Buying a car can be exciting, but come on—dealing with the financing part? Not exactly. If you’ve been searching for auto loan options, you’ve probably heard of Exeter Finance. But is it the best choice for you? Let’s break it down in a clear, friendly, and no-holds-barred way.
What is an Exeter Finance?
Exeter finance is a special vehicle finance firm that helps individuals to get car loans, especially those who do not meet the financing requirements of specific banks. Exeter Finance was established in the year 2006 in Texas. Exeter Finance belongs to the aid of car dealerships across the United States, which helps customers to avail finance with various credit history in taking advantage of finance.
Who is Exeter Finance For?
If your credit ain’t so good (or even if it is pretty bad), Exeter Finance can help you out. They’re a subprime car finance company, and what that means is that they give money to people who have had some fiscal trouble in their history.
So if you possess:
- A crummy credit report,
- Scarcely enough of a credit record,
- Or one or two bankruptcies on your profile,
Exeter Finance can finance your next set of wheels anyway.
How Does Exeter Finance Operate?
1. Loan Approval via Dealerships
While some lenders permit you to apply directly, Exeter Finance operates exclusively through dealerships. That means you will have to locate a dealership that works with them to see what your financing options are.
2. Adjustable Terms and Rates
Since Exeter targets borrowers with poor credit scores, interest rates may be higher than usual for regular loans. Nevertheless, they provide convenient repayment terms to ease the process of paying back the loan.
3. Online Account Management
Exeter has a user-friendly online platform where you can pay bills, view your balance, and control your account with ease.
Pros and Cons of Exeter Finance
As with anything in life, Exeter Finance has its good points and bad points. Let‘s consider both sides:
✅ Pros:
- Works with borrowers with bad or no credit
- Large network of dealership relationships throughout the U.S.
- Convenient online payment options
- Reports payments to credit bureaus (improves credit over time!)
❌ Cons:
- Subprime borrowers pay higher interest rates
- No direct loan applications (have to go through a dealership)
- Some customers complain about difficulty with customer service
- Tips to Get the Best Deal with Exeter FinanceIf you
‘re thinking of using Exeter Finance, here are some tips to save you money and hassle:
Know Your Credit Score
Get your credit score before applying so you’ll know what kind of interest rate you’ll get.
Compare Loan Offers
Don’t accept the initial offer. Compare Exeter’s loan rates with other lenders to determine who offers you the best deal.
Negotiate at the Dealership
Dealerships may jack up interest rates. Don’t hesitate to request a better rate or search for promotions.
Pay on Time
Because Exeter reports to credit agencies, making payments on time can increase your credit score, allowing for easier qualification for favorable rates in the future.
Common Customer Experiences
Exeter Finance receives mixed customer feedback. Some like that they were able to obtain financing where no one else would approve them. Others report that customer service is sometimes good and sometimes bad, and interest rates are higher.
Here’s what actual customers have to say:
“Exeter assisted me in obtaining a vehicle when my credit was poor. The interest was high, but I paid as agreed and increased my credit score!”
“Their website is straightforward, but sometimes it takes long to reach customer service.”
“The dealer approved me, but I wish I had compared rates better.”
Is Exeter Finance Right for You?
If your credit is excellent or good, you may want to shop rates elsewhere. If, however, your credit history is poor and you require a second opportunity with financing, then Exeter Finance might be the lifesaver. Just make sure you carefully examine the loan’s terms and make certain the payment fits your means.
Final Thoughts
At the end of the day, Exeter Finance is a solid option for those who need subprime auto financing. While the interest rates might not be the lowest, the company provides financing to people who might not otherwise qualify. If you’re careful with your payments and stay on top of your loan, it could be a stepping stone toward better financial opportunities.
Thinking About Using Exeter Finance?
If you’re prepared to investigate loan options, inquire at your local dealership to find out if they deal with Exeter Finance. And don’t forget—be sure to read the fine print before you sign any loan document!
Have you ever had to deal with Exeter Finance? Let us know in the comments!
