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Westlake Financial Services

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1.5

Overall Score

LAST UPDATED: August 3rd, 2022

Founded in 1978 and headquartered in Southern California, Westlake Financial Services offers a full suite of car loan options and specializes in prime to subprime auto retail installment contracts. It even finances customers with no credit, a history of bankruptcy or repossession (through a company besides Westlake). 

Westlake Financial Services has a nationwide network, servicing more than 28,000 new and used car dealerships from around the country. It is not a direct lender. Once consumers get pre-qualified through the online service, they are connected to local in-network dealers, where a full credit application can be completed after a deal is struck. 

Financing options available to consumers at the auto dealership are determined by customer credit scores and broken up into three tiers of contracts:

Standard Program: 

  • FICO scores: 0-599
  • APRs: Not listed
  • Maximum loan amount: $30,000

Gold Program: 

  • FICO scores: 600-699
  • APRs start at 9.99%
  • Maximum loan amount: $30,000

Platinum Program: 

  • FICO scores: 799 and up
  • APRs start at 5.99%
  • Maximum loan amount: $50,000

All three service tiers offer loan terms up to 72 months (6 years), accept hard-to-prove incomes, have no minimum loan amount requirements, and no vehicle mileage restrictions. In addition, no minimum income requirements are needed. 

Westlake borrowers can make payments for free online with a checking or savings account, or via mail. Additionally, a monthly payment can be made through the lender’s automated phone system, with a phone representative, via MoneyGram, Check Free, or Pay Near Me, but all for a service charge ranging between $1.50-$5. 

Keep reading for pros and cons of financing your next vehicle with this company, as well as Westlake Financial reviews from customers.

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The Good

  • Over 400 Dealer Account Managers
  • Subprime Credit Acceptance
  • Variety of Lending Programs
  • Vehicle Options

Over 400 Dealer Account Managers

Westlake Financial Services has more than 400 dealer account managers located in all 50 states. The company also has over $3 billion in total managed assets. Westlake Financial Services appears to be a financially stable company with a large portfolio of dealer partners.

Subprime Credit Acceptance

A wide range of borrowers is able to take advantage of Westlake’s financial services. The company even has the ability to approve hard-to-finance customers with FICO scores under 599. 

In fact, Westlake Financial Services does not have a minimum FICO score requirement in place and will approve consumers with low incomes and past bankruptcies or repossessions.

Variety of Lending Programs

Westlake Financial Services offers a variety of auto loan programs, including its Gold program, Platinum program, and AAA program. These programs do a nice job of catering to borrowers with different credit scores and incomes.

AAA customers get special rates, regardless of their credit score. These customers qualify for rates between 4.99-15% APR. 

Vehicle Options

Many car loan companies have service requirements about the actual vehicle they are financing. Many even have a minimum loan amount, starting at $4-5,0000. With Westlake, there is no minimum loan amount, and no maximum vehicle age or mileage. This means that people who can’t afford newer cars with other lenders can be accepted and be able to buy older cars.

This isn’t always a benefit, especially when you can afford newer, more expensive models. However, for consumers not able to make such a large investment, or those only eligible for subprime auto loans, this is a definite plus.

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The Bad

  • Contract Terms and Fees Not Disclosed
  • Approval Times Unclear
  • Approval Not Guaranteed
  • Need More Consumer Info

Contract Terms and Fees Not Disclosed

Westlake Financial Services has not disclosed loan term and fee information on its consumer website. It is unclear what term lengths are available and whether clients have to pay application fees, late fees, or prepayment fees. 

Although these factors typically vary on a case-by-case basis, it would be convenient if Westlake’s auto lending website provided a range to give potential customers an idea about what to expect.

Approval Times Unclear

Westlake Financial Services is not entirely clear about timeframes for its approval process. Exactly how long will it take to be approved for an auto loan?

The business does state on its website that it offers instant approval through its dealer network, but "instant" can be a relative term and doesn't give potential customers a solid answer about how long it will take to receive approval.

Approval Not Guaranteed

While Westlake Financial Services advertises great terms for all credit types, the company does not come right out and state that approval is guaranteed. Most auto lenders that offer guaranteed financing approval proudly display that information on their websites.

Need More Consumer Info

From the Westlake customer reviews that we have received, there are a few concerns about this auto lender. Some mention negative customer service experiences and payment complaints. At this time, we need to collect a little more customer information before we can solidify a recommendation; however, it's not looking good for this lender.

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The Bottom Line

Westlake Financial Services has a large network of car dealers and offers auto loans for all types of credit, including customers with a bad credit score or no credit history. People looking for a subprime lender in the auto industry don't have a lot of financing options.

However, the service provider is not entirely transparent on its corporate website. Loan terms and rates are not fully disclosed, approval times are unclear, and how much money Westlake will charge a customer for late payments is undisclosed. Additionally, it appears that approval is not guaranteed.

Have you borrowed money to finance a car with Westlake? Let us know about your lending and customer service experience with a quick response below.

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Star Rating

1.2

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21 Reviews

Review Breakdown

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4 grade

5%

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1 grade

95%

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Value

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