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: 2023 Auto loan review

Published 2023-05-01 00:00:00

Written by

Rebecca Betterton

Edited by

Rhys Subitch

At a glance

4.0

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

Loan amount

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

Not specified
APR from

Not specified
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.

PROS

Flexible acceptance criteria
Same-day funding available
Compare offers

CONS

Limited vehicle choices
Unspecified rates
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).

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.

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 4.49 percent, depending on the type of financing and desired loan term. You can use myAutoLoan to find 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.

Westlake Financial versus Autopay

Autopay is another online lending marketplace. It features lending partners specializing in financing solutions for consumers with various financial backgroups. You can get financing to purchase or refinance a vehicle, buyout 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.

What we like and what we don’t like

Westlake Financial has a number of benefits, including offering loans to those without the best credit, but doesn't share all its loan details online.

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.
Unclear APRs: Westlake doesn't publish its APR ranges online, so you can't see what rates you might get without first prequalifying.
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.

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

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

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.

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)

Westlake Financial FAQs

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

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.

Methodology

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 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.