Exeter Finance: A Comprehensive Guide
Exeter Finance is a subprime auto finance company that provides financing solutions to borrowers with less-than-perfect credit. The company works with a network of franchised and independent dealerships nationwide to make vehicle ownership possible for everyone.
Exeter was founded by experienced auto finance executives in 2006. In 2011, Exter Financing was acquired by Blackstone Group, the largest investing company in the world. In 2016, Exeter marked its 10-year anniversary with a $3B portfolio valuation and Jason Grubb appointed as its new CEO. In 2021, Exeter enters agreement to be acquired by Warburg Pincus as it reaches its 15th anniversary with a $7 billion portfolio.
Exeter Financing offers a variety of loan options, including:
- New and used car loans
- Refinancing
- Lease buyouts
- Bad credit loans
- No credit loans
Exeter Financing also offers a variety of financial services, such as:
- Extended warranties
- Gap insurance
-
Credit protection
How to Apply for Exeter Finance
To apply for Exeter Finance, you can visit the company’s website or contact a participating dealership. The application process is quick and easy, and you can receive a decision within minutes.
To apply, you will need to provide the following information:
- Your name and contact information
- Your employment information
- Your income and expenses
- The type of vehicle you are interested in financing
- Your desired loan amount and term
Exeter Finance: Eligibility Requirements
Exeter Financing has a more flexible underwriting process than traditional lenders. This means that borrowers with bad credit or no credit may still be eligible for a loan.
However, there are a few basic eligibility requirements that all borrowers must meet:
- You must be at least 18 years old
- You must have a valid driver’s license
- You must have a verifiable income
- You must not be in bankruptcy
Exeter Finance: Interest Rates and Fees
Exeter Financing interest rates and fees vary depending on the borrower’s credit score and loan terms. However, the company’s rates are generally higher than those offered by traditional lenders.
In addition to interest, borrowers will also be responsible for paying a variety of fees, such as:
- Origination fees
- Document fees
- Insurance premiums
- Vehicle taxes
Benefits of Exeter Finance
Exeter Finance offers a number of benefits to borrowers, including:
- No credit score requirement
- Flexible underwriting process
- Variety of loan options
- Convenient online application process
- Large network of participating dealerships
Drawbacks of Exeter Finance
Exeter Finance also has a few drawbacks, including:
- Higher interest rates and fees
- Limited loan terms
- Strict vehicle requirements
Is Exeter Finance Right for You?
Exeter Finance is a good option for borrowers with bad credit or no credit who need to finance a vehicle. However, it is important to compare interest rates and fees from multiple lenders before applying for a loan.
If you have good credit, you may be able to get a better deal from a traditional lender. However, if you have bad credit or no credit, Exeter Finance may be your best option.
Tips for Getting the Best Deal from Exeter Finance
Here are a few tips for getting the best deal from Exeter Finance:
- Shop around and compare interest rates and fees from multiple lenders before applying for a loan.
- Get pre-approved for a loan before you go to the dealership. This will give you an idea of what interest rate you qualify for and how much you can afford to borrow.
- Be prepared to negotiate with the dealership. Don’t be afraid to ask for a lower interest rate or better loan terms.
- Read the loan agreement carefully before you sign it. Make sure you understand all of the terms and conditions of the loan.
Customer Reviews
Exeter Finance has a mixed reputation among customers. Some customers have praised the company for its flexible underwriting process and convenient online application process. Others have criticized the company for its high interest rates and fees.
Overall, Exeter Finance is a good option for borrowers with bad credit or no credit who need to finance a vehicle. However, it is important to compare interest rates and fees from multiple lenders before applying for a loan.
Here are some additional things to consider when deciding whether or not to finance a vehicle through Exeter Finance:
- Interest rates and fees: Exeter Finance’s interest rates and fees are generally higher than those offered by traditional lenders. However, the company does offer a variety of ways to save money, such as the autopay discount, on-time payment discount, and paperless statement discount.
- Vehicle requirements: Exeter Finance has strict vehicle requirements. For example, borrowers must finance a vehicle that is less than 10 years old and has less than 100,000 miles on it.
- Prepayment penalties: Exeter Finance charges a prepayment penalty for borrowers who pay off their loans early.
- Customer service: Exeter Finance has a mixed reputation for customer service. Some customers have praised the company for its helpful and responsive customer service team. Others have criticized the company for its slow response times and difficulty resolving customer issues.
Overall, Exeter Finance is a good option for borrowers with bad credit or no credit who need to finance a vehicle. However, it is important to be aware of the company’s higher interest rates, fees, and strict vehicle requirements before applying for a loan.
Conclusion
Exter Finance is a good option for borrowers with bad credit or no credit who need to finance a vehicle. The company offers a variety of loan options and convenient online application process. However, borrowers should be aware of the company’s higher interest rates and fees before applying for a loan.
Stay tuned for further insightful articles, posts and news in our blog.