Westlake Financial announces new rates as low as 1.99% for prime customers. Previously Westlake’s lowest rate offered was 2.99%.
"Lowering our rates to 1.99% solidifies our presence in the prime credit space," stated David Goff, Vice President of Marketing with Westlake Financial. "Westlake continues to focus on building full-spectrum lending solutions that dealers can rely on. We want dealers to think about Westlake when they work with prime customers, just like they think of Westlake when working with subprime and near-prime customers."
Westlake continues to experience strong growth with its prime and near-prime originations while maintaining strong subprime loan portfolio growth. Westlake prime loan originations grew 6% in 2020 and is the fastest growing segment of its portfolio. The Westlake Prime Program offers competitive rates, fewest stips, and fastest funding times including funding times as little as one hour.
"Our team has worked hard to develop a program that is not only competitive in the marketplace, but also a great compliment to Westlake’s existing programs," stated Sara Hosseiny, Assistant Vice President of Business Strategy and Analytics. "Its success is evident from the surge of dealer engagement and even stronger portfolio performance."
Westlake Financial is an indirect auto finance company that works with franchise and independent dealers nationwide. Dealers interested in signing up with Westlake Financial are invited to contact Westlake directly at 1.888.893.7937 or online at www.westlakefinancial.com.
About Westlake Technology Holdings
About Westlake Technology Holdings: Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $12.14 billion in assets under management. Westlake Financial ("Westlake") originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and powersports dealers. Westlake also offers loan portfolio purchasing, credit facilities and portfolio servicing through its ALPS division (Advanced Lending & Portfolio Services), www.WestlakeALPS.com; floor plan lines of credit are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; shared cash flow auto lending through Westlake’s wholly owned subsidiary, Western Funding Inc., a Nevada based auto lender; indirect automotive leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer title loans are offered through Westlake’s wholly owned subsidiary Loan Center, www.loancenter.com; and commercial real estate lending is offered through Westlake Capital Finance.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210305005529/en/
David Goff, VP, Marketing