Westlake Financial vs. Autopay: Which offers better auto loans?
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Key takeaways
- Westlake Financial and Autopay are online marketplaces that connect borrowers to lenders, with Autopay offering more flexibility in loan amounts and repayment terms.
- Westlake Financial is better for smaller dealership loans, with a low minimum loan amount and quick funding options.
- Autopay is better for expensive car purchases or refinancing, with a wider variety of loan options, including cash-out refinancing and lease buyout loans.
Westlake Financial and Autopay are both online marketplaces, which means they compare auto loans for you rather than you doing the legwork yourself. You can finance new and used loans through Westlake Financial’s network of over 30,000 partner dealerships across the U.S. Autopay also matches your application to lenders, with a wider range of terms to get you the best auto loan rates or tailor your payment more closely to your budget.
While Westlake Financial’s low loan amount limits make it a good choice for lower-priced car purchases, Autopay is better for borrowers seeking larger loan amounts with more flexible repayment terms.
Westlake Financial vs. Autopay at a glance
Westlake Financial and Autopay connect borrowers to lenders but each caters to a very different car purchase price. Autopay also offers refinancing options that may be worth a look if you need some extra cash and have a vehicle with a lot of equity.
| Westlake Financial | Autopay | |
|---|---|---|
| Bankrate score | 3.7 | 4.3 |
| Better for | Dealership financingFast fundingAffiliated with thousands of dealers nationwide | Refinancing options available Higher loan amountsMore repayment terms |
| Loans offered | New and used car loans |
|
| Loan amounts | $5,000-$30,000 | $8,000-$150,000 |
| APRs | Not specified | From 5.69% |
| Loan term lengths | 48-72 months | 12-96 months |
| Fees | Not specified | Possible origination fee |
| Minimum credit score | Not specified | Not specified |
| State footprint | All states | All states |
| Time to funding | As soon as the same day | As little as one business day |
| Autopay discount? | No | Varies by lender |
| Refinancing restrictions | Doesn’t offer refinancing options | Age of vehicle: Less than 10 years old Vehicle mileage: Less than 150,000 miles |
Westlake Financial
Better for small dealership loans
Bankrate’s view
Westlake Financial offers new and used vehicle financing using a network of over 30,000 dealerships throughout the country with loan amounts starting at $5,000. Its maximum loan amount of $30,000 is lower than most lenders offer, which may not be enough to finance the current average cost of a new car.
Westlake Financial funds loans quickly, with same-day funds available for qualified borrowers. That means you could leave the dealership with your keys and financing in hand. As long as you can find a car through a partner on its dealership website, it offers you a fast path to a new ride.
Pros
- Low loan amount minimum
- Quick funding
- Flexible approval requirements
Cons
- Limited vehicle options
- Small loan amount range
- Poor customer reviews
Autopay auto loans
Better for refinancing
Bankrate’s view
Autopay offers an impressive variety of loan amounts and repayment terms through partner lenders, including new and used car loans, lease buyouts, auto refinancing and cash-out refinancing. Like Westlake Financial, Autopay allows you to prequalify without affecting your credit.
You’re also not limited to choosing a vehicle from any particular dealer or seller. If you just need some quick cash from your current vehicle, you can see if an Autopay cash-out refinance makes sense. Autopay’s minimum interest rate of 5.69 percent is lower than most competitors offer. One caveat: The lowest rate is typically reserved for excellent credit borrowers.
Pros
- More flexibility in choosing a vehicle
- Long repayment terms
- Wide variety of auto financing options
Cons
- Higher minimum loan amount limit
- Maximum rate not disclosed
- Unclear eligibility requirements
How to choose between Westlake Financial and Autopay
Westlake Financial may be a good fit if you want a quick loan to buy a car from a dealership. Autopay is a better choice if you need a broader range of loan amounts and repayment terms to choose from.
APR range
Autopay discloses its minimum annual percentage rate (APR), but neither lender provides public information about its maximum APRs. That’s most likely because each lender provides marketplace services, which entails giving you access to a variety of lenders based on the information you provide when you apply.
Minimum credit score
Neither lender discloses its minimum credit score, which makes it difficult to know what credit profiles will be approved. You may want to prequalify with your local bank or credit union so you at least have an idea of what your credit scores are and use the offer as a baseline to compare against what you get from Westlake Financial or Autopay.
Repayment term
Autopay wins hands down when it comes to repayment term flexibility, giving borrowers as little as 12 months or as long as 96 months to pay for car financing. Westlake Financial limits you to 48 to 72 month terms. Autopay is also the clear choice if you’re buying a car with a price tag that requires a loan amount above Westlake Financial’s $30,000 cap.
Time to receive funds
Westlake Financial ekes out a win in this category with the potential to get your keys and your loan proceeds within the same day. Autopay isn’t far behind though, with best case funding within a day of your approval. Keep in mind that Autopay’s fastest turn times may be limited to car purchase loans. Lease buyback and refinance loans may take extra time since the lenders will have to take extra time to vet the condition of your current vehicle.
Fees
Neither lender is transparent about its costs, but there don’t appear to be any fees for the comparison services each provides. You may want to get an estimate from your local bank so you at least have something to compare your Westlake Financial or Autopay loan terms to when you start getting prequalification offers.
The bottom line: Which lender is better?
The best option for you will depend on what you need from your car loan. With plenty of cars to choose from within its network, there are pretty good odds you could leave the lot with your car and financing all set up with a Westlake Financial loan. Although the loan term options are more limited, the smaller loan limits may keep you from buying a car beyond your budget.
If you want a new set of wheels, you’ll have a lot more borrowing power with Autopay’s six-figure loan limits. You can also spread out the payments up to 96 months to keep that new car payment as affordable as possible. And don’t forget: Autopay also has refinancing options if you want to lower your current car payment or tap some equity in your current vehicle.
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