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Westlake Financial: 2023 Auto loan review

2023-05-01 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

    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. 


  • Checkmark

    Flexible acceptance criteria

  • Checkmark

    Same-day funding available

  • Checkmark

    Compare offers


  • Close X

    Limited vehicle choices

  • Close X

    Unspecified rates

  • 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 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. 

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
Writer, Auto Loans

Rebecca Betterton is a writer for Bankrate who has been reporting on auto loans since 2021. Through her writing, Rebecca aims to provide clarity and accessibility to the automotive loans industry as the cost to finance new and used vehicles continues to climb due to steep inflation.

Edited by Editor, Personal Loans, Auto Loans, and Debt