Bank of the West

Auto Loans
From East To West!

Bank of the West or BOTW, has an excellent loan program for A+, A and very upper level B tier credit customers.

Before I get started here, I'd like to quickly say that I am not affiliated with Bank of the West and do not get paid to refer customers to their site.

I also do not hold a grudge against them or the services they offer and did not build this page to discourage anyone from using their services.

This is simply a review based on my own personal opinions and observations.

For Bank of the Wests current rates and other Bank Auto Loan Rates, click here.

What's covered below
about Bank of the West:

General Contact and Payoff Information

Preferred Credit Types and Credit Scores

General Guidelines and Restrictions

Their Preferred Loan Structures

My Summary of Their Auto Loan Program

The following sections are based on my dealership experience with BOTW and may not accurately reflect what you as a direct consumer may experience.

This is due to your overall credit rating (not just score), a variance in rates from state to state, the difference between direct and indirect lending and due to loan structure. I'll touch on each one of these throughout this page.

Bank of the West
Contact and Payoff Information

If you're looking for some quick contact information, here you go:

Who Do They Loan Too -
Credit Types and Credit Scores

As mentioned above, Bank of the West loans to A+, A, and very upper level B tier credit customers.

In order to qualify for their program, customers need a minimum FICO score of 700. They are definitely an auto lender that caters to better credit customers.

Their rate sheet displays four tier levels:

• Tier 1 = 760+ FICO scores
• Tier 2 = 730 - 759 FICO scores
• Tier 3 = 710 - 729 FICO scores
• Tier 4 = 700 - 709 FICO scores

FICO score doesn't guarantee an approval with them and other restrictions will apply, i.e. overall credit history, loan structure, etc.

Bank of the West Auto Loans -
Guidelines and Restrictions

Vehicles That
Do Not Qualify

• No Motorcycles.
• No commercial vehicles.
• No vehicles for business use.
• No salvaged, rebuilt, hail damaged or branded title vehicles.

General
Conditions

• Must finance more than $2,000.
• Must finance $5,000 or more for 60-66 month financing.
• Must finance $12,000 or more for 67-72 month financing.
• Must finance $20,000 or more for 73-78 month financing.
• Must finance $20,000 or more for 84 month financing.
• Vehicles must be 6 years old or newer.

Bank of the West
Auto Loan Structures

When a dealer is sending a deal to them, they are looking for the loan to value to be a max of 140% (including TT&L) plus approved back end products:

• Vehicle extended warranty
• GAP insurance
• Credit life insurance
• Disability insurance

The 140% (including TT&L) is the loan to value based on a new cars invoice, Kelley blue book wholesale or NADA wholesale, if used.

To qualify for this level of advance, you'll need to have a credit score of 760+ and can not finance for over 72 months.

An example, if a vehicle had a $10,000 wholesale blue book value, then BOTW would be willing to loan $14,000 (140%) including TT&L, plus the extras from above.

This is a great benefit to customers looking for no money down auto loans and/or are having to roll over negative equity from a trade in vehicles loan.

BOTW is also limiting some of their advances on select vehicles like trucks and SUV's. So you may need to put some money down. The longer the loan term the smaller the loan to value.

From what I can see from their website, they don't appear to offer as favorable terms when lending direct to consumers and your best bet for the best approval is through the dealership.

They are a great lender if you've got excellent credit and are buying or have:

• A higher mile vehicle (even over 100,000 miles)

• Limited income, high payment to income ratio (using their Fast Lane program, dealer only)

• High debt to income ratio (Fast Lane program as well)

  and/or

• A co buyer that doesn't have as strong a credit rating (must have prior joint credit and no co signer deals. both customers must be "co buyers," i.e. husband/wife).

BOTW may also offer additional discounts to their Bank Auto Loan Rates like a .25% reduction for:

• Financing over $29,000
• No flat fee (for the dealership)

Their best rates will always reflect both of those discounts and:

• 760+ FICO score
• Shorter loan terms, like 60 months or less
• Loan to value (including TT&L) less than 100%

Summary of
Bank of the West Auto Loans

All in all, BOTW offers some excellent rates and terms for new vehicles. You can feel confident in knowing that you are getting a very competitive rate, especially if you are able to get rates in the mid - upper 4% to low - upper 5% range.

You can access their website here Bank of the West. Don't forget to bookmark this site so that after you get your approval you can learn some very valuable time and money saving car buying tips.

Their rates aren't terrible for used vehicles, but with good credit you should be able to do better. Check out my Bank Auto Loan Rates page to compare auto lenders rates.

As for their private party and lease buyout rates, I'm not too sure what they offer, if they offer anything at all.

Their website did not reflect anything regarding these two items and I do not offer either service at the dealership I work for.

Another area that Bank of the West excels in is new and used car leases. They are one of the largest lenders in the country for new car leases. To get more general information on leasing visit: new car lease

Return from Bank of the West to Auto Loans

Return to Insider Car Buying Tips home