Westlake Financial and Autopay are both online marketplaces that offer auto financing through third parties. Westlake Financial provides new and used auto loans through its network of over 30,000 partner dealerships across the U.S. Autopay connects drivers with various partner lenders.

While Westlake Financial offers a slightly lower starting annual percentage rate (APR) for well-qualified borrowers, Autopay is better for borrowers looking for more vehicle and loan options

Westlake Financial vs. Autopay at a glance

Westlake Financial and Autopay both connect borrowers to lenders, but there are some crucial differences to consider, such as the types of loans provided and repayment terms.

Westlake Financial

Autopay
Bankrate score 4.0 4.2
Better for 
  • Fast funding
  • Dealership financing
  • Refinancing
  • More flexibility in choosing a vehicle
Loans offered
  • Used car loans
  • New car loans
Loan amounts $5,000-$30,000 $2,500-$100,000
APRs Not specified From 4.67%
Loan term lengths 48-72 months 24-96 months
Fees Not specified Possible origination fee
Minimum credit score Not specified Not specified
State footprint All states All states
Time to funding As soon as the same day As little as one business day
Autopay discount? No Varies by lender
Refinancing restrictions Not applicable
  • Age of vehicle: Less than 10 years old
  • Vehicle mileage: Less than 150,000 miles

Westlake Financial auto loans

Westlake Financial offers new and used loans through partner car dealerships starting at $5,000. Their maximum loan amount of $30,000 is lower than most lenders offer, and also smaller than the current average cost of a new car.

You’ll need to put down at least 10 percent of the car’s purchase price — for example, you must make a down payment of at least $1,000 for a $10,000 car.

When purchasing a car through Westlake Financial, you must select a vehicle from a partner dealership on its website. Once you find a car you want, you submit a prequalification application to get an estimate of rates and terms you may qualify for based on your credit history, income and other factors. If approved, you have to visit a dealership to accept and finalize your loan offer.

Pros

  • Prequalification available. You can submit a prequalification application to get an estimate of rates and terms you might receive after approval.
  • Quick funding. After approval, borrowers can receive funding as soon as the same business day, according to a Westlake Financial customer service representative.
  • Flexible eligibility requirements. Westlake may approve your loan request even if you have bad credit — there are dealerships that work with bad-credit customers among their partners.

Cons

  • Limited vehicle options. You can only purchase vehicles from Westlake’s partner dealerships.
  • APRs not shown upfront: You’ll have to take the time to prequalify to see your possible rates. Because dealerships often mark up rates, the available APRs may be higher than you’d get through direct lenders.
  • Poor customer reviews. Westlake Financial has a 2.2 out of five rating on Trustpilot based on 35 customer reviews and a 1.1 out of five rating on Better Business Bureau based on 225 customer reviews. While online reviews often skew negative, it’s worth looking for common themes and considering alternatives if you don’t like what you see.

Autopay auto loans

Autopay offers a variety of auto loan options through partner lenders, including new and used car loans, lease buyouts, auto refinancing and cash-out refinancing. Like Westlake Financial, Autopay allows you to prequalify without affecting your credit. After entering your name and whether you want to apply alone or with a co-borrower, you can select your desired loan option.

While eligibility requirements vary depending on the lender you’re matched with, the vehicle you purchase or refinance must be less than 10 years old and have less than 150,000 miles.

Autopay is also notable for its low starting APR. The minimum interest rate of 4.67 percent is lower than most competitors offer and well below the national average rate of 6.58 percent for a new car. That rate is likely only available to those with excellent credit, though.

Pros

  • More flexibility in choosing a vehicle. You can get a loan for any vehicle that meets Autopay’s age and mileage requirements. You don’t have to work with a specific dealership.
  • Long repayment terms. Autopay offers longer repayment terms than some of its competitors. Many lenders’ terms max out at 84 months, while Autopay has partners offering terms up to 96 months or eight full years.
  • Wide variety of loan options. Applicants can choose from a wide range of loan options. If you want to work with the same company for all your auto loan needs, Autopay has the broader menu.

Cons

  • Potential origination fee. Some of Autopay’s partners may charge an orgination fee, according to a customer service representative. However, unlike some loan marketplaces, Autopay doesn’t seem to charge a fee just to match you with lenders.
  • Maximum rate not disclosed. While Autopay is transparent about its minimum APR, it doesn’t disclose the maximum APR on its website. This rate likely varies among its lenders.
  • Unclear eligibility requirements. Autopay doesn’t disclose any creditworthiness requirements on its website. That makes it hard to determine whether you’d qualify for their loans without going to the effort of prequalifying.

How to choose between Westlake Financial and Autopay

Westlake Financial may be a good fit if you prefer buying a new or used car from a dealership, while Autopay is a better choice for more flexibility.

Choose Westlake Financial for dealership financing

If you prefer financing your auto loan through a dealership versus a direct lender, Westlake Financial could be a solid choice. Once approved, you can receive funds as quick as the same business day.

Choose Autopay for more flexibility

Autopay is best for borrowers who prefer more flexibility when shopping for a new set of wheels. You can purchase a car through one of its partner lenders from a private party or dealership. In addition, you can get a loan to buy a leased vehicle or refinance your existing loan.

Compare more lenders before applying

Westlake Financial and Autopay both offer loans for new and used vehicles. But Autopay is the clear winner if you prefer more control over choosing a vehicle to finance. It’s also a better choice if you need to do a lease buyout or refinance your existing auto loan. However, Westlake might be the smarter choice if you prefer dealership financing. Before submitting a formal loan application with either one, make sure to compare auto loan rates and terms from as many auto lenders as you can.