Hello friends, today we are going to talk about Exeter Finance: Understanding Auto Financing in Today’s Market! If you’re in the market for a new or used car, it’s likely that you’ll need financing to make the purchase. However, the auto financing landscape can be confusing, especially with the rise of non-traditional lenders like Exeter Finance.
In this article, we’ll take a closer look at Exeter Finance and how it fits into the auto financing market. We’ll cover the following topics:
What is Exeter Finance?
Exeter Finance is a subprime auto lender that specializes in providing financing to customers with less than perfect credit. Founded in 2006, Exeter Finance has grown to become one of the largest subprime auto lenders in the United States. Headquartered in Irving, Texas, Exeter Finance operates in all 50 states and has over 1,000 employees.
How does Exeter Finance work?
Exeter Finance works by partnering with car dealerships to offer financing to customers. When you apply for financing through it, the lender will review your credit score, income, and other factors to determine your eligibility for a loan.
If you’re approved, It will work with the dealership to finalize the financing and get you on the road in your new car.
Exeter Finance vs traditional lenders
Unlike traditional lenders like banks and credit unions, It specializes in providing financing to customers with poor credit. This means that it is more likely to approve customers with a low credit score or a history of missed payments.
However, this also means that Exeter Finance typically charges higher interest rates and fees than traditional lenders.
Exeter Finance loan options
It offers a variety of loan options to customers, including:
- New car loans
- Used car loans
- Refinance loans
Loan terms can range from 24 to 72 months, depending on the borrower’s credit history and other factors. Interest rates can vary widely, with some borrowers paying as much as 29.99% APR.
Exeter Finance eligibility requirements
To be eligible for a loan, you must meet the following requirements:
- Be at least 18 years old
- Have a valid driver’s license
- Be a U.S. citizen or permanent resident
- Have a verifiable income
- Have a valid Social Security number
- Have a minimum credit score of 500 (although higher scores are preferred)
Pros and cons of Exeter Finance
- Accepts borrowers with poor credit
- Offers a variety of loan options
- Has a large network of partner dealerships
- Charges high interest rates and fees
- Has been the subject of numerous customer complaints and lawsuits
How to apply for Exeter Finance
To apply for an Exeter Finance loan, you’ll need to follow these steps:
- Visit a participating dealership and choose your car.
- Provide your personal and financial information to the dealership.
- The dealership will submit your information to EF for review
- It will review your application and determine your eligibility for a loan.
- If you’re approved, It will work with the dealership to finalize the financing and get you on the road in your new car.
Exeter Finance customer service
It offers customer service via phone, email, and online chat. Customers can also access their account information and make payments online.
Alternatives to Exeter Finance
If you’re looking for alternative auto financing options, consider the following:
- Traditional lenders like banks and credit unions
- Online lenders like Capital One Auto Finance and Carvana
- Refinancing your existing auto loan with a different lender
How to compare auto loans
When comparing auto loans, be sure to consider the following factors:
- Interest rates
- Loan terms
- Fees and charges
- Eligibility requirements
- Customer reviews and ratings
Tips for getting the best auto loan
To get the best auto loan, consider the following tips:
- Improve your credit score before applying for a loan
- Shop around and compare loan offers from multiple lenders
- Negotiate the interest rate and terms of the loan
- Consider a co-signer if your credit is poor
Common auto financing mistakes to avoid
Avoid these common auto financing mistakes:
- Not checking your credit score before applying for a loan
- Only considering the monthly payment, not the total cost of the loan
- Not shopping around for the best loan offer
- Agreeing to a loan with unfavorable terms or high fees
Understanding auto loan refinancing
Auto loan refinancing can be a good option if you want to lower your monthly payment or interest rate. To refinance your auto loan, you’ll need to apply for a new loan with a different lender and use the funds to pay off your existing loan.
Exeter Finance FAQs
What is Exeter Finance?
Exeter Finance is a subprime auto finance company that provides financing to customers with poor credit or no credit history.
How does Exeter Finance work?
Its partners with auto dealerships to provide financing to their customers. Customers can apply for a loan through a dealership or online. If approved, It will work with the dealership to finalize the financing.
What loan options does Exeter Finance offer?
It offers a range of auto loan options, including new and used car loans, refinancing, and lease buyouts.
What are the eligibility requirements for an Exeter Finance loan?
To be eligible for a loan, customers must have a minimum credit score of 500, a minimum monthly income of $1,500, and a maximum debt-to-income ratio of 50%.
How do I apply for an Exeter Finance loan?
Customers can apply for a loan through a participating dealership or online by visiting the its official website and completing the online application.
What is the customer service contact information for Exeter Finance?
Customers can contact Exeter Finance customer service by phone at 1-800-321-9637 or by email at email@example.com. They can also access their account information and make payments online through the official website.
What are some alternatives to Exeter Finance?
Alternative auto financing options include traditional lenders like banks and credit unions, online lenders like Capital One Auto Finance and Carvana, and refinancing an existing auto loan with a different lender.
How do I compare auto loans?
When comparing auto loans, consider factors like interest rates, loan terms, fees and charges, eligibility requirements, and customer reviews and ratings.
What are some tips for getting the best auto loan?
To get the best auto loan, consider improving your credit score before applying for a loan, shopping around and comparing loan offers from multiple lenders, negotiating the interest rate and terms of the loan, and considering a co-signer if your credit is poor.
Exeter Finance is a subprime auto lender that specializes in providing financing to customers with poor credit. While it can be a good option for those who have been turned down by traditional lenders, it’s important to be aware of the high interest rates and fees that come with subprime lending.
When shopping for an auto loan, be sure to compare loan offers from multiple lenders and consider the total cost of the loan, not just the monthly payment. friends, If you have any other questions or tips please feel free to leave a comment below!
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