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Exeter Finance Auto Loan Review

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Rates as of 3/11/2019

Securing an auto loan can be a crucial financial step. Many people need a car to get to work, which allows them to pay their bills. If you have had trouble securing an auto loan, working with Exeter Finance may be an option for you.

As you search for an auto loan, take the time to compare the auto loan rates and terms offered by multiple lenders. Each lender has slightly different requirements that could help you find the right deal.

About Exeter Finance

In 2006, Exeter Finance was founded in Texas. Over the past 12-plus years, the company has established an “A+” reputation through the Better Business Bureau. With that said, its average for customer reviews on BBB is only 1.2 out of 5 stars. The poor customer experience may serve as a warning to future customers to be wary about the product offering.

Exeter Finance specializes in subprime auto loans. Subprime loans are offered to potential borrowers who do not qualify for conventional loans. Borrowers with low incomes, poor credit histories and other factors that prevent them from securing conventional auto financing benefit from subprime loans.

One of Exeter Finance’s goals is to help make vehicle ownership possible for everyone. While potential borrowers cannot apply for a loan directly through Exeter, the company works with franchise dealerships across the country.

Exeter Finance: At a glance

As you are considering an auto loan offer, it is important to shop around. Although it may take time to compare rates, it could save you money over the course of the loan.

You can’t refinance an auto loan through Exeter Finance. But auto loan financing is readily available. Through Exeter, you can secure an auto loan for an amount over $5,000, but the total amount for which you qualify will be based on your financial information. APRs for loans start at 3% but can easily be much higher. Certain loans may have an APR over 20%, but this will vary widely based on your credit score. The company offers loan terms up to 72 months (six years), which may help to keep your monthly payments affordable.

Remember, the terms for your specific loan will vary based on your financial situation. Make sure to read and understand the terms of the loan before you agree.

How to apply for financing

Exeter works with dealerships to provide financing for subprime auto loans. If you have a poor credit history or low income, you may fall into this category. When you are looking for an auto loan, the dealership will tell you whether you qualify to work with Exeter.

When you arrive at the dealership, it is a good idea to have your Social Security number and proof of income. This will allow you to get the loan application paperwork started with ease.

The fine print

The details of Exeter Finance auto loans are somewhat unclear on its website. Although there is information that explains how customers can stay current on their loan, it does not cover the details of loan options in depth. Due to this lack of transparency, you may be less willing to work with it.

The Exeter Finance business model is that it works with dealers to help finance subprime auto loans. When you arrive at a dealership that works with Exeter, it can explain in detail the type of loan terms it offers through Exeter. It is a good idea to call ahead to any franchised dealership you plan to visit and ask it about specific terms available through Exeter.

Exeter Finance has a very loose privacy policy that will allow it to share your personal information with a variety of marketing affiliates, which could lead to more unwanted marketing contact when you sign up for an Exeter auto loan.

Pros and cons of financing through Exeter Finance

Exeter Finance is not the only place that someone with less-than-ideal financial circumstances can get an auto loan. There are several companies that will work with borrowers who have poor credit histories and low income. Do not think that Exeter Finance is your only option. You should take the time to compare other loan offers.

Highlights of Exeter Finance auto loan financing

  • Will work with borrowers who have poor credit histories and low income
  • Can help most buyers secure an auto loan, even if the terms are less than ideal
  • Available in dealerships in every state except Hawaii
  • Several easy payment options including by phone, MoneyGram or online through a checking or savings account

Lowlights of Exeter Finance auto loan financing

  • Poor customer reviews that could serve as a warning to potential borrowers
  • Loose privacy policy that could lead to unwanted marketing contact

The bottom line: Who is Exeter Finance best for?

If you have poor credit or a low income, Exeter Finance may be willing to work with you. It can be difficult to receive a car loan in those circumstances, so this may be a good option for you. But you should expect to receive unfavorable loan terms while you work to rebuild your credit or grow your income.

If you are looking for refinancing, Exeter Finance is not an option. If you have good credit and a high income, you should look at other lenders. Many lenders will work with you and provide favorable terms to a borrower with a good credit history and income level. Take advantage of that opportunity and search for loan offers that will suit your best interests with a lender that has a higher customer satisfaction rating.


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