Westlake Financial Auto Loans: 2023 Review
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
- 45+ auto loan products reviewed and rated by our team of experts.
- 30+ years of combined experience covering financial topics.
- Objective, comprehensive star rating system assessing 4 categories and 60+ data points across direct lenders and aggregators.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Auto loan reviews
Best for borrowers unable to get an auto loan through other lenders and needing flexible credit requirements, although loans for such borrowers will most likely have a very high interest rate.
New auto purchase loan review
Pros
-
Offers pre-qualification with a soft credit check.
-
Has more than 50,000 dealer partnerships, with dealers in all 50 states.
-
Allows co-signers.
Cons
-
Has poor online customer reviews and ratings.
-
Must purchase your vehicle at a Westlake network dealership.
-
The maximum APR possible is much higher than other lenders.
Best for applicants who, due to a low credit score or past credit issues, are not able to secure auto loan financing elsewhere.
Full Review
Westlake Financial offers new and used car purchase loans through a network of car dealerships, with dealers in all 50 states. Applicants complete an online application to pre-qualify on the Westlake website. Pre-qualification does not affect your credit score, but it also isn’t an approval of credit.
Westlake shares applicant information with dealerships, and the dealer then contacts the applicant. Applicants will submit a full credit application at the dealership for final credit approval, interest rate and loan terms. The loan itself is through WestLake Financial.
Westlake has more flexible loan approval criteria than many lenders — such as no minimum credit history, income or credit score requirements. Borrowers who can’t qualify for an auto loan with other lenders can most likely get approved through Westlake, but usually with a very high rate. Westlake provides a rate range on its website, and the highest possible rate is much higher than that of most other lenders.
Westlake does make lower-rate loans for borrowers with good credit (a FICO score of 690 and above), but borrowers with good credit most likely have better options available to them. Online reviews of Westlake are predominantly negative, with complaints ranging from poor customer service to difficulty obtaining a car’s title after paying off a loan.
Westlake may be a good fit for those who:
Are not able to finance a car elsewhere. Westlake does provide an option for car buyers who can’t get a car loan elsewhere due to no credit, bad credit or past financial problems, such as bankruptcy.
Can make on-time payments and refinance. Westlake can be an opportunity to gain access to car ownership, make on-time payments for six to 12 months and then look into refinancing to a lower-rate loan with another lender.
Want to pre-qualify before going to a dealership. Westlake has an online marketplace where car buyers can search for cars at nearby dealerships by desired monthly payment, vehicle price, body type and more. They can then see pre-qualified loan terms and print a voucher to take to the designated dealership to finalize the loan.
Westlake auto loans at a glance
- Qualifications
Minimum FICO credit score: None.
Minimum credit history: None.
Minimum annual gross income: None.
Maximum debt-to-income ratio: Did not disclose.
Bankruptcy restrictions: Previous bankruptcies and non-Westlake repossessions are accepted. In some cases, open bankruptcies are OK.
States covered: Offers financing through dealerships in all 50 states.
- Restrictions
Maximum vehicle age: No restrictions for borrowers with a FICO credit score of 600-plus. Otherwise 10 years.
Maximum vehicle mileage: No restrictions for borrowers with a FICO credit score of 600-plus. Otherwise 120,000 miles.
Other vehicle restrictions: Must be purchased from a dealer in the Westlake network of 50,000-plus dealers. Westlake's website provides a locator to find nearby dealerships.
Loan amount minimum: No minimum.
Loan amount maximum: $50,000.
Maximum loan-to-value ratio: Did not disclose.
- Other loan details
Loan terms: 48 to 72 months.
Rate discount: Did not disclose.
Greater-than-minimum payments: Did not disclose.
Bi-weekly payments: Did not disclose.
Late payment fee: Did not disclose.
Prepayment penalty: Did not disclose.
Co-applicants allowed: Yes. Allows co-signers and co-borrowers.
Payment options: Mailed-in check, phone, online portal, mobile app, ACH (electronic bank-to-bank), in person.
Selected payment due date: Can change the payment due date one time during the loan term.
Hardship plans: Westlake's website says yes and lists the possibility of skipped payments and extended loan terms. Numerous online customer reviews say these options were not available to them.
- Customer service
Assistance provided: Did not disclose. Westlake has multiple negative reviews online related to customer service.
Availability: Customer service hours are Monday to Friday 5 a.m.-9 p.m., Saturday and Sunday 5 a.m.-2 p.m. PT.
Contact options: Phone, email, mail or website form.
» MORE: Compare bad-credit auto loans
Lender | Est. APR | Loan amount | Min. credit score | |
---|---|---|---|---|
6.29-
29.90% | $8,000-
$100,000 | 575 | Visit Lenderon MyAutoloan's website on MyAutoloan's website | |
6.24-
34.90% | $8,000-
$100,000 | 575 | Visit Lenderon MyAutoloan's website on MyAutoloan's website | |
7.74-
15.69% | $5,000-
$100,000 | 660 | Visit Lenderon LightStream's website on LightStream's website | |
7.74-
15.69% | $5,000-
$100,000 | 660 | Visit Lenderon LightStream's website on LightStream's website | |
6.79-
17.54% | No min.-
$100,000 | 600 | Visit Lenderon Consumers Credit Union's website on Consumers Credit Union's website |
Used auto purchase loan review
Pros
-
Offers pre-qualification with a soft credit check.
-
Has more than 50,000 dealer partnerships, with dealers in all 50 states.
-
Allows co-signers.
Cons
-
Has poor online customer reviews and ratings.
-
Must purchase your vehicle at a Westlake network dealership.
-
The maximum APR possible is much higher than other lenders.
Best for applicants who, due to a low credit score or past credit issues, are not able to get auto loan approval elsewhere.
Westlake auto loan rates
Credit requirements vary by auto lender, but Westlake Financial’s lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above). With fair or bad credit you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. You can check your credit score before applying for a car loan.
Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 300-499 (considered deep subprime), a $20,000 used car loan, repayment term of 72 months, interest rate of 18% APR and $0 down payment would have monthly payments of $456. One year later, if all payments were made on time, the borrower will have paid the loan down to a balance of $17,963. If the borrower is able to then refinance at 12% APR for the remaining 60 months, the payment would drop to $399 and result in interest savings of $3,394 over the life of the loan.
To review Westlake Financial, NerdWallet contacted Westlake representatives and requested that the company complete our standard auto lender survey. Westlake declined, so this review is based on public information and the company’s website. The information gathered was compared with other lenders that seek the same customer or offer a similar product.
Frequently asked questions
- Is WestLake Financial a good place to get a car loan?
Westlake may be the best option for individuals who can’t get car financing elsewhere and have a critical need for a car, such as getting to and from work. Borrowers who end up with a very high rate through Westlake should make every attempt to make on-time payments for six to 12 months, and then look into refinancing to a lower rate elsewhere.
For borrowers who can get an approved auto loan elsewhere, other lenders may be a better choice. Westlake is not Better Business Bureau accredited and has a customer review rating on the BBB site of one star.
- Is WestLake Financial legit?
Westlake Financial is a legitimate company that has been in business since 1978. It began as the Buy-Here-Pay-Here division of the Hankey Automotive Group. WestLake Financial remains a member of the Hankey Group of Companies, which includes Westlake Portfolio Management, Westlake Flooring, Wilshire Consumer Credit, Western Funding and Westlake Capital Finance.