Westlake Financial auto loans: 2024 review

Types of car loans that Westlake Financial offers

Westlake Financial offers indirect auto loans for new and used vehicles through its partnered dealers. According to Westlake’s website, you can get prequalified in minutes, though it’s unclear how long offers are good for. 

New auto loans 

Westlake’s maximum loan amount of $30,000 is a bit low for a new car, especially as average prices are nearly $50,000, according to Cox Automotive. A rate below 5 percent is competitive, but keep in mind that only highly qualified borrowers will secure an APR that low. 

Used auto loans 

Westlake has the option to filter for used and certified pre-owned vehicles. Used auto loans have the same loan amount limits and terms as new ones. However, with used prices averaging below new, a maximum of $30,000 goes further. Westlake carries some restrictions for its used vehicles: mileage below 120,000 and no vehicles older than 10 years. 

Where Westlake Financial stands out

• Flexible acceptance criteria: Most lenders focus on a borrower's creditworthiness. This can make it challenging for those with less-than-perfect credit to secure a good rate. Westlake, though, factors in each applicant’s education, employment history and credit. 
• Financial hardship extension: Borrowers experiencing financial hardship can defer one or more of their payments. 
• Compare offers: Borrowing from a loan marketplace like Westlake Financial makes it seamless to compare offers from multiple dealerships.

Where Westlake Financial falls short

• Limited vehicle choices: Unlike some lenders that allow you to use funds at any dealership, Westlake has some restrictions. Financing is only available for vehicles found at dealerships that the lender partners with. 
• Indirect lender: To finalize your auto loan, you must go to a dealership in person. This is a downside for a borrower who prefers a seamless online transaction.
• Poor customer service reviews: The lender has consistently poor reviews online. Many of the complaints found on the Better Business Bureau’s website reference extra fees, extreme interest rates and poor communication. 

Westlake Financial customer resources

Customer support

Westlake Financial’s customer service team can be reached over the phone Monday through Friday from 9 a.m. to 9 p.m. and Saturdays from 10 a.m. to 7 p.m. at 888-893-7937.

Digital experience 

Customers handle most of the shopping and financing process on the Westlake Financial website It is fairly easy to navigate and allows you to search dealer inventory in your area online. This streamlines the shopping experience and should be easy even for less tech-savvy borrowers.  

However, after receiving your final offer, you’ll have to print it out and take it to the dealership in person to complete the purchase.

How this lender compares

Westlake Financial vs. myAutoLoan

Unlike Westlake Financial, myAutoLoan does not partner with dealerships to offer auto loan financing. Instead, it’s an online marketplace that matches you with lenders based on your financial profile. You can use the platform loan quotes and decide which is best for you before formally applying. 

Like Westlake, myAutoLoan offers loans for new and used car purchases, but they also offer refinancing and lease buyouts. Rates start at a competitive 7.15 percent for new car loans. You can use myAutoLoan to find direct lenders in minutes, and there’s no impact on your credit score. If approved, you’ll get a check or online certificate to go shopping at the dealership of your choice in as soon as 24 hours. 

Westlake Financial vs. Autopay 

Autopay is another online lending marketplace. It features lending partners specializing in financing solutions for consumers with various financial backgrounds. You can get financing to purchase or refinance a vehicle, buy out a lease or pull cash from your car’s equity. Similar to Westlake Financial, auto loans are available to consumers with all types of credit backgrounds. The maximum loan amount is $120,000, giving you even more purchasing power. 

Do you qualify for a Westlake Financial auto loan?

Westlake Financial does not list any requirements regarding income or credit score. But unless your credit is at least fair, you may be stuck with a high APR (annual percentage rate). 

• Must make a minimum down payment of 10 percent.
• Vehicle must have less than 120,000 miles. 
• Vehicle cannot be older than 10 years.
• Have a lower loan-to-value ratio (LTV) than 110 percent.
• Minimum monthly payment is $250.  

How Bankrate rates Westlake Financial

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.