down in the description for the pre-qualification so you can better your chances. If you like this type of content, make sure you hit that like button and subscribe to the channel. Also, hit the notification bell so you can get notified whenever I come out with new content. Thank you for watching, and I'll see you on the next one!