Westlake Financial Auto Loan Review

Westlake Financial auto loans at a glance

If you’re having a hard time getting an auto loan, Westlake Financial may be able to help. This lender specializes in bad credit car loans. It doesn’t have a minimum credit score requirement. In fact, you don’t need a credit score at all.

Still, just because you qualify doesn’t mean Westlake is the right choice for you. Here’s what to know.

• Must go through the dealer: Westlake Financial is an indirect lender. That means you can’t get the car loan on your own. Instead, the dealer will submit your application on your behalf.
• You can prequalify: You have to go through the dealer to apply, but you can prequalify on Westlake Financial’s website. Prequalification will help you see how likely it is that Westlake will approve you before you head to the lot.
• Lenient eligibility requirements: Although you don’t have to have bad credit to go with Westlake, this lender is much easier to qualify for than many other lenders. For example, it doesn’t have a minimum annual income requirement.
• Potential for very high rates: Just because Westlake Financial approves bad or no credit doesn’t mean the loan will be cheap. It charges a maximum APR of 29.99%.
• Best for buyers with bad credit and who are purchasing at a dealer: If your credit score is at least 670, you may qualify for another lender with better rates and customer service. But if you really need a ride and can’t get financing somewhere else, then Westlake Financial could be a solution. Keep in mind, though, that you can only buy through a dealer that partners with Westlake.

Westlake Financial auto loan requirements

Compared to most other auto loan lenders, it’s easy to get financing from Westlake Financial. It even accepts borrowers with open and past bankruptcies.

Westlake has a few different programs (sort of like tiers), and some have better rates and terms than others. The better your credit score and borrowing history, the better the program you might qualify for.

For its lowest program (which is geared toward credit scores from zero to 599), Westlake has no minimum requirements for:

• Credit score
• Years of credit history
• Income
• Time at residence or job

Also, Westlake Financial only finances vehicles that have less than 120,000 miles and that are 10 years old or newer.

Westlake Financial pros and cons

Buying a car with a Westlake Financial loan has benefits and drawbacks.

You don’t have to have bad credit to go with Westlake Financial, but it is better suited to those that do. It overlooks a lot of eligibility requirements that traditional lenders consider, like credit, income and how long you’ve lived at your address.

If you do have solid credit, then you might be able to drive off the lot without making a down payment. However, there are other lenders that offer this, such as Chase.

Westlake is also flexible when it comes to payments. It allows one due date extension for eligible borrowers. If you need more time than a due date extension allows, you may be able to skip a payment and add it to the end of your loan term.

One big detractor for Westlake Financial is its rates. If you have truly bad credit, you might end up with a 29.99% APR. Use an auto loan calculator to understand what a rate that high means for your bottom line.

Another important thing to note is Westlake Financial’s customer service. Year-to-date (2024), the Consumer Financial Protection Bureau (CFPB) has tallied over 228 complaints about Westlake Financial. Of those complaints, most are about credit reporting errors and debt collection practices.

Westlake Financial company overview

Since its 1978 inception, Westlake Financial has specialized in car loans for bad credit. Today, it claims to be the biggest privately held auto financing company in the United States. Westlake Financial does business countrywide and partners with more than 23,000 dealerships.

Westlake Financial auto loan types offered

Westlake Financial offers new and used car loans through partner dealerships. It has a few packages you could qualify for, depending on your credit score.

• Standard Program (0-599): Can qualify with open and past bankruptcies; non-Westlake repossessions okay; no minimum requirements regarding credit score, income, job tenure and time at residence; may be charged Westlake Financial’s maximum APR of 29.99%
• Gold Program (600-699): Has many of the same eligibility requirements as the Standard program, but may qualify for a bigger loan; 600 minimum credit score
• Platinum Program (700+): Still no minimum income, job tenure or residency requirements; may not qualify with bankruptcies or repossessions; 700 minimum credit score
• Titanium Program (750+): May get Westlake Financial’s lowest rates and may waive down payment; 750 minimum credit score

You can also get special vehicle financing through Westlake Financial, including:

• RV financing
• Commercial vehicles
• Classic car financing
• Exotic car financing
• Powersports financing
• Branded title financing

How to get an auto loan with Westlake Financial

You can’t just apply for a Westlake Financial auto loan. Instead, you have to go through a partner dealer. This is called indirect lending.

In some ways, going with indirect lending can be easier, since the dealer will be doing most of the legwork. Here’s what to expect when shopping for a Westlake auto loan.

1. Prequalify online. First, you need to prequalify for a Westlake Financial auto loan. Prequalification won’t hurt your credit score since it only requires a soft credit pull. This process isn’t a guarantee that Westlake will approve you. But it will give you an idea of what rates you might qualify for.
2. Shop for a car from a partner dealer. Once you’ve prequalified, it’s time to shop for a car with a Westlake-partnered dealer. You can see what’s available (and where) on Westlake Financial’s website. You can tailor your search according to what you’re looking for. As an example, you can filter by desired monthly payment.
3. Print your offer and take it to the lot. Once you find a car, you will print your offer and take it to the dealer. The dealer will then submit a formal application on your behalf (this requires a hard credit pull). Shortly after, you could be headed home in your new car (assuming Westlake approves you).

Is a Westlake Financial auto loan right for you?

Westlake Financial could be for you if you’ve been turned down by other lenders. It has loose eligibility requirements.

If you have good credit or prioritize customer service, then you may want to skip this one. CFPB complaints show that many borrowers aren’t satisfied with their experiences with Westlake. Read these complaints and Westlake Financial reviews before signing on.

Regardless, don’t come to a final decision without shopping around. Just like with car insurance, you have to shop around to make sure you’re getting the lowest rate. Aim to get prequalified with at least three lenders.

How Westlake Financial auto loans compare

If you have bad credit, you might think that Westlake Financial is your only option. That may not be the case. Let’s take a look at some other auto loan lenders that are known to offer bad credit car loans.

In the table below, note that Westlake’s starting APR applies to both new and used cars. Carvana’s APR is for used cars and Capital One’s APR applies to new cars only.

As you can see, Westlake Financial has a much lower starting APR than Carvana and Capital One. But remember — unless you have outstanding credit, you won’t see rates that low with any of these lenders.

Carvana has slightly longer loan terms than Westlake and Capital One. A longer repayment term could help lower your monthly car payment, but you may pay more overall interest. Like Westlake Financial, Carvana doesn’t have a minimum credit score requirement.

Capital One has a higher minimum loan amount than Carvana — you have to buy a car that’s worth at least $4,000. It doesn’t specify its minimum credit score requirement, but based on LendingTree internal data, it works with good- and bad-credit borrowers alike.