Is a Westlake Financial auto loan good for those with poor credit?

Although the best candidate ideally has a strong credit profile or at least favorable employment — due to the steep maximum APR — Westlake can cater to drivers with poor credit. Approval considers aspects such as employment and education history, which can help those with no credit or bad credit gain access to vehicle ownership.

Is Westlake Financial a reputable lender?

While, yes, Westlake is a reputable lender, the Better Business Bureau gives a B rating to the lender, and its customer review rating sits at only 1 star. Most reviews reference vehicle repossession and hard-to-reach account representatives.

How can I find my loan-to-value ratio?

Use Bankrate’s calculator to determine where your equity lies before signing off on an application.

Westlake Financial auto loans: 2024 review

Published 2024-01-01 13:59:00

Written by

Rebecca Betterton

Edited by

Pippin Wilbers

At a glance

3.7

Bankrate Score

Availability
Rating: 3.5 stars out of 5
Affordability
Rating: 3.1 stars out of 5
Customer Experience
Rating: 4.4 stars out of 5
Transparency
Rating: 4 stars out of 5

Compare auto loan rates

See rates

About Westlake Financial

Loan amount

$5,000-$30,000
Min. credit score

Not specified
APR from

Not specified
Funds available in

As soon as the day you apply

Best for rate-shopping with dealers

Westlake Financial takes the legwork out of finding a dealer loan with competitive terms. Instead of applying for financing with several lenders, simply submit a brief questionnaire, and if there’s a fit, view loan quotes from dealer partners. This means you get the luxury of exploring several auto loan options in a fraction of the time you’d spend searching for and applying directly with lenders.

Westlake Financial pros and cons

Westlake Financial offers fast funding to borrowers with varying credit backgrounds, but you’re limited by the vehicles you can choose from.

Pros

Flexible acceptance criteria
Same-day funding available
Compare offers

Cons

Limited vehicle choices
Unspecified APR
Poor customer reviews

Westlake Financial serves drivers looking to purchase and finance their next vehicle all in one place. The online marketplace encourages prequalification and offers loans for new and used vehicles. It partners with over 30,000 dealerships across all 50 states and offers indirect loans via these partnered dealerships.

Do you qualify?

Westlake Financial does not list any requirements regarding income or credit score. But unless your credit is at least fair, you may be stuck with a high APR (annual percentage rate).

Must make a minimum down payment of 10 percent.
Vehicle must have less than 120,000 miles.
Vehicle cannot be older than 10 years.
Have a lower loan-to-value ratio (LTV) than 110 percent.

Westlake Financial versus myAutoLoan

Unlike Westlake Financial, myAutoLoan does not partner with dealerships to offer auto loan financing. Instead, it’s an online marketplace that matches you with lenders based on your financial profile. You can use the platform loan quotes and decide which is best for you before formally applying.

Like Westlake, myAutoLoan offers loans for new and used car purchases, but they also offer refinancing and lease buyouts. Rates start at a competitive 6.84 percent for new car loans. You can use myAutoLoan to find direct lenders in minutes, and there’s no impact on your credit score. If approved, you’ll get a check or online certificate to go shopping at the dealership of your choice in as soon as 24 hours.

See our Westlake Financial vs. myAutoLoan guide

Westlake Financial versus Autopay

Autopay is another online lending marketplace. It features lending partners specializing in financing solutions for consumers with various financial backgrounds. You can get financing to purchase or refinance a vehicle, buy out a lease or pull cash from your car’s equity. Similar to Westlake Financial, auto loans are available to consumers with all types of credit backgrounds. The maximum loan amount is $100,000, giving you even more purchasing power.

Read our Westlake Financial vs. Autopay breakdown

What we like and what we don’t like

Westlake Financial shares only some of its loan details upfront, and poor reviews are abundant.

What we like

Flexible acceptance criteria. Westlake considers each applicant’s education, employment history and credit score.
Same-day funding available. You can apply and get your auto loan funded on the same day.
Compare offers. A loan marketplace such as Westlake Financial makes it easy to see offers from multiple dealerships.

