Skip to Main Content

Westlake Financial: 2022 Auto Loan Review

2022-05-24 07:45:00

At a glance

4.0
Rating: 4 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.3 stars out of 5
  • Affordability
    Rating: 3.4 stars out of 5
  • Customer Experience
    Rating: 4.2 stars out of 5
  • Transparency
    Rating: 5 stars out of 5
Compare auto loan rates
See rates

About Westlake Financial

  • Moneybag

    Loan amount

    $5,000 to $30,000

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    APR from

    2.99% to 29.99%

  • Funds available in

    As soon as the day you apply

Pros and cons of Westlake Financial auto loans

Westlake Financial has a good number of benefits, including offering loans to those without the best credit, but its high maximum APR means it's not the best choice for everyone.

PROS

  • Checkmark

    Flexible acceptance criteria

  • Checkmark

    Same-day funding available

  • Checkmark

    Fully online process

CONS

  • Close X

    Limited vehicle choices

  • Close X

    High maximum APR

  • Close X

    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. 

Pros and cons of Westlake Financial auto loans  

Here are some advantages and disadvantages of Westlake Financial auto loans.  

Pros 

  • Flexible acceptance criteria. Westlake factors a driver's education and employment history along with credit score.  
  • Same-day funding available. You can apply and get your auto loan funded on the same day using Westlake.     
  • Fully online process. The online system allows for fast funding and a fully online contract process.    

Cons  

  • Limited vehicle choices. Financing is only available for vehicles at partnered dealers.  
  • High APRs. A maximum APR of almost 30 percent is dramatically higher than competitors.    
  • Poor customer service reviews. Many complaints on Better Business Bureau are negative.  

Who is Westlake Financial best for?

A loan with Westlake Financial is best for a driver that prefers to finance their vehicle through a dealer rather than a direct lender. 

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. 

Prequalification is also available and can provide an idea of your expected rates prior to purchase. But vehicle inventory is limited to partnered dealers, so if you have a certain car in your sights, another lender may provide better service.  

Types of auto loans 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 up to a maximum of two days.

Interest rates and terms  

As with most lenders, the best rates — as low as 2.99 percent — go to borrowers with the best credit profiles. And while Westlake Financial does evaluate borrowers on more than just credit and accept all credit scores, those without history or with a poor score can be stuck with interest rates as high as 29.99 percent.  

The online loan application allows for financing ranging from $5,000 to $30,000 with terms between 48 and 72 months.  

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 in person to a dealership in order to finalize the deal. To apply for an auto loan, follow these three steps. 

1. Apply for prequalification 

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. 

2. Search for vehicles  

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.  

3. Finalize financing 

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.   

Auto loan requirements  

Westlake Financial does not carry any requirements regarding income or credit score. But the high maximum APR means that unless your credit is at least fair you may be stuck with high interest rates.   

You must make a minimum down payment of 10 percent. The financed vehicle must have less than 120,000 miles and cannot be more than 10 years old. The maximum loan-to-value ratio (LTV) allowed is 110 percent. Use Bankrate’s calculator to determine where your equity lies before signing off on an application.  

Customer service  

Following approval, you will work directly with a dealer, which can be a perk to the financing model. But 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.  

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. 

How Bankrate rates Westlake Financial 

Overall score 4.0  
Availability 3.3 The dealership requirement and low maximum loan amount leave Westlake with a middling availability rating.
Affordability 3.4 Although Westlake considers aspects other than sole credit history, the maximum APR is much higher than competitors.
Customer experience 4.2 An unspecified shopping window combined with poor online reviews are outweighed by long customer service hours and good quality-of-life options.
Transparency 5.0 Rates and fees are only somewhat displayed, but the option to prequalify increases the score.
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.
Written by
Rebecca Betterton
Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase a car.

Edited by Auto loans editor