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Westlake Financial: 2023 Auto loan review

2023-01-01 00:00:00

At a glance

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
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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

Westlake Financial pros and cons 

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


  • Checkmark

    Flexible acceptance criteria

  • Checkmark

    Same-day funding available

  • Checkmark

    Rates published online


  • 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. 

Do you qualify? 

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 vehicle must have less than 12,000 miles. 
  • Vehicle cannot be older than 10 years.
  • Have a lower loan-to-value ratio (LTV) than 110 percent.

What we like and what we don’t like 

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.

What we like

  • 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.      
  • Rates published online. Unlike many lenders, Westlake Financial shares its minimum and maximum interest rates, which can give you an idea of monthly cost.  

What we don't like

  • 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.    

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. 

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 up to a maximum of two days.

New and used

A loan with Westlake Financial is best for a driver that prefers to finance their vehicle through a dealer rather than a direct lender. The fully online system also allows for fast funding and a seamless online contract process.

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. 

Westlake Financial FAQs

How Bankrate rates Westlake Financial

Overall score 4
Availability 3.6 The dealership requirement and low maximum loan amount leave Westlake with a middling availability rating.
Affordability 3.6 Although Westlake considers aspects other than sole credit history, the maximum APR is much higher than competitors.
Customer experience 4.4 An unspecified shopping window combined with poor online reviews are outweighed by long customer service hours and good quality-of-life options.
Transparency 4.5 Rates and fees are only somewhat displayed, but the option to prequalify increases the score.


Bankrate considers 18 data points when rating auto loan lenders. These include credit requirements, loan amount, APR ranges, shopping window along with rate and fee availability. In total, Bankrate reviewed 33 lenders and gave each a Bankrate rating, which consists of four categories:

  • Availability. Loan amounts, types and repayment options are considered in this category. A wide range of financing options results in a higher score.
  • Affordability. The interest rates, acceptance criteria and present fees are measured here. 
  • Customer experience. This category concerns online access along with app availability and customer support hours of operation. Lenders with 24/7 support carry the highest available marks.
  • Transparency. This covers the disclosure of potential fees and the ability to apply for loan prequalification.
Editorial disclosure: All reviews are prepared by 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