What we don’t like

Limited vehicle choices. Financing is only available for vehicles at partnered dealers, though with more than 30,000 partnered dealerships, this restriction may not hinder your choices too much.
Unspecified APR. Westlake Financial's website used to share minimum and maximum APRs. With that information no longer available, it's harder to compare their rates with those of competitors.
Poor customer service reviews. Many comments on the Better Business Bureau’s website are negative.

How to contact Westlake Financial

Westlake Financial’s customer service team can be reached over the phone Monday through Friday from 9 a.m. to 9 p.m. and Saturdays from 10 a.m. to 7 p.m. at 888-893-7937. The lender carries a poor rating with the Better Business Bureau of a C minus. Most complaints include extra fees, extreme interest rates and poor communication.

Auto loan types offered

Westlake Financial offers indirect auto loans for new and used vehicles through its partnered dealers. According to Westlake’s website, approval and funding can be available in real-time for up to two days.

New and used

Amounts: $5,000 to $30,000
Terms: 48 to 72 months
APR: Not specified

A loan with Westlake Financial is best for a driver who prefers to finance their vehicle through a dealer rather than a direct lender. The online system may save you time compared to filling out the paperwork in a dealership office.

How to apply for a loan with Westlake Financial

Westlake Financial functions as an indirect lender. While you will prequalify for the loan online, you must go to a dealership to finalize the deal in person. To apply for an auto loan, follow these three steps.

First, apply for loan prequalification on its website by entering personal information, including your name, date of birth, contact information, address and employment status. This step will not affect your credit.
Next, you can search for your vehicle directly through the online marketplace that shares vehicles in your area based on budget and price range. You can also cater your search criteria to monthly payment or type of vehicle.
Finally, you will receive a financing offer and go to one of the participating dealerships with the offer in hand. After you are fully approved for the loan and your purchase is finalized, you can begin payments either online, by check or via the phone.
- Full name
- Date of birth
- Phone and email
- Home address
- Monthly rent cost
- Current employment status
- Co-applicant information (if applicable)

Features and perks

Borrowers also have the option to secure car title loans, motorcycle title loans or RV title loans through partner lenders. These products are designed for individuals with past credit missteps and make it easy to access fast cash when you need it most. But beware of potentially high rates and know that defaulting may mean losing your vehicle.

Additionally, you can also access customer support six days a week. Some lenders only offer support on weekdays.

Fees and penalties

Westlake Financial does not disclose fees and penalties prior to applying for auto loan financing. This is likely because each lender has its own terms. You’ll need to prequalify for a loan to view these figures — which you can do without taking a credit score hit.

Westlake Financial FAQs

Although the best candidate ideally has a strong credit profile or at least favorable employment, Westlake can cater to drivers with poor credit. Approval considers aspects such as employment and education history, which can help those with no credit or bad credit gain access to vehicle ownership. But poor credit likely means paying an interest rate close to Westlake’s maximum rates.
While, yes, Westlake is a reputable lender, the Better Business Bureau gives a C minus rating to the lender, and its customer review rating sits at only 1 star. Most reviews reference vehicle repossession and hard-to-reach account representatives.
No, Westlake Financial is not a direct lender. Instead, it matches prospective borrowers with dealer partners to secure financing on new or used vehicles. Loans offered through partner dealers are a form of indirect financing.

How Bankrate rates Westlake Financial

Overall score	3.7
Availability	3.5	The dealership requirement and low maximum loan amount leave Westlake with a middling availability rating.
Affordability	3.1	Westlake Financial doesn't share the minimum and maximum available APRs, and there's no autopay discount.
Customer experience	4.4	An unspecified shopping window combined with poor online reviews are outweighed by long customer service hours and easy loan management.
Transparency	4	You won’t find fees clearly listed on Westlake’s site, but the option to prequalify increases the score.

Methodology

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.

Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Lenders that serve customers nationwide with flexible loan amounts rank higher.
Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Lenders with the lowest rates, fewer fees and most generous acceptance criteria receive higher scores.
Customer experience: Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include how long you have to shop, customer service hours, whether there’s an app and autopay availability.
Transparency: This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.