Exeter Finance: A Complete 2023 Review & In-Depth Analysis
When it comes to financial assistance and loan options, choosing a reliable and trustworthy lender is crucial. In this article, we will delve into everything you need to know about Exeter Financing, including its services, loan offerings, customer experiences, and reputation. Let’s explore the comprehensive range of services provided by Exeter Financing.
Exeter Financing stands as a premier auto finance company and lender, collaborating with numerous franchised and independent dealers nationwide to offer financing solutions for vehicle ownership. Their commitment to building lasting relationships is reflected in their personalized services, assisting dealers in finding the right financing solutions for their customers. Competitive dealer programs are also a part of their mission to provide the best possible service.
Exeter Financing Services
Exeter Financing offers a range of competitive services designed to foster long-term relationships with its customers. These services include:
1. Auto Financing
Exeter Finance works hand in hand with thousands of franchised and independent dealers across the country to provide financing solutions for vehicle ownership. They offer competitive dealer programs and personalized services to assist customers in finding the most suitable financing options.
2. Customer Support
Dedicated customer service is a priority for Exeter Finance. Customers can manage their accounts through the secure online portal called “MyAccount,” available 24/7, along with various online tools. Payments can be made through multiple channels, including mail, phone, online via MyAccount, recurring ACH payments, and third-party services like Western Union.
3. Contact Options
Exeter Finance maintains accessible communication channels for customers to reach out. They can be contacted via phone and email, and customers can send secure messages through the MyAccount platform.
4. Refinancing Options
For customers looking to save money on their auto loans, Exeter Finance offers refinancing options. Refinancing with Exeter Finance or another lender may enable borrowers to lower their interest rates and reduce monthly payments. This can be a smart financial move for those who have improved their credit since initially taking out their loan.
Other Services Offered
Exeter Finance extends additional services such as quick and easy funding for auto loans, making the financing process convenient for both dealers and customers. The loan amounts offered range from $5,000 to $100,000, granting borrowers the freedom to choose the loan amount that best fits their needs.
Fixed APRs starting at 3% are available, though the actual APR may vary based on the borrower’s credit score. With a maximum loan term of 72 months, customers can take on larger loan amounts while keeping monthly payments affordable, though it’s essential to consider the impact of longer loan terms on overall interest payments.
Benefits of Exeter Car Loans
The benefits of obtaining an Exeter Car loan include:
- Easy and Quick Funding: Exeter Finance facilitates quick and easy funding for car loans, making vehicle ownership accessible to everyone, and ensuring customers receive prompt financing to purchase the car they desire without delay.
- Competitive Dealer Programs: Collaborating with numerous franchised and independent dealers nationwide, Exeter Finance offers personalized services and financing solutions, including lower interest rates, flexible repayment terms, and other perks.
- Building Lasting Relationships: Exeter Finance prioritizes building lasting relationships with both dealers and customers. Personalized service and ongoing support are provided throughout the car loan journey, ensuring a smooth borrowing experience and peace of mind.
- No Prepayment Fees: Exeter Finance does not charge prepayment fees, allowing customers to pay off their loans early without additional costs. Early loan repayment can save borrowers money on interest and expedite their path to debt freedom.
- Wide Range of Loan Amounts: With car loans ranging from $5,000 to $100,000, customers can select a loan amount that aligns with their needs, whether purchasing a new or used car.
- Flexible Loan Terms: Exeter Finance offers flexible loan terms, allowing a maximum term of 72 months. This flexibility enables borrowers to handle larger loan amounts while maintaining affordable monthly payments, though they should be aware of potential long-term interest costs.
- Online Account Management: Customers benefit from the convenience of online account management with Exeter Finance. They can effortlessly make payments, track loan balances, and manage their loans 24/7 through the user-friendly online platform, MyAccount.
How to Apply for an Exeter Car Loan
Applying for an Exeter car loan is a straightforward process. Follow these steps to get started:
Step 1: Gather the Necessary Information
Before applying for a car loan with Exeter, ensure you have the following information ready:
- Payoff Amount: The remaining balance on your current loan, including any additional fees.
- Payoff Due Date: The date until which your payoff amount is valid to avoid late fees (typically within 10 days from the request date).
- Per Diem: The daily interest accruing on your loan.
- Account Number: The new lender will require this to pay off your current loan.
- Payoff Address: Provide the new lender with the correct mailing address to send the payoff check.
Step 2: Check Eligibility Status
Review Exeter Financing’s eligibility criteria to ensure you meet their requirements. These criteria may include factors such as age, income, credit history, and job stability.
