Westlake Financial offers auto dealers options for financing their vehicles, with programs that provide loans to applicants with sub-prime to prime credit. This financial institution also provides portfolio acquisition services, allowing dealers who have past-due clients to outsource collections and repossessions.
Westlake Financial features standard, gold and platinum programs for dealers who wish to finance customers at all levels of credit. The company's flexible criteria includes instant approvals, no minimum amount financed, no minimum income, job time, residence length or bureau time requirements, no maximum vehicle mileage or age, and no prohibitions on prior repos or open or closed bankruptcies.
The company's standard program allows dealers to offer clients with FICO scores from 0 to 599 maximum loan amounts of $25,000 with up to 60-month terms. This plan accepts hard-to-prove incomes and has flexible requirements for job, residence and bureau times.
Westlake Financial's gold program applies to clients with FICO scores of 600 to 699. This program provides funding for up to $50,000 with up to 72-month terms. The platinum program offers dealer clients with FICO scores from 700 and up APRs as low as 5.4 percent, and the maximum loan value sits at $50,000 with up to 72-month terms.
Dealers using Westlake Financial control the interest rates charged their customers, and they can finance up to 200 percent of the value of each vehicle. Dealers have the option to cash out of these deals early for instant payouts from the company, or they can elect to receive up to 65 percent of book cost upfront and 50 percent of the customer's payment over the loan's lifetime.