Exeter Finance auto loans review
There's not much information available online for this lender with a less-than-stellar reputation.
- Best for borrowers with poor credit who’ve exhausted all other options.
- Pick something else if you want to avoid predatory lending practices.
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Exeter Finance works with borrowers who may not have the best credit. But since it’s not a direct lender, you can’t apply online. Instead, you’ll need to visit an affiliated dealership to fill out an application and see if you qualify.
However, this might not be the best choice if you’re looking for transparent rates and terms — it doesn’t disclose any information about the loans it offers online. It also had government action taken against it by two states for predatory lending practices — a huge red flag for how this company treats its customers.
Rather apply for a car loan directly with a lender? Compare your other options below.
First, am I eligible?
Exeter doesn’t list its eligibility requirements online, but you’ll likely need to meet the following criteria at a minimum:
- Steady source of income
- US citizen or permanent resident
- At least 18 years old
As a subprime auto lender, Exeter Finance is willing to work with applicants of all credit types.
What types of car loans does Exeter Finance offer?
Exeter Finance isn’t a direct lender — instead it offers financing through its network of affiliated dealerships. Because of this, it doesn’t offer much information online about the types of car loans it offers. It also doesn’t disclose any information about the rates, terms and loan amounts available. To get more information, you’ll need to contact Exeter directly or ask a finance officer at the partner dealership you’re buying your car from.
- Accepts borrowers with poor credit
- Payment extensions available
- Multiple repayment options offered
- Not a direct lender — only offers financing through an affiliated dealership
- Borrowers frequently complain of predatory rates
- Very little information available online
Exeter Finance recently fined $6 million
The attorneys general of Massachusetts and Delaware worked together to fine Exeter for offering loans to borrowers who couldn’t afford to repay. Because loan rates were extremely high, Exeter violated both states’ laws. In April 2019, Exeter was found guilty of financing illegal loans and paid a total of $6 million in fees and damages. Exeter has also been required to request that the major credit bureaus remove Exeter from affected borrowers’ credit reports.
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How do I apply?
Exeter doesn’t have an online application. Instead, you need to apply through an affiliated dealership. After submitting an application, Exeter states it can electronically process an approval decision in about 15 seconds — but your dealership will likely need a few minutes to get the paperwork in order.
What documents do I need to apply?
While Exeter doesn’t list any specific documents, you will most likely need to bring these to the dealership when you apply:
- Proof of insurance
- Proof of income
- Driver’s license
Check with your dealership to confirm what information you’ll need to complete an application.
How do repayments work?
To get started, you’ll need to create an online account with Exeter Finance to manage your loan. From there, you can make repayments a few different ways:
- Automatic ACH transfers
- Online using your checking account, savings account or debit card
- Over the phone
- By mailing a check
- Through MoneyGram
Because Exeter uses a simple interest formula, interest will accrue on your loan daily. Each payment will cover all the interest due, then apply to your loan principal. If you can, consider making extra payments directly toward the principal to decrease the amount of interest you pay and lower the cost of your loan. Exeter doesn’t state whether it charges prepayment penalties or late fees, so reach out to a customer service representative to learn more.
If you’re having difficulty making a payment, call Exeter Finance at 800-321-9637 to see if your account is eligible for a payment extension. If it is, your loan term will be extended as well. Just keep in mind that interest will continue to accrue on your loan, making it more expensive in the long run.
Before you rely on financing through a dealership, compare car loans to see the terms you may qualify for from a different lender.