Westlake Financial Auto Loan | This article will guide you on Westlake Financial Auto Loan, its requirements and how to apply for it…See more details below;
Although Westlake Financial offers loans to people with less-than-perfect credit and has a number of other advantages, it may not be the ideal option for everyone due to its high maximum APR.
Drivers seeking to buy and finance their next vehicle can do so at Westlake Financial. The internet market promotes prequalification and provides financing for both new and old cars. It collaborates with approximately 30,000 dealerships across all 50 states, and through these dealerships, it provides indirect loans.
Pros and cons of Westlake Financial auto loans
Flexible acceptance criteria: Along with credit score, Westlake considers a driver’s educational background and employment history.
Same-day funding available: Utilizing Westlake, you may apply and have your auto loan funded the same day.
Fully online process: Fast funding and a fully online contracting process are made possible by the online system.
Limited vehicle choices: Only automobiles at partnered dealers can be financed.
High APRs: A maximum APR of about 30% is significantly greater than the competition.
Poor customer service reviews: The Better Business Bureau receives a lot of unfavorable complaints.
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Who is Westlake Financial best for?
For a driver who likes to finance their vehicle through a dealer rather than a direct lender, a loan with Westlake Financial is the best option. Due to the high maximum APR, the ideal candidate would ideally have excellent credit, but Westlake can work with people who have less-than-perfect credit. The approval process takes into account factors like work and educational history, making it possible for people with poor or no credit to purchase a vehicle.
Prequalification is another option that might give you a rough sense of your anticipated rates before making a purchase. A different lender might offer better service if you have your eye on a specific car because the available inventory is restricted to partnered dealers.
Types of Westlake Financial auto loans
Through its affiliated dealers, Westlake Financial provides indirect auto loans for both new and used cars. The Westlake website states that permission and money may be made accessible in real-time or up to two days in advance.
Westlake Financial Interest Rate and terms
Like with other lenders, customers with the finest credit histories get the best rates, which can be as low as 2.99 percent. Even while Westlake Financial considers factors other than credit when evaluating borrowers and accepts all credit scores, people with no credit history or a low score may still be subject to interest rates as high as 29.99 percent. With periods of 48 to 72 months, the online loan application provides for funding in the range of $5,000 to $30,000.
How to apply for a loan with Westlake Financial
As an indirect lender, Westlake Financial serves. Although you can prequalify for a loan online, the deal must be sealed in person at a dealership. These three procedures should be followed to apply for an auto loan.
1. Apply for prequalification
First, fill out an application for loan prequalification on the company’s website by providing personal data such as your name, birthdate, contact information, residence, and job status. Your credit won’t be affected by this action.
2. Search for vehicles
The internet marketplace that shares autos in your neighborhood based on budget and price range is another option after that. Additionally, you can tailor your search criteria based on vehicle type or monthly payment.
3. Finalize financing
Finally, you’ll get a loan offer, which you can take to one of the partner dealerships. Once your loan application has been fully authorized and your purchase has been made, you can start making payments online, via check, or over the phone.
Westlake Financial Auto loan requirements
There are no income or credit score limitations at Westlake Financial. However, due to the high maximum APR, you can be forced to pay exorbitant interest rates if your credit isn’t at least fair.
- You are required to put down a minimum of 10%. The financed car must be under 10 years old and have fewer than 120,000 kilometers on it.
- The allowable loan-to-value ratio (LTV) is 110 percent at most.
- Before approving an application, figure out your equity using Bankrate’s calculator.
Westlake Financial Customer service
The benefit of the financing arrangement is that you will interact directly with a dealer after approval. However, the lender has a B rating from the Better Business Bureau, and its customer review rating is only 1 star.
The majority of evaluations mention car repossessions and difficult-to-contact account agents. Call 888-893-7937 to speak with a member of Westlake Financial’s customer service department from 9 a.m. to 9 p.m. on weekdays and from 10 a.m. to 7 p.m. on weekends.