Exeter Finance is a well-known name in the auto finance industry, primarily focused on providing subprime auto loans to customers across the United States. Established in 2006, the company has built a strong reputation for helping individuals with less-than-perfect credit histories purchase vehicles. For many people who struggle to get approved for auto loans through traditional banks, Exeter Finance serves as a reliable alternative.
In this article, we will explore what Exeter Finance offers, how it works, and why it could be a good choice for borrowers looking to finance a car purchase.
What is Exeter Finance?
Exeter Finance is a financial services company that specializes in indirect auto lending. The term “indirect” means that instead of lending money directly to customers, Exeter Finance partners with a wide network of auto dealerships. When you walk into a dealership and apply for financing, Exeter Finance may approve your loan application on the spot.
The company focuses on providing loans to borrowers with subprime or nonprime credit scores, usually those below 640. This makes Exeter Finance a key player in the market for individuals who may have had credit challenges in the past but still need access to vehicle financing.
How Does Exeter Finance Work?
The process of getting an auto loan through Exeter Finance is straightforward:
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Visit a Dealership – Exeter Finance works with thousands of dealerships across the U.S. Once you choose your car, the dealership will submit your credit application to multiple lenders, including Exeter Finance.
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Loan Approval – If Exeter Finance approves your application, they will provide the dealership with the loan terms, including interest rate, down payment, and monthly payment.
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Sign the Agreement – After you agree to the terms, you’ll sign the contract, and Exeter Finance becomes your lender.
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Make Monthly Payments – You will make monthly payments directly to Exeter Finance through their website, mobile app, mail, or phone.
Key Features of Exeter Finance
1. Focus on Subprime Borrowers
One of the biggest advantages of Exeter Finance is its willingness to work with borrowers who have low or moderate credit scores. If you have experienced bankruptcy, late payments, or other credit issues, Exeter Finance might still approve your loan application.
2. Dealer Network
Exeter Finance partners with a large number of dealerships, making it easy for customers to find a car and secure financing in one place.
3. Online Account Management
Customers can easily manage their accounts through the Exeter Finance online portal or mobile app. You can view your balance, schedule payments, and check due dates from anywhere.
4. Payment Flexibility
The company offers different payment options, including online payments, phone payments, mail-in checks, and even Western Union transfers for those who prefer in-person transactions.
Pros of Exeter Finance
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Accepts Low Credit Scores: Ideal for borrowers with credit challenges.
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Wide Dealer Network: Convenient for car shopping and financing in one place.
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Easy Online Access: Manage loans easily through their digital platform.
Cons of Exeter Finance
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Higher Interest Rates: Since Exeter Finance deals with high-risk borrowers, interest rates tend to be higher than prime lenders.
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Limited Direct Lending: Customers cannot apply directly on their website; they need to go through a dealership.
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Possible Fees: Late payment fees and other charges can add up if you miss a payment.
Tips for Borrowers Considering Exeter Finance
If you are planning to use Exeter Finance for your next auto loan, here are some useful tips:
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Check Your Credit First: Knowing your credit score will help you understand the type of loan terms you might qualify for.
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Compare Multiple Offers: Don’t settle for the first offer; check other lenders to ensure you’re getting the best deal.
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Make Timely Payments: To avoid late fees and improve your credit score, always pay on time.
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Understand the Terms: Read the fine print carefully, especially regarding interest rates, loan duration, and fees.
Customer Support and Contact Options
Exeter Finance provides customer support via phone, email, and their online account portal. They also have a detailed FAQ section on their website that answers common questions related to payments, account setup, and loan management.
For customers who need assistance, Exeter Finance has a toll-free customer service line and a secure messaging option through their online platform.
Is Exeter Finance Right for You?
Exeter Finance can be a good option if you:
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Have a low credit score and struggle to get approved elsewhere.
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Prefer financing through a dealership rather than applying online.
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Want flexible payment methods and easy account management.
However, if you have a good or excellent credit score, you might find better interest rates from banks or credit unions.
Conclusion
Exeter Finance plays a significant role in the auto lending industry, especially for customers with less-than-perfect credit. With its strong dealership network, focus on subprime borrowers, and easy account management tools, the company offers a practical solution for individuals who need car financing but face credit challenges.
Before signing any agreement, always compare different lenders, review the loan terms carefully, and ensure the monthly payments fit your budget. For many people, Exeter Finance can be the bridge that helps them get back on the road and rebuild their financial stability.
