Westlake Financial auto loans could be a good option for someone who has no credit history or a previous repossession or bankruptcy. Its looser vehicle restrictions could also make it a solid option for car buyers who may not be able to afford newer vehicles with low mileage.
In respect to this, does Westlake Financial defer payments?
An extension arrangement is available to customers experiencing temporary, financial hardship to defer one or more installment payments to the end of the contract term. … Please contact customer service at (888) 739-9192 to see if you qualify.
Beside above, does Westlake Financial require full coverage insurance?
Applicants must prove they have comprehensive and collision insurance coverage with a minimum term of six months and a $500 deductible before they can finalize the purchase of the car. Previous bankruptcies are OK, provided the applicant meets all other requirements; open bankruptcies require additional documentation.
Does Westlake Financial require proof of income?
The Gold Program offers loan terms up to 72 months, APRs as low as 7.99%, and low dealer fees. Similarly to customers that are in the Standard Program, customers with hard-to-prove incomes, open or discharged bankruptcies, and prior non-Westlake repossessions all qualify for the Gold Program.
Cons. Negative Westlake Financial reviews — The company received around 80 auto loan complaints in 2020 on the Consumer Financial Protection Bureau (CFPB) complaint database. Several complaints are related to problems with billing, interest and fees. APRs may be high, depending on your credit and where you live.
Currently the largest privately-held lender in auto finance, Westlake has approximately $10.22 billion in assets under management. Major subsidiaries include Western Funding, Wilshire Consumer Credit, Westlake Flooring, Credit Union Leasing of America, Westlake Capital Finance, and Westlake Portfolio Management.
Prequalification typically involves a soft credit inquiry, which does not affect your credit score, though some lenders may skip this altogether. You may also need to provide basic information like your annual income and monthly expenses.
Westlake Financial Identifies Significant Portion of All Income Misrepresentation with IncomePass™ by Point Predictive. … IncomePass provides a real-time assessment of an applicant’s stated income, which allows lenders to limit costly and time-consuming stipulations from low-risk borrowers.
The real moneymaker of the group, however, is Westlake Financial Services, a huge subprime auto lender that does business throughout the U.S., Mexico, India and the Philippines.
Subprime Credit Acceptance
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.
Westlake Financial Services is a technology-based, privately-held finance company that specializes in the acquisition and servicing of prime to subprime automotive retail installment contracts.
1. Approve-to-look: Percentage of loan applications approved. 2. Book-to-look: Percentage of loan applications booked as loans.