Choosing a reliable and trustworthy lender is essential if you require financial assistance or considering taking out a loan. In this blog post, we’ll explore everything you need to know about Exeter Financing, from their services and loan options to their reputation and customer experiences. So, let’s explore all that Exeter Financing offers.
Exeter Financing
Exeter Financing is a premier auto finance company and lender that works with thousands of franchised and independent dealers nationwide to provide financing solutions for vehicle ownership. Also, Exeter Financing provides personalized service to dealers, helping them find the right financing solutions for their customers. They offer competitive dealer programs and aim to build lasting relationships.
Exeter Financing Services
Exeter Financing offers competitive services to its customers, aiming to build lasting relationships. The services they offer include:
#1. Auto Financing
Exeter Finance works with thousands of franchised and independent dealers nationwide to provide financing solutions for vehicle ownership. They offer competitive dealer programs and personalized services to help customers find the right financing options.
#2. Customer Support
Exeter Finance provides dedicated customer service to assist customers with managing their accounts. They offer a secure online portal called MyAccount, where customers can access their accounts 24/7 and utilize online tools. Customers can also make payments through various channels, including mail, phone, online with MyAccount, recurring ACH payments, and third-party services like Western Union.
#3. Contact Options
Customers can contact Exeter Finance through various channels, including phone and email. The main telephone number for customer service is (800) 321-9637. Customers can log into MyAccount and send a secure message for secure communication.
#4. Refinancing Options
Exeter Finance offers refinancing options for customers who want to save money on their auto loan. By refinancing with Exeter Finance or another lender, customers may be able to lower their interest rate and reduce their monthly payments. Refinancing can be a smart financial move for those who have improved their credit since taking out their original loan.
Other services offered by Exeter Finance include:
- Quick and easy funding: Exeter Finance provides quick and easy funding for auto loans, making the financing process convenient for dealers and customers.
- Loan amounts: Exeter Finance offers auto loan amounts starting at $5,000 and going up to $100,000, allowing borrowers to choose the loan amount that suits their needs.
- Fixed APR: Exeter Finance offers a fixed APR for their car loans, with rates starting at 3%. The actual APR may vary based on the borrower’s credit score.
- Maximum loan term: Exeter Finance provides car loans with a maximum term of 72 months. Hence, allowing borrowers to take on larger loan amounts while keeping monthly payments affordable However, it’s important to note that longer loan terms pay more interest over time.
Exeter Financing Review
On credit karma, Exeter Financing has been rated 1.8 stars out of 5 stars from 107 reviews. With 13 reviews giving it a 5-star rating and 78 reviews giving it a 1-star rating.
The top positive review for Exeter Financing on Credit Karma says: “They took me on when I had bad credit. They have been supportive through my knee surgery, the pandemic, and cancer. Yes, I have a higher finance charge. Yes, I am overpaying for my car BUT, I am the reason I had bad credit. Without Exeter, I don’t know how I could have gotten a car or raised my credit score.”
The top negative review for Exeter Financing on Credit Karma says: “They are loan sharks they suck avoid at all possible costs, they charge you daily interest even if you make your payments at the begging of the month they still charge you interest on the rest of the day’s till your next payment zero stars”
SuperMoney users have strongly not recommended Exeter Auto Finance, scoring -62 out of 100.
It’s important to note that Exeter Finance has received mixed reviews regarding its customer service. While some customers have had positive experiences, others have reported response times and document handling issues.
Benefits of Exeter Car
The benefits of getting the Exeter Car loan are as follows:
- Easy and Quick Funding: Exeter Finance offers quick and easy funding options for car loans, making vehicle ownership possible for everyone. Hence, customers can get the financing they need promptly, allowing them to purchase the car they want without delay.
- Competitive Dealer Programs: Exeter Finance works with thousands of franchised and independent dealers nationwide, providing their customers with personalized service and financing solutions. Hence, customers can enjoy competitive dealer programs, including lower interest rates, flexible repayment terms, and other benefits.
- Building Lasting Relationships: Exeter Finance focuses on building lasting relationships with its dealers and customers. Customers can expect personalized service and ongoing support throughout their car loan journey. Building a relationship with a trusted lender can provide peace of mind and a smooth borrowing experience.
- No Prepayment Fees: Exeter Finance does not charge prepayment fees, allowing customers to pay off their loans early without incurring additional costs. Paying off a car loan early can save borrowers money on interest and help them become debt-free faster.
- Wide Range of Loan Amounts: Exeter Finance offers car loans starting from $5,000 and going up to $100,000. This means that customers can find a loan amount that suits their needs, whether purchasing a new or used car.
- Flexible Loan Terms: Exeter Finance offers flexible loan terms, with a maximum term of 72 months. Longer loan terms allow borrowers to take on larger loan amounts while keeping their monthly payments affordable. However, it’s important to note that longer loan terms may result in paying more interest over the life of the loan.
- Online Account Management: Exeter Finance provides customers with the convenience of online account management, allowing them to make payments easily and conveniently 24/7. Customers can create an online account to manage their loans, make payments, and track their loan balances.
