Exeter Finance company helps subprime to secure financing from traditional banks and lenders. The company’s target market has rejected subprime borrowers by traditional lenders and banks. It focuses on helping people with past credit troubles secure reliable transportation. This article will explore information and guide about Exeter Finance
Auto Loans Types
Exeter Finance specializes in subprime credit financing. It offers financing for both new and used vehicles. Some auto loans include:
- No Credit – For those with no credit history. Interest rates are higher than average.
- Foreclosure – For those who have gone through foreclosure. Interest rates depend on the time elapsed since foreclosure.
- Repossession – For borrowers who have had a vehicle repossessed in the past. Interest rates are higher.
- First-time Buyer Auto Loans: Specific loans to help people with no existing credit history qualify for their first auto loan. May require proof of income and larger down payments.
- Auto Refinance Loans: Allow borrowing from Exeter to pay off existing car loans with other lenders and get better rates or terms. Help consolidate debt into one lower monthly payment.
- Lease Buyout Financing: Provide loans to purchase your current leased vehicle once the lease term ends. Cover the lease buyout costs.
- Dealer Program Loans: Special loan programs are only for select participating dealerships offering discounts and incentives. Offers may vary between Exeter dealers.
- Pre-settlement Auto Loans: Receive conditional loan approval in advance before final legal settlements of estates, bankruptcy, divorce, etc. Allows arranging affordable financing ahead of receiving settlement funds.
- Semi-truck Financing: Finance class 3-8 semi-trucks, trailers, vocational trucks, and other commercial vehicles through Exeter’s commercial lending programs.
Potential Benefits
Here are some potential benefits to highlight in the article:
- Gets subprime borrowers’ vehicle financing when traditional lenders won’t approve them. This allows people with past credit issues to get reliable transportation.
- More flexible credit requirements compared to banks and other lenders. May approve borrowers with credit scores around 500 and high debt-to-income ratios.
- Offers loans tailored specifically for bad credit situations – bankruptcy, repossessions, foreclosures, etc. Interest rates depend on the applicant’s unique situation.
- Large auto dealer network provides wide inventory options for subprime buyers to find vehicles. Pre-approvals are available to simplify the purchasing process.
- Refinancing options are available for existing loans from other high-risk lenders if better rates can be found.
- Variety of auto loan terms from 2 years up to 6 years – allows setting affordable payments for individual budget needs.
- No prepayment penalties – borrowers can pay off loans early to reduce total interest costs.
- Educational resources offered to help subprime applicants improve their financial health over the long run.
Read: Newtek Small Business Finance Step by Step Guide
Exeter Lending Requirements and Policies
Since Exeter Finance focuses on subprime borrowing, it has relatively flexible lending policies compared to traditional banks. Here are lending requirements:
- 500 Credit score for loan approval
- 15% to 30% down payment for car value.
- Requires verifiable income between $1,800 – $4,000
- Work History – Looks for at least 6 months of stable employment history. However, Exeter may provide exceptions in certain cases.
- Vehicle Types – Finances for both new and used cars. The vehicle must meet company standards for age and mileage limits. High-end luxury or sports cars are generally not eligible.
- Vehicle Use – Cars financed must be for personal use only. Commercial vehicles usually don’t qualify for financing.
- Max Financing – Varies based on income level and credit score, ranging from $5,000 up to $95,000 as a maximum loan amount.
Exeter finances vehicles through a network of franchise and independent auto dealers it works with rather than directly lending to consumers. Approved applicants must choose an Exeter-affiliated dealer to purchase their vehicle.
Securing Financing Approval
These tips improve loan approval chances
- Shop in advance – Since Exeter works through dealerships, shop for cars at official Exeter dealers first.
- Bring proof of income – Recent pay stubs, tax returns, and profit-and-loss statements help prove your income levels and improve your case.
- Enlist a co-signer – Adding a co-signer with better credit helps secure financing and may lower interest rates.
- Contact dealers – Talk to Exeter dealerships first about financing options before applying widely. Too many hard inquiries also negatively impact your credit profile.
Following these tips can significantly boost your chances of getting approved for bad credit auto financing with Exeter Finance.
Conclusion
Exeter Finance specializes in subprime borrowers with poor credit history to secure reliable transportation through flexible auto financing programs. It provides specialized auto loans tailored to people who may not qualify with traditional lenders and banks.
If you have past credit troubles and are unable to get traditional financing, Exeter Finance offers a valuable chance to get approved for a bad credit auto loan. Just make sure you find a participating Exeter dealer, meet the minimum requirements, and follow the above tips to better your approval odds. With over a decade of experience serving subprime customers, Exeter Finance provides loans to thousands of happy car owners every year.
So, if poor credit has been holding you back from getting vehicle financing, Exeter Finance presents a smart financing solution to get you that car loan despite your past mistakes. Take the time to check your options with Exeter Finance auto dealers near you.
FAQs
What is the speed of the approval process?
Pre-approvals from Exeter Finance may be available within 24 hours. After selecting a dealer and vehicle, final loan approval and funding takes approximately two weeks on average after completing the financing application process and submitting all required documentation.
Does Exeter do direct auto financing?
No! Exeter provides indirect auto financing through its nationwide network To get financing from Exeter, you should use an Exeter-affiliated dealership.
Will a repossession stop me from getting a car loan from Exeter?
Having a past repossession does not outright disqualify you from financing specifically. Exeter reviews each application individually based on credit, income, debts, and other factors and may still potentially approve applicants with a prior repossession in their credit history.
