Westlake Financial vs. Autopay: Which offers better auto loans?
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 online marketplaces that connect borrowers to lenders. You can use either service to compare multiple auto loan rates at one time.
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 its network of lenders with a wider range of terms to get you a competitive rate on your loan or tailor your payment more closely to your budget.
Westlake Financial’s low loan maximum amount make it a good choice for lower-priced car purchases. Autopay is better for borrowers who need to finance a larger loan and who want 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. For most people, Autopay may be the better choice — its larger loans make it easier to afford a car, especially as average sale prices continue to climb.
| Westlake Financial | Autopay | |
|---|---|---|
| Bankrate score | 3.9 | 4.3 |
| Better for | Small dealership loans | Wide variety of loan options |
| Loans offered | New and used car loans | New and used car loans Refinancing Lease buyouts Cash-out refinancing |
| Loan amounts | $5,000–$30,000 | $8,000–$120,000 |
| APRs | 4.99%29.99% | Starts at 4.85% |
| Loan term lengths | 48 months-72 months | 12 months-96 months |
| Fees | Not specified | Documentation fees |
| Minimum credit score | Not Specified | 580 |
| State footprint | All states | All states |
| Time to funding | Same-day funding available | 2-4 business days |
| Autopay discount? | No | Yes |
| Refinancing restrictions | Refinancing not available | Age of vehicle: Less than 10 years old Vehicle mileage: Less than 150,000 miles |
Westlake Financial auto loans
Westlake Financial
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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 $30,000is lower than most lenders offer, which may not be enough to finance the current average cost of a new car.
That said, 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.
Note that lenders typically request to verify your contact information, such as a phone number, for the preapproval process.
Autopay auto loans
Autopay
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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.
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
Both Westlake Financial and Autopay disclose their minimum annual percentage rate (APR), but Autopay doesn’t provide public information about its maximum APR. That’s most likely because the 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 terms between 48 months and 72 months.
Loan amount
Autopay is the clear choice if you’re buying a car with a price tag that requires a loan amount above Westlake Financial’s small $30,000 cap. Autopay borrowers can access higher loan amounts, with options extending up to SHORTCODE. With the average sale price of new and used vehicles sitting at or above the $30,000 mark, Autopay is likely a better choice for most people.
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.
