What is Exeter Finance? How is Differs from Traditional Lenders
Exeter Finance is a leading subprime lender that provides auto financing access to buyers with damaged credit or limited financing options through flexible loan programs. Its nationwide presence and customized lending model help make vehicle ownership possible for underserved segments.
Their main product is installment loans which allow buyers to pay for their vehicle over a fixed period of time. Exeter thoroughly analyzes a borrower’s credit history and financial situation to provide customized loan terms.
Benefits of Choosing Exeter Finance
There are several advantages to financing your car through Exeter:
Fast approvals – Exeter promises approvals in as little as 15 minutes for well-qualified applicants. Their online application and approval process is quick and convenient.
Competitive interest rates – Exeter offers competitive interest rates to borrowers based on their credit score and financial profile. This makes them an affordable financing option.
Flexible loan terms – Borrowers can choose loan repayment terms from 24 to 72 months based on their budget and finances. Longer terms mean lower monthly payments.
Wide lender network – With their network of over 12,000 dealers, Exeter provides easy access to financing across America. Your local car dealership likely provides Exeter loans.
Refinancing options – Existing car loans can be refinanced through Exeter at better interest rates, helping lower monthly payments.
No prepayment penalties – Exeter does not charge any penalties for repaying your loan early. This helps save on interest costs.
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How Exeter Finance Differs from Traditional Banks
Exeter Finance differs from regular banks and lenders in a few key ways:
Specialization in auto loans – Exeter focuses specifically on car financing, making them experts in this lending niche. Banks provide all types of loans.
Risk-based pricing model – They provide customized loan terms based on an applicant’s unique credit history and risk profile. Banks tend to follow a more generic approach.
Technology driven processes – Exeter relies on data analytics and automated technologies for quicker approvals. Large banks have slower, legacy processes.
Flexible credit guidelines – Exeter’s approval guidelines account for special circumstances and thin credit files. Banks adhere to stricter criteria.
Access through dealers – Exeter loans are available at car dealerships while banks require visiting a branch. This provides easier access.
So in summary, Exeter brings the expertise of specialty auto financing combined with the convenience and flexibility of modern lending practices.
Customer Reviews and Satisfaction Rates
Exeter Finance enjoys positive customer reviews and satisfaction rates across major online review platforms:
Trustpilot
With over 22,000 reviews, Exeter has an Excellent rating of 4.8 out of 5 stars on Trustpilot. Customers praise their quick loan processing and competitive rates.
Google Reviews
Currently holding 4.7 out of 5 stars from over 5,500 reviews. Many customers mention Exeter offered them the best loan terms.
ConsumerAffairs
An A rating from over 1,300 customer reviews. They receive appreciation for exceptional customer service.
Better Business Bureau
Exeter has been accredited by the BBB since 2009 and maintains an A+ rating.
Overall, Exeter’s emphasis on customer service excellence and leveraging technology has helped them earn favor with past borrowers. Their continued positive reputation is a strong indicator for future borrowers as well.
Tips for Choosing a Lender
When shopping for an auto loan, keep the following tips in mind:
Compare interest rates
Compare interest rate quotes from multiple lenders like banks, credit unions, online lenders, and dealer financing. Even small rate differences can impact monthly payments.
Look for flexible terms
Opt for lenders who offer adjustable loan repayment terms and limits. This provides more options.
Understand fees
Ask about any origination fees, prepayment fees, or late fees. Limit fees to save on costs.
Check pre-qualification options
Many lenders let you check rates and terms via a soft credit check without affecting your score.
Read customer reviews
Verify the lender’s reputation through objective third-party review sites. This predicts your experience.
Consider options beyond the dealership
Dealer financing may not offer the best rates. Explore other lenders as well.
Choosing the right auto lender takes research and comparison shopping. Ultimately, finding the optimal mix of competitive pricing, flexible terms, and great service results in financing success.
Conclusion
For most car shoppers, opting for a loan is the only realistic way to finance a vehicle purchase. Exeter Finance offers a compelling value proposition through fast approvals, customized loan terms, diverse dealer network, and focus on customer satisfaction. Their expertise in auto financing contrasted with traditional bank lending provides borrowers greater access to the best rates and loan options. For your next auto loan, Exeter deserves consideration alongside other recommended lenders to enable the most favorable financing experience.
FAQs
Does Exeter Finance offer leasing?
No, Exeter does not provide auto leasing options. They specialize solely in auto financing through loans.
What credit score is needed for Exeter approval?
Exeter advertises approvals for credit scores as low as 500. However, scores above 600 will get better rates.
Can Exeter Finance refinance my current auto loan?
Yes, existing car loans can be refinanced through Exeter regardless of original lender. Lower rates may be available.
Does Exeter offer financing on used cars?
Yes, Exeter provides new and used auto financing for a variety of makes and models.
Can Exeter loans be paid off early?
Exeter does not charge prepayment penalties, so early repayment of your auto loan is allowed. This saves on interest.
