Westlake Financial Review

Westlake Financial has a different spin on auto loans and financing. Typically, one shops for a vehicle and then seeks financing for their purchase. Westlake turns the tables on this traditional process. Westlake Financial actually sets you up with a new vehicle using its own search tool. You then use the online loan process to pre-approve financing on that vehicle you find at a local Westlake automotive retail affiliate.

About Westlake Financial

Westlake Financial, also doing business as Loan Center, is a lender that works with your retail outlet to provide you with financing. Working with 30,000 partners, Westlake helps you to find a vehicle and then pre-qualifies you before you head over to the local dealership to move your purchase and your loan forward.

The Better Business Bureau gives Westlake Financial an A rating, but not an accreditation. Westlake has been in business for 33 years. Over the past 12-month period, BBB has received about 300 complaints about Westlake Financial, and over the past three years roughly 800 complaints. We scanned the complaints and found that many seemed unreasonable. For example, one reads, “Making payments monthly for 3 years and only $1,500 has gone to the principle balance!” This is an argument with mathematics, not Westlake Financial in particular. Many other complaints had to do with customer service disappointments related to loan payoffs and title transfers.

Why Consider Westlake Financial for an Auto Loan

Those who have less than stellar credit will be pleased to know that Westlake Financial has no minimum credit score requirement. While that is always good news, your interest rate is going to vary based on your credit history. Information we found online indicates that those with excellent credit can likely get an APR under 2%. Those with poor credit may only be offered an APR of around 9%.

Read more on Average Auto Loan Rates here.

How To Apply for a Westlake Financial Auto Loan

Applying for a Westlake Financial loan starts at home. You fill in the blanks on a form and you are then prequalified. With this prequalification in hand, you can head to a local Westlake Financial affiliate retailer knowing what you should expect to get for a loan. The actual loan is written at the dealership.

Westlake Financial Auto Loan Details

We searched online for Westlake Financial auto loan details and found that the rates, maximum borrowing amounts and the length of the loans vary by credit score. Quite a bit. Loan terms are up to 72 months. The total amount offered may be limited due to your credit score. Rates change with time, and your rate will be impacted by many factors. So, be certain that you check carefully what your terms are, and be sure to shop your loan with your local credit union or your bank.

Westlake Financial has a handy inventory search tool. The company also allows you to do some armchair loan pre-approval work. Other than these advantages, Westlake Financial is going to be working through your retailer. That retailer is the only place to find out exactly what you will be offered. From our research, Westlake Financial seems to be a retail-support lender who also offers a consumer-facing web page to help build its brand. You won’t actually obtain your loan directly by working with Westlake Financial from home.

Pros and Cons

Read more on our top recommendations for the Best Auto Loans here.

Read more about Buying a Car here.