Sometimes auto finance companies diversify their portfolio through buying paper lower down the credit spectrum than they typically might.
In the case of Westlake Financial Services — which specializes in subprime contracts — the provider is doing the opposite.
Westlake recently launched its new Titanium program for customers with a 750 FICO or better. Company leaders highlighted the program provides rates as low as 2.99 percent, amounts financed up to $50,000, terms up to 72 months and no lender fees.
“Westlake’s’ new Titanium program allows dealers to offer more competitive prime financing options to their consumers,” said Mark Vazquez, Westlake’s senior vice president of sales.
“Our prime and near-prime paper is the fastest growing segment of our portfolio. Every day more and more dealers are taking advantage of the fact that we are a full spectrum lender,” Vazquez continued.
As Vazquez referenced, Westlake’s fastest growing area is consumers with FICO scores of 700 and higher. Today, 45 percent of Westlake’s portfolio has a FICO score above 600.
“Westlake continues to expand our presence in all credit tiers,” added Ian Anderson, group president of Westlake Financial Holdings.
“Our goal is to be the one-stop shop for every dealership that has a customer who needs an auto loan,” Anderson went on to say. “Our market is every dealer, every consumer, nationwide.”
As a large privately-held automotive lender, Westlake Financial Services is active in all 50 states plus Puerto Rico, with a dealer base of more than 30,000 franchise and independent dealerships.
Dealerships interested in learning more about Westlake Financial Services are invited to contact Westlake directly at (888) 893-7937 or online at www.westlakefinancial.com.