Westlake Financial Review 2024
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Traditional car financing can involve applying to multiple lenders. Westlake Financial simplifies the process. They connect you with dealerships offering competitive loan options. This lets you browse various auto loan quotes from their dealer partners, all in one place.
Founded in 1988, Westlake Financial is a privately held company headquartered in Los Angeles, California. It focuses on acquisition servicing of prime, sub-prime, and non-prime automotive retail installment contracts.
They help car dealerships sell cars and originate indirect retail installment contracts through close to 21,000 new and used car dealers. The servicing part happens at an in-house facility in Los Angeles.
Unique Features of Westlake Financial
- The Buy Program: It is the company’s unique credit approval software. This allows the dealers to get on-the-spot loan approval without waiting for callbacks.
- Wide dealer network: It has a network of over 30,000 dealerships, which will help you find a dealer who can help you with the loan requirement according to your credit pattern.
- Access to customer support: It offers customer support for six days a week.
- Secure Title Loans: Borrowers can also choose car, motorcycle, or RV title loans through partner lenders.
Does Westlake Financial Offer Auto Loans?
Westlake Financial facilitates indirect auto loans for both new and used vehicles in partnership with affiliated dealerships. Once you apply, the company offers approval and funding in two days.
Westlake Financial provides auto loans for both new and used cars for amounts ranging from $5,000 to $30,000. The terms are flexible and are between 48 and 72 months. However, the specific APR rates are not disclosed.
These are the categories that you can fall into based on your credit scores.
| Program | Credit Score Range | APR Starting From | Maximum Loan Amount | Additional Features |
|---|---|---|---|---|
| Titanium | 750+ | 6.99% | $50,000 | - |
| Platinum | 700-749 | Variable | $50,000 | - |
| Gold | 600-699 | Variable | $50,000 | Allows active bankruptcies |
| Standard | 0-599 | Variable | $25,000 | Allows active bankruptcies |
How to Qualify: Westlake Financial Service Requirements
- Credit and Income: Westlake Financial does not list any requirements regarding income or credit score. However, applicants with at least fair credit may have a better chance of securing a lower APR.
- Down Payment: Applicants must make a minimum down payment of 10 percent.
- Vehicle Criteria: The vehicle must have less than 120,000 miles and cannot be older than ten years.
- Loan-to-Value Ratio (LTV): Applicants must have a lower loan-to-value ratio (LTV) than 110 percent.
Pros and Cons
| Pros | Cons |
|---|---|
| Westlake Financial offers flexible eligibility criteria, making it accessible to borrowers with varying credit backgrounds. So, if you have a credit history that has an issue, then the company is flexible. | Borrowers may have fewer options in terms of the make, model, and year of vehicles they can choose from. So, you might not be able to get the car of your choice. |
| It offers same-day funding, providing borrowers with quick access to the funds they need. | The Annual Percentage Rate (APR) for loans from Westlake Financial is not specified upfront. Therefore, you will not get the full cost of the loan for a comparison to be made. |
| Multiple dealerships on the same platform make it easier for you to compare rates. | Offers only indirect lending and might have to pay dealer fees. |
How to Refinance My Westlake Financial Auto Loan: Steps to Follow
Prequalification Application
With Westlake, you should apply for prequalification by entering your details on the website.
Search for vehicles
You can finalize the type of car you need based on your budget and needs.
Receive the financing offer
Once you get the financing offer, you can move to the dealerships with the offer you’ve received. Consequently, your loan will be approved, and you can then make the payments.
Westlake Financial Review: Way.com Summary
A Westlake Financial loan is ideal for drivers who prefer dealership financing over direct lending options. Utilizing the online application system offers a time-saving alternative to traditional paperwork completion at dealership offices.
It works as a good option for people who don’t have an exemplary credit score or are just starting. Similarly, if you are not able to get loans elsewhere but can make payments on time, then it is a good option.
Frequently Asked Questions
How do I contact Westlake Financial?
You can contact Westlake Financial services by phone, email, or through their website. Westlake phone number is 888-893-7937 and is available Monday through Friday from 9 a.m. to 9 p.m. and Saturdays from 10 a.m. to 7 p.m.
Is Westlake Financial legit?
Yes, Westlake Financial is a legit lender. However, it is not a direct lender as it matches the lenders with the borrowers through its platform and offers loans for new or used cars.