Westlake Financial auto loans: 2024 review

Westlake Financial is best for rate-shopping with dealers

Westlake Financial takes the legwork out of finding a dealer loan with competitive terms. Instead of applying for financing with several lenders, simply submit a brief questionnaire and, if there’s a fit, view loan quotes from dealer partners. This means you can explore several auto loan options in a fraction of the time you’d spend searching for and applying directly with lenders. You can also shop through new or used vehicles through Westlake’s platform, making it a convenient all-in-one car-buying experience.

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.

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 to get a Westlake Financial auto loan

Westlake Financial functions as an indirect lender. While you will prequalify for the loan online, you must go to a dealership to finalize the deal in person. To apply for an auto loan, follow these three steps.  

1. Apply for prequalification. First, apply for loan prequalification on its website by entering personal information, including your name, date of birth, contact information, address and employment status. This step will not affect your credit.
2. Search for vehicles. Next, you can search for your vehicle directly through the online marketplace, which shares vehicles in your area based on budget and price range. You can also narrow your search criteria to monthly payment or type of vehicle.
3. Finalize financing. Finally, you will receive a financing offer and go to one of the participating dealerships with the offer in hand. After you are fully approved for the loan and your purchase is finalized, you can begin payments either online, by check or via the phone. 

How Bankrate rates Westlake Financial

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.