Key takeaways
- Westlake Financial is best for borrowers with poor credit who want to shop and compare rates online.
- myAutoLoan is best for those looking for more upfront transparency on the expected rates and a wider selection of loan types.
- To get the best auto loan for your needs, consider prequalifying with both to see which option offers the best rates and terms.
Westlake Financial is an online lending marketplace that partners with dealers to help you find your next vehicle and secure financing. myAutoLoan also works with a network of lenders to help you find the best financing deal, but you’re not limited to specific dealers.
Both options can work if you want a new or used vehicle. However, myAutoLoan is better for other loan options, like refinancing and lease buyouts. Compare what each offers to determine which best suits your financial situation.
Westlake Financial vs. myAutoLoan at a glance
Here’s an overview of what to expect from Westlake Financial and myAutoLoan.
Westlake Financial |
myAutoLoan |
|
|---|---|---|
| Bankrate score | 3.7/5 | 3.7/5 |
| Better for |
|
|
| Loans offered | New and used purchase loans |
|
| Loan amounts | $5,000–$30,000 | From $5,000 (refi); $8,000 (all others) |
| APRs | 4.99%- 29.99% | From 7.24% (new), 7.49% (used), 5.49% (refi), lease buyout (4.84%) |
| Loan term lengths | 48–72 months | 24-84 months |
| Fees | Not specified | Not specified |
| Minimum credit score | Not Specified | 600 |
| State footprint | All states | 48 states and Washington, D.C. |
| Time to funding | As soon as the same day | As soon as the next business day |
| Autopay discount? | Not specified | Not specified |
| Refinancing restrictions | Not applicable |
|
Westlake Financial auto loans
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Westlake Financial is a platform that simplifies the car-buying process. It matches prospective borrowers with dealerships in its partner network to secure auto loan financing. You can get prequalified for funding without impacting your credit score, and perfect credit isn’t required to secure a loan. Getting approved for a loan and funded the same business day is also possible.
myAutoLoan auto loans
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myAutoLoan gives you more funding options than Westlake Financial. You can choose from a purchase loan, lease buyout loan or private party loan. The lender also offers competitive auto loan refinance rates for those looking to secure a new and improved auto loan.
How to choose between Westlake Financial and myAutoLoan
Borrowing from either Westlake Financial or myAutoLoan could be ideal if you have less-than-perfect credit. Both allow you to prequalify, which means you can see potential rates without damaging your credit score.
Even better, compare additional bad credit auto loan rates to ensure you get the best deal available.
APR range
Westlake Financial offers a lower starting APR of the two, falling right below 5 percent. This is competitive and below the average Experian first-quarter new vehicle rate of 6.73 percent. However, a rate this low is reserved for only those who meet the lenders’ requirements.
Although slightly higher than those offered by Westlake, qualified myAutoLoan borrowers can secure rates close to industry averages: a minimum of 7.24 percent for new vehicles, 7.49 percent for used vehicles, and 5.49 percent for refinancing. myAutoLoan also offers lease buyout and private party loans, 4.84 and 7.39 percent, respectively.
Minimum credit score
The majority of lenders use credit score as the primary determinant of approval. Westlake Financial, though, stands out against conventional lenders as it uses a borrower’s education, employment and credit to determine acceptance. This makes the lender a strong option for a borrower who might have a small history of credit but can otherwise prove a salary.
myAutoLoan has a minimum credit score requirement of 600, which falls under the fair category. The lender also requires a gross annual income of at least $21,6000, which is on the lower end.
Either way, if you can, focus on building your credit score before you apply for an auto loan.
Repayment terms
Both Westlake Financial and myAutoLoan offer repayment terms of up to 72 months. Financing a vehicle for up to 6 years is a perk for those looking for a smaller monthly payment. Remember, though, a longer-term loan will mean more interest spent over the lifetime of the loan.
myAutoLoan’s minimum repayment term is slightly lower at 24 months compared to the 48-month minimum enforced by Westlake Financial.
Loan amount
Drivers borrowing from Westlake Financial can borrow as little as $5,000 or as much as $30,000. The maximum loan amount is on the lower end compared to competitors, which makes it a tricky option for those who plan to purchase a new, more expensive vehicle.
MyAutoLoan, on the other hand, has similar minimums: $5,000 for refinance loans and $8,000 for new or used. However, the lender states in its FAQ that there is “no set amount” for how much money you can borrow, as it will depend on factors like credit history, amount requested, income, down payments and term lengths. This can be a strong option for a borrower with strong credit looking to purchase a luxury vehicle.
Fees
Neither companies disclose fees. However, myAutoLoan states that there are no fees or costs to apply.
The bottom line: Which lender is better?
If you want to streamline the car buying process and don’t mind being limited to specific dealers, Westlake Financial could work for you. You can rate shop online and handle the entire financing process in one place. Furthermore, Westlake offers funding in all 50 states. So, it could be the better option if you live in a state myAutoLoan doesn’t serve.
As mentioned, you get more flexible loan options with myAutoLoan. You don’t have to buy from a dealer — you can purchase from a private party or buy your leased car. Plus, you can choose to refinance your current loan. myAutoLoan also offers more transparency on its website. You can view starting APRs by loan term and more specific eligibility guidelines.
Compare more lenders before applying
There are benefits to choosing Westlake Financial and myAutoLoan to secure auto loan financing, even if you have bad credit. Still, it’s worth considering other lenders as better options with more competitive auto loan rates may be available elsewhere. Get quotes from at least three lenders to decide how to proceed.
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