![]() Borrowers should carefully review all charges and fees with the finance specialist at the car dealership before agreeing to use Exeter Finance to get a car loan. Like other subprime lenders, Exeter Finance may charge a loan origination fee and late fees, but does not charge a prepayment penalty. ![]() The fine printįees associated with taking out a car loan with Exeter Finance are not listed on its website. You may also get better terms by applying for auto loans through an online marketplace.īorrowers who choose to get pre-approved before they go car shopping can take their pre-approval documents with them to the dealership and ask the F&I department if it’s possible to get a better deal. Shopping around for your best possible terms on an auto loan before approaching a dealership may allow you to save money by paying a lower interest rate. You can do so without worrying about the impact of multiple hard pulls to your credit because the FICO credit scoring model groups credit inquiries for auto financing within a 14-day window and counts them as one.Īnother option is getting pre-approved for a loan separate from the dealership, which requires the same information and documents. It’s smart to shop around for your best interest rate when you look for an auto loan. Depending on how many new credit accounts you’ve opened recently and your recent number of credit inquiries, a hard pull on your credit may negatively affect your FICO credit score. Here’s a full list of the documents to bring when buying a car.Īdditionally, the F&I department will get the applicant’s permission to conduct a hard pull on their credit report. To make the process faster, when it’s time to apply for dealer-arranged financing, be sure to bring a government-issued photo ID (like a valid driver’s license or current passport) and recent pay stubs, 1099 forms and bank statements. The F&I department at the dealership typically collects the following information: Subprime auto lenders require the same type of personal information to qualify an applicant as other mainstream lenders like banks and credit unions. ![]() If a borrower has a low credit score, they may be able to get a car loan through a subprime lender like Exeter. How to apply for financingĮxeter Finance provides subprime auto loans through the dealerships it works with. Exeter does not refinance current car loans. Loans terms can be as long as 72 months (six years)Įxeter can finance both new and used cars, though you must go through a dealership to apply.Terms vary according to financial information and credit scores, but APRs can be as low as 5% and as high as 29%.If you are looking at Exeter Finance, here are some key points to keep in mind so you can better compare it against other options: However, Exeter is available in participating franchised dealerships in every state in the U.S. ![]() ![]() Loans are only available through F&I departments located inside car dealerships that have a relationship with Exeter Finance you can’t apply for a loan directly through Exeter. The company offers new and used car loans through franchised dealers to those with credit scores as low as 575. About Exeter FinanceĮxeter Finance, based in Irving, Texas, is a 13-year-old company that specializes in offering subprime loans to credit-challenged customers. If you’re trying to decide if Exeter Finance is right for you, here’s what you need to know. It works directly with franchised dealerships, so the application process starts in the finance and insurance (F&I) office. The bottom line: Who is Exeter Finance’s auto loan best for?Įxeter Finance is one option for subprime borrowers. ![]()
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