In the current commodity market, most business owners and traders find themselves in need of financial support for their operations. However, finding the right financing option can be quite stressful. With thousands of finance companies available in the US, making a choice can be overwhelming. One notable option is Westlake Financial, which provides extensive benefits and services tailored for businesses. Let’s explore why Westlake Financial might be the right choice for you.
Westlake Financial is a privately owned and technology-focused company that offers a complete range of vehicle financing services for both independent and franchise dealers across the United States. They cater to dealers by providing solutions that can help boost sales, like inventory financing, commercial real estate loans, and portfolio management. This support allows dealers to enhance sales while reducing costs and increasing profits.
Back in September 2018, Westlake Financial expanded its operations by launching a Nearshore Contact Center in Tijuana, Mexico. This was a strategic move that involved the participation of Call Center Services International (CCSI) to set up the facility, which started with 25 employees. Brian Renfro, Senior VP of Servicing, alongside John Mason, VP of Operations, shared their excitement about the new business journey in this location.
Westlake Financial offers different types of auto loans with starting APRs of 6.99% for both new and used vehicles, with loan terms ranging from 48 to 72 months and amounts up to $50,000. Notably, they offer competitive rates for individuals with good credit scores and do not require a minimum credit score or income, which can provide opportunities for those who might otherwise be left without choices.
Customers considering Westlake Financial Auto Loans have several things to keep in mind. Those with strong credit scores can enjoy competitive rates, while individuals with lower credit, past bankruptcies, or repossessions still stand a chance of qualifying for loans without having to meet strict income or tenure requirements. Approval can be quick, allowing borrowers with less-than-perfect credit to access financing more easily.
The application process for a loan with Westlake Financial begins with pre-qualification through their network of online dealers, as they function as an indirect lender. After pre-qualification, you’ll visit a partner dealership to complete your application. Here’s a simple breakdown of the steps:
1. Go to the Westlake Financial website to explore available vehicles. You can filter your search by make, year, and other features to find what suits you best, along with seeing potential rates and terms.
2. Apply for pre-qualification, which doesn’t affect your credit as you won’t be providing your Social Security number. Some basic personal and job information will be needed. Your information is then shared with a local dealership.
3. Once you receive offers, you can weigh your options. If you accept a deal, finalize the application at the dealership, which involves a full credit check. After approval, your repayment can be done via phone, online, or check.
While Westlake Financial aims to accommodate a wide range of credit profiles, customers won’t know their specific interest rates until the dealership completes a full credit application. Here are some pros and cons:
Pros:
– No minimum credit score or income needed.
– Customers with credit scores of 750 or higher might not need a down payment.
– Payment deadlines can be adjusted once if necessary.
– Payment delays are possible in financial hardships.
Cons:
– Some past controversies included unfair debt collection practices.
– You are restricted to partner dealerships, possibly limiting your purchase options.
– Indirect loans only come with potential dealer fees.
Westlake Financial is a viable option for people seeking convenient financing alongside their car purchase, especially for those with poor or no credit history. However, the APR can be as high as 29.99% for lower credit scores. It’s always wise to compare offers from different lenders to enhance your negotiation stance.
In summary, Westlake Financial provides a range of auto financing options that cater to both dealers and individual borrowers. They are especially advantageous for those with strong credit scores but also offer opportunities to buyers with less-than-perfect credit histories. Westlake Financial is a flexible and consumer-oriented choice in the auto financing landscape.