How to Apply for Exeter Car Loan
To apply for an Exeter car loan, follow these steps:
- Gather the necessary information. Before applying for a car loan, you must have certain information ready. This includes:
- Payoff Amount: The balance remaining on your current loan, plus any small fees.
- The due date for the payoff: The date until your payoff amount is valid to avoid late fees (usually 10 days from the request date).
- Per-diem: The daily interest on your loan accumulates.
- Account number: The new lender will need this to repay your loan.
- Payoff address: The new lender must know where to mail the check.
- Check eligibility status: Check the eligibility criteria to receive a loan from Exeter Financing and ensure you meet them. Examples of eligibility criteria to meet:
- Age
- Income
- Credit History
- Job stability.
- Put documents together: when you have done your research and confirmed that you are eligible for the loan, put the required documents together. The necessary documents might include the following:
- Proof of identification
- Proof of income
- Proof of residence
- Vehicle information
- Contact Exeter Finance: Go to the Exeter Finance website and initiate the loan application process. You can also call Exeter Finance customer service to provide the necessary information for your loan.
- Complete the application: adhere to the lender’s provided application process. This may involve submitting personal and financial information, such as income, credit score, and employment details. After submitting, wait for approval from Exeter Finance.
- Review and sign the loan agreement. If your loan application is approved, carefully review the loan agreement and ensure you understand all the terms and conditions. Sign the agreement to finalize the loan.
What Credit Score Do You Need for Exeter to Finance?
Exeter Auto Finance does not disclose a minimum credit score requirement. However, it is important to note that Exeter Auto Finance is a non-prime auto finance company, which suggests that they may cater to borrowers with lower credit scores or subprime credit.
Nevertheless, the APR offered by Exeter Auto Finance can vary depending on factors such as your credit score. Therefore, higher credit scores may help you secure a lower APR.
What Kind of Company Is Exeter Finance?
Exeter Finance is an auto finance company that provides financing solutions for consumers looking to purchase vehicles. They work with new and used car dealerships, offering underwriting, purchasing, and securitizing retail installment contracts.
Exeter Finance is headquartered in the southern United States, in the Dallas-Fort Worth Metroplex. They offer indirect financing for both new and used vehicles. Exeter Finance has been in business for over 10 years and has helped more than one million consumers purchase the cars they want through financing solutions.
Does Exeter Finance Let You Skip a Payment?
Yes, you can skip one or two payments. However, if you need to skip a payment, consider doing these:
Contact Exeter Finance customer support and inquire about their policies regarding skipping a payment. They will be able to provide you with the most accurate and up-to-date information. You can also visit the Exeter Finance website for information about skipping payments. Look for a FAQ section or customer support page to address this question. Also, review your loan agreement with Exeter Finance. It should outline the terms and conditions of your loan, including any provisions for skipping a payment. Pay close attention to any penalties or fees associated with skipping a payment.
Does Exeter Finance Require Proof of Income?
Although Exeter Auto Finance does not specify minimum yearly income criteria for eligibility, the company will only accept potential borrowers who are currently gainfully employed. As part of the application process, they could want evidence that you are currently employed or have a stable source of income.
How Long Does It Take Exeter Financing to Repo a Car?
Exeter Finance can repo a car after 4 to 6 months of consecutive missed payments, typically around 3 to 4 missed payments. Repossession can involve hiring a recovery company, tracking the car with built-in devices, and repossessing the vehicle from its parking location. Exeter Finance provides a grace period of 8 to 16 days, and after 35 to 65 days, they may contact the lender to stop the repossession by rescheduling the loan.
Repossession laws can vary slightly from state to state in the USA. Depending on the state, repossession can generally occur after 3 to 5 months of missed payments. Exeter Finance has specific policies and follows the applicable laws. It is recommended to contact Exeter Finance before the payment due date to explain any problems and potentially arrange alternative payment options.
Another important thing to know is that Exeter Finance may automatically deactivate the vehicle through built-in software and devices once repossession occurs. However, you may be able to stop the repossession by contacting Exeter Finance, rescheduling the loan, and paying any additional fees and charges. Also, remember that applying for a new vehicle is impossible within 11 to 13 months after repossession.
Tips on Avoiding Repossession From Exeter Finance
- Evaluate the paperwork and calculate the pending loan amount.
- Arrange for payment before the due date to avoid consecutive missed payments.
- Communicate with Exeter Finance representatives if you face difficulties making payments.
Factors to Consider When Choosing Auto Loans
They include:
- Credit qualifications: Each lender has specific credit requirements, so checking if you meet their criteria is important before applying.
- Loan terms: Consider the loan amount, APR, repayment period, and any additional fees associated with the loan.
- Vehicle eligibility: Some lenders may have restrictions on the make, model, age, and mileage of the vehicle.
- Customer reviews: Reading customer reviews can provide insights into the quality of service and customer satisfaction offered by the lender or dealership.
- Car loan term length: The loan term refers to the number of months or years you agree to repay the loan.
- Type of lender: Lenders have three common options – banks, credit unions, and dealerships. Each option has its pros and cons.
- Size of down payment: Your down payment can affect your auto loan. A larger down payment can reduce the loan amount, lowering the lender’s risk and leading to more favorable loan terms.
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