Step 3: Prepare Required Documents
Once you confirm your eligibility, gather the necessary documents for the loan application. Commonly required documents include:
- Proof of Identification
- Proof of Income
- Proof of Residence
- Vehicle Information
Step 4: Contact Exeter Finance
Visit the Exeter Finance website to initiate the loan application process. Alternatively, you can contact Exeter Finance customer service to provide the required information for your loan application.
Step 5: Complete the Application
Follow the lender’s provided application process, which may involve submitting personal and financial details such as income, credit score, and employment information. After submitting the application, wait for approval from Exeter Finance.
Step 6: Review and Sign the Loan Agreement
If your loan application is approved, carefully review the loan agreement to ensure you understand all the terms and conditions. Once you are comfortable with the terms, sign the agreement to finalize the loan.
What Credit Score Do You Need for Exeter Finance?
Exeter Auto Finance does not disclose a minimum credit score requirement. As a non-prime auto finance company, they may cater to borrowers with lower credit scores or subprime credit. However, your credit score can still influence the APR offered by Exeter Finance, with higher credit scores potentially securing a lower APR.
Exeter Finance: An Overview
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. Headquartered in the Dallas-Fort Worth Metroplex, Exeter Finance has been in business for over 10 years and has helped over a million consumers purchase cars through their financing solutions.
Skipping a Payment with Exeter Finance
Exeter Finance allows customers to skip one or two payments. However, before skipping a payment, consider the following steps:
- Contact Exeter Finance Customer Support: Inquire about their policies regarding skipping a payment to get accurate and up-to-date information.
- Review the Loan Agreement: Check your loan agreement with Exeter Finance for any provisions related to skipping payments, including associated penalties or fees.
- Visit the Website: Check Exeter Finance’s website for FAQs or a customer support page that may address skipping payments.
Proof of Income for Exeter Finance
Exeter Auto Finance may not specify minimum yearly income criteria for eligibility. However, they typically require potential borrowers to be gainfully employed or have a stable source of income. As part of the application process, they may request evidence of current employment or income stability.
What Is The Typical Duration For Exeter Financing To Repossess A Car?
Exeter Finance may repossess a car after 4 to 6 months of consecutive missed payments, typically around 3 to 4 missed payments. Repossession procedures can involve hiring a recovery company, utilizing tracking devices in the vehicle, and reclaiming the vehicle from its location.
Exeter Finance typically provides a grace period of 8 to 16 days, and after 35 to 65 days, they may contact the lender to halt the repossession by rescheduling the loan.
Repossession laws can slightly vary from state to state in the USA. Generally, repossession can occur after 3 to 5 months of missed payments, and Exeter Finance adheres to specific policies while complying with applicable laws.
To avoid repossession, it is advisable to contact Exeter Finance before the payment due date, explaining any difficulties you may face and potentially arranging alternative payment options.
Additionally, it’s important to note that once repossession occurs, Exeter Finance may automatically deactivate the vehicle through built-in software and devices.
However, repossession can be stopped by contacting Exeter Finance, rescheduling the loan, and paying any additional fees and charges. Keep in mind that applying for a new vehicle may be restricted within 11 to 13 months after repossession.
Tips on Avoiding Repossession From Exeter Finance
- Evaluate Loan Paperwork: Review the loan details and calculate the pending loan amount accurately.
- Timely Payments: Arrange for payments before the due date to avoid consecutive missed payments.
- Communication: If you encounter difficulties in making payments, communicate with Exeter Finance representatives promptly to discuss possible solutions.
Factors to Consider When Choosing Auto Loans
When selecting an auto loan, consider the following factors:
- Credit Qualifications: Each lender has specific credit requirements, so check if you meet their criteria before applying.
- Loan Terms: Evaluate the loan amount, APR, repayment period, and any additional fees associated with the loan.
- Vehicle Eligibility: Some creditors may have limitations on the make, model, age, and mileage of the car.
- Customer Reviews: Reading customer reviews can provide insights into the lender’s or dealership’s service quality and customer satisfaction.
- Car Loan Term Length: Determine the loan term length, which refers to the number of months or years for repayment.
- Type of Lender: Compare options from banks, credit unions, and dealerships, each having its pros and cons.
- Down Payment Size: Consider the down payment amount, as a larger down payment can reduce the loan amount and potentially lead to more favorable loan terms.
Final Thoughts on Exeter Financing
Exeter Financing’s commitment to personalized service, competitive dealer programs, and a wide range of loan options make them a prominent player in the auto finance industry. Their focus on building lasting relationships with customers and dealers adds to the overall positive borrowing experience.
However, customers should be aware of potential long-term interest costs and carefully review the terms before making their decision. With an emphasis on transparent communication and ease of access through various contact options, Exeter Financing aims to provide a reliable and trustworthy financing solution for vehicle ownership.
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