Westlake Financial vs. Autopay: Which offers better auto 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

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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