2024 Westlake Financial Auto Loan Review

Westlake Financial auto loans at a glance

Westlake Financial auto loans may offer potential buyers options where they would otherwise have none. You don’t need a minimum credit score or even a minimum income to qualify for financing with Westlake, which is offered through a network of new and used car dealerships. Here’s what you need to know before filling out an application:

• Large loan amounts available: With loan amounts up to $50,000, Westlake can be an attractive option for borrowers looking to finance an expensive vehicle.
• Few borrower requirements or restrictions: Westlake will consider buyers with bad credit, open or past bankruptcies, or prior repossessions. You also don’t need to meet any minimum income requirements or show job tenure to qualify for a loan.
• Fast approval timeline: Borrowers may receive instant loan approval, if eligible.
• Best for borrowers with poor credit: Westlake offers low rates for borrowers with strong credit, but this lender is best for bad-credit auto loans. With no minimum income or credit score requirements, a Westlake Financial loan may be a good choice for consumers who can’t find funding elsewhere.

Westlake Financial pros and cons

Westlake Financial works with borrowers of nearly all credit profiles, but you won’t know your exact interest rate until you go to the dealer and complete the full credit application. Here’s what else you should consider:

While Westlake offers auto loans to borrowers who have little or no credit, it can come at a hefty price. On the other hand, if you prefer to manage purchasing and financing your vehicle in one place, you may appreciate the convenience of negotiating directly with the dealer rather than with a separate lender.

Westlake loans may include perks such as payment deferral options, a one-time monthly payment due date change option and not needing to put down a down payment if your credit score is high enough.

However, it’s important to note that the Consumer Financial Protection Bureau (CFPB) received more than 500 auto loan complaints about Westlake Financial in 2023 alone.

A closer look at Westlake Financial auto loans

Westlake Financial offers indirect auto loans through participating new and used car dealerships across the U.S. Depending on your credit score, you could fall into one of four tiers of interest rates: Standard, Gold, Platinum and Titanium.

• Titanium Program (750+) — APR starting from 4.99%; borrow up to $50,000
• Platinum Program (700-749) — borrow up to $50,000
• Gold Program (600-699) — borrow up to $50,000; allows active bankruptcies
• Standard Program (0-599) — borrow up to $25,000; allows active bankruptcies, and dealer fees may be as low as $349

If your credit score is 750 or higher, you may qualify to put no money down.

The loan rates and terms you receive at a dealership are likely to differ from the rates and terms you can find if you apply directly to Westlake. While you can get prequalified online, it’s only an estimate. You won’t know your exact loan rate or terms until you visit one of Westlake’s partner dealers in person.

How to get a loan with Westlake Financial

Since Westlake Financial is an indirect lender, you’ll first have to submit an application for prequalification with one of the dealers in its network or online. Once you’re prequalified, you’ll need to visit your chosen partner dealership to seal the deal.

1. Visit the Westlake Financial website to peruse its directory of cars for sale. Searches can be filtered by make, year, body style, color, features and location. If you find a car you like, the directory will show you potential rates, terms and projected payments.
2. Submit a prequalification application. Because you’re not including your Social Security number, your credit will not be affected when you submit the form. You’ll provide personal details like your name, address, income and information about your current job. Westlake Financial will then send your application to local dealerships so they can contact you with financing terms.
3. Compare the offers you receive from different dealers. If the loan terms suit your budget and you decide to accept an offer, you’ll need to complete a full application at the dealer. This will include verifying your identity and a hard credit check, which can temporarily lower your score. Once approved, you can make payments online, over the phone or by sending a check.

How Westlake Financial auto loans compare

Before you start car shopping, you should do some loan shopping: Compare auto lenders to get a clear idea of the rates, terms and offers you might be eligible for. Take a look below to see how Westlake Financial compares to other auto loan lenders that offer preapprovals and also work with borrowers who have poor credit or no credit.

Is a Westlake Financial loan right for you?

A Westlake Financial auto loan may be right for you if you want the convenience of purchasing and financing your next vehicle from the same place. If you’re just starting out or you have a less-than-ideal credit history, your chances of getting accepted for a loan may be higher with Westlake Financial than with other lenders.

However, you should also be prepared to pay high APRs of up to 29.99% if you have a poor credit score. Whatever your situation, shop around with multiple lenders to boost your negotiating power before making a final decision.