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Westlake Financial Review
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|Westlake Financial Auto Loans: At a Glance|
|APRs||Loan terms||Loan amounts|
|2.99% to 29.99%+||Up to 72 months||$5,000 to $30,000|
|Best for: All credit types|
Westlake Financial Services offers auto financing through a network of 50,000+ new and used car dealerships. You could prequalify online, but you won’t know your exact rate or terms until you visit one of Westlake’s partners dealers. A Westlake Financial auto loan could be a good fit, especially if you’re looking for a used car and your credit is less than ideal. Westlake has no minimum income or credit score requirements. If you’re curious about the company and looking for Westlake Financial reviews, we’ll break down the details, requirements and how to apply.
How Westlake Financial auto loans work
Westlake Financial provides auto loans for used and new cars in all 50 states. However, inventory varies from location to location, and the newest vehicles may not be available in your area. Westlake auto finance rates start at 1.99% APR and go up from there depending on your credit score. Those with the strongest credit qualify for the lowest rates and highest loan amounts, but unlike some lenders, Westlake considers those with poor scores and even bankruptcies. Here’s a closer look at rates and maximum amounts by credit tier:
- Titanium Program (750+) — 2.99% APR to 8.99% APR; $50,000
- Platinum Program (700+) — 5.99% APR to 20.99% APR; $50,000
- Gold Program (600-699) — 9.99% APR to 24.99% APR; $30,000
- Standard Program (0-599) — Up to state limit; $30,000
If your credit score is above 700, you may qualify to put no money down. For borrowers with credit scores below 700, down payments range from 7.5% to 10%. Those with the strongest credit (scores of 600 and above), may be eligible to borrow more than the car is worth, as high as 150%. This is what’s known as your loan-to-value (LTV) ratio — anything over 100% means you’re upside down on your car loan, which does carry risks.
How LoanCenter auto loans work
In addition to providing auto financing for car purchases, LoanCenter, an affiliate of Westlake Financial, offers auto refinances and car title loans. LoanCenter doesn’t specify rates or minimum credit score requirements for auto loan refinancing, but all credit types are accepted as long as you can show proof of income.
title loans, alternatives
Title loans are a way to get quick cash when you don’t qualify for traditional loans — your car’s title is the collateral. The big drawback is that you risk losing your car if you default on the loan. LoanCenter title loans are available in Arizona, California, Georgia, Idaho, Missouri, New Mexico, South Carolina and Utah. You can borrow $2,000 to $50,000, depending on your car’s value and your state’s laws. Interest rates range from 35.50% to 199.99%, which is typical for this type of loan. According to the Federal Trade Commission, it’s not uncommon for the APR to be 300% or more on a title loan.
There are lower-cost alternatives: Instead of a title loan, applying for an emergency loan could be a more affordable solution when you need quick money. Credit unions, for example, may offer lower interest rates because they’re designed to serve members, even those whose credit is damaged.
Pros and cons of Westlake Financial auto loans
Westlake Financial works with borrowers who have good and bad credit, but as we’ve mentioned, you won’t know your exact rate until you go to the dealer and complete the full application. Here’s what else you should consider:
No minimum credit score required, but your score does impact your interest rate.
No minimum income or job tenure required.
Fast funding is possible — within two days (or the same day in some cases).
Few restrictions — Westlake Financial doesn’t set a limit on car age or mileage. However, it doesn’t finance gray market cars (cars made outside the U.S. that don’t adhere to U.S. safety standards), fire damaged cars, recycled cars, stripped cars, taxis or police cars.
Negative Westlake Financial reviews — The company received around 80 auto loan complaints in 2020 on the Consumer Financial Protection Bureau (CFPB) complaint database. Several complaints are related to problems with billing, interest and fees.
APRs may be high, depending on your credit and where you live.
Indirect lending — If you prefer to negotiate your loan terms with a lender directly, Westlake Financial may not be right for you.
How to apply for financing at Westlake Financial
Since Westlake Financial is an indirect lender, you can prequalify online to get in contact with dealers, but you’ll eventually need to visit a partner dealership to finish the deal.
Step 1: Search for cars in the Westlake Financial car directory
To help you find dealers, the Westlake Financial website has a directory of cars for sale. You can search by make, year, body style, color, and location. If you find a car you like, the directory shows you potential rates, terms and projected payments.
Step 2: Fill out the prequalification form online
You’ll need to provide your name, address, income, and information about your current job. You don’t need to add a Social Security number to the form, and submitting the form does not affect your credit. Westlake Financial sends your information to local dealerships so they can contact you with financing terms.
Step 3: Review and accept financing from the dealer
Finally, compare offers from different dealers and take a trip to the lot for a test drive. If you accept the terms, you’ll need to complete a full loan application that will most likely include a full credit check and identity verification. Once approved, you can make payments online using your Westlake Financial login, or you can send a check or pay over the phone.
Westlake Financial vs. the competitors
If you want to see exact rates and terms before you start car shopping, there are several lenders that offer preapprovals and work with borrowers who have poor credit or no credit. Here’s how Westlake Financial stacks up against those lenders:
|How Westlake Financial compares to other auto lenders|
|Westlake Financial||2.99%+||Up to 72 months||Up to $30,000|
|Capital One||5.79%+||36–72 months||$4,000+|
|Carvana||6.85%+||Up to 72 months||$1,000+|