Westlake Financial is an online lending marketplace that partners with dealers to help you find your next vehicle and secure financing. myAutoLoan also works with a network of lenders to help you find the best deal on financing, but you’re not limited to specific dealers.

Both options can work if you want a new or used vehicle. However, myAutoLoan is better for other loan options, like refinancing and lease buyouts. Compare what each offers to determine which best suits your financial situation.

Westlake Financial vs. myAutoLoan at a glance

Here’s an overview of what to expect from Westlake Financial and myAutoLoan.

Westlake Financial


Bankrate score 3.7 3.7
Better for 
  • Online rate shopping
  • Low credit borrowers
  • More loan options
  • Transparency
Loans offered New and used purchase loans
  • New and used purchase loans
  • Auto refinance loans
  • Private party auto loans
  • Lease buyout loans
Loan amounts $5,000-$30,000 From $5,000 (refi); $8,000 (all others)
APRs Not specified From 4.99% (refi); 6.84% (new)
Loan term lengths 48-72 months 24-84 months
Fees Not specified Not specified
Minimum credit score Not specified 600
State footprint All states 48 states and Washington, D.C.
Time to funding As soon as the same day As soon as the next business day
Autopay discount? Not specified Not specified
Refinancing restrictions Not applicable
  • Age: Up to 10 years
  • Mileage: Up 125,000 miles
  • Minimum loan amount: $5,000

Westlake Financial auto loans

Westlake Financial is a platform that simplifies the car-buying process. It matches prospective borrowers with dealerships in its partner network to secure auto loan financing.

You can get prequalified for funding without impacting your credit score, and perfect credit isn’t required to secure a loan. Getting approved for a loan and funded the same business day is also possible. There are a few downsides to doing business with Westlake Financial, though.

Westlake only offers purchase loans, so it isn’t a good fit for borrowers looking to refinance their current loan. You’re also limited to vehicles offered through a partnering dealership. A down payment of 10 percent is also required, which is a requirement not all lenders impose.


  • Fast funding: Some borrowers are approved and funded for an auto loan on the same day.
  • Flexible lending guidelines: Westlake evaluates your credit history, employment history and educational background to determine your eligibility for a loan.
  • Get prequalified with no credit check: Use the online tool to get pre-qualified for an auto loan with a soft inquiry.


  • Down payment requirement: A down payment of at least 10 percent is required to get an auto loan. While it’s always smart to make a down payment, some lenders let well-qualified borrowers skip this requirement.
  • Limited to purchase loans: If you want to refinance your current loan or get a lease buyout loan, you’ll have to look elsewhere for funding. Plus, the max amount of $30,000 won’t cover the current average new car’s price, even with a 10 percent down payment.
  • Limited vehicle selection: You must choose a vehicle offered by a partnered dealer. With more than 30,000 partnered dealerships, that’s still plenty of inventory to choose from, but your options won’t be unlimited.

myAutoLoan auto loans

myAutoLoan gives you more funding options than Westlake Financial. You can choose from a purchase loan, lease buyout loan or private party loan. Or you can refinance your current auto loan to get a lower interest rate, different loan term or more affordable monthly payment.

Auto loan financing is available to borrowers with a credit score as low as 600. And if your credit score is higher, you may qualify for the minimum APR (annual percentage rate) of 6.84 percent for purchase loans (or 4.99 percent for refinances). These figures are reasonable considering the average rates for purchase loans for borrowers with good to excellent credit are between 5.61 percent and 6.88 percent.


  • Online prequalification: You can view potential loan offers and terms without impacting your credit score.
  • Accessibility: Perfect credit isn’t required to qualify for a loan, and you could get approved with a bankruptcy, provided it has been dismissed or discharged.
  • Rate disclosures: Starting interest rates are listed online by loan term and loan type.


  • Limited availability: Loans are currently unavailable in Alaska and Hawaii.
  • Lending restrictions: You’re limited to vehicles no more than 10 years old with mileage not exceeding 125,000. These limitations are fairly standard among lenders offering secured auto loans.
  • High minimum loan amount: If you’re looking to purchase a vehicle, the minimum amount you can borrow is $8,000.

How to choose between Westlake Financial and myAutoLoan

Both Westlake Financial and myAutoLoan could be ideal if you have less-than-perfect credit. Still, there are some key differences between the two to be aware of before making a decision.

Choose Westlake Financial if you want to rate shop online

If you want to streamline the car buying process and don’t mind being limited to specific dealers, Westlake Financial could work for you. You can rate shop online and handle the entire financing process in one place.

Furthermore, Westlake offers funding in all 50 states. So, it could be the better option if you live in a state myAutoLoan doesn’t serve.

Choose myAutoLoan for more loan options

As mentioned, you get more flexible loan options with myAutoLoan. You don’t have to buy from a dealer — you can purchase from a private party or buy your leased car. Plus, you can choose to refinance your current loan.

myAutoLoan also offers more transparency on its website. You can view starting APRs by loan term and more specific eligibility guidelines.

Compare more lenders before applying

There are benefits to choosing Westlake Financial and myAutoLoan to secure auto loan financing, even if you have bad credit. Still, it’s worth considering other lenders as better options with more competitive auto loan rates may be available elsewhere. Get quotes from at least three lenders to decide how to proceed.