Is Exeter Finance Trustworthy For Auto Loans?

When it comes to securing auto financing, borrowers often have many options to consider, each with its own advantages and potential drawbacks. One lender that has garnered attention, both positive and negative, is Exeter Finance. As an auto loan provider, Exeter Finance has established a reputation for catering to subprime borrowers or those with less-than-perfect credit histories. However, the company’s trustworthiness has been a subject of debate, with customers reporting a mix of experiences.

Some Exeter Finance borrowers have praised the company’s willingness to work with them and the relatively fast approval process. On the other hand, many more customers have voiced concerns about high-interest rates, hidden fees, and aggressive collection practices. This raises questions about Exeter Finance’s auto financing reputation and whether they are a reliable car loan lender that can be trusted.

To determine the credibility of Exeter Finance’s vehicle financing and whether they are a trusted auto loan company, it is essential to delve deeper into the experiences of Exeter Finance borrowers and examine the company’s dependable auto lending practices.

Key Takeaways : Exeter Finance Trustworthy For Auto Loans

  • Exeter Finance has received mixed reviews from customers, with both positive and negative experiences reported.
  • Many customers have complained about high-interest rates, hidden fees, and aggressive collection practices from Exeter Finance.
  • Thoroughly researching Exeter Finance’s reputation and lending practices is crucial to determine if they are a trustworthy option for auto loans.
  • Exeter Finance caters primarily to subprime borrowers, which may come with higher risks and costs.
  • Careful review of the loan terms and consistent payment management is essential when working with Exeter Finance.

Exeter Finance: An Overview

Exeter Finance is a Texas-based company that has been providing auto loans, particularly to subprime borrowers or those with poor credit, since its establishment in 1998. Over the years, the company has grown to become one of the largest independent auto finance providers in the United States, offering a diverse range of financing options to meet the needs of consumers.

Company Profile

Founded in 1998, Exeter Finance has steadily expanded its operations, establishing itself as a prominent player in the auto finance industry. The company’s headquarters are located in Texas, and it maintains a nationwide presence, collaborating with dealerships and borrowers across the country to provide car loans, refinancing, and other specialized financing solutions.

Specialization in Auto Financing

Exeter Finance’s primary focus is on providing auto financing to individuals who may not have access to traditional lending options. The company’s lending practices cater to borrowers with poor credit, offering car loans, refinancing, and specialized financing options to those with credit challenges. Exeter Finance’s versatile product portfolio aims to address the diverse financial needs of its customers.

Customer Reviews and Ratings

Exeter Finance Reviews

Exeter Finance has received a diverse range of customer reviews, with both positive and negative experiences reported. While some borrowers have praised the company’s willingness to work with those with poor credit and their relatively fast approval process, many more customers have shared unfavorable accounts, including concerns over high-interest rates, aggressive collection tactics, and issues with transparency and customer service.

Positive Reviews

Some Exeter Finance customers have expressed satisfaction with the company’s ability to provide auto financing solutions when traditional lenders may have turned them down. These borrowers often highlight the company’s diligent and timely response to their needs, as well as the prompt processing of their loan applications and refunds.

Negative Reviews

On the other hand, a significant number of Exeter Finance customers have reported negative experiences, describing the company as unhelpful, unprofessional, and even predatory in their lending practices. Common complaints include hidden fees, difficulty making payments, and the company’s refusal to work with borrowers facing financial hardship, leading some to feel they were preyed upon and harassed.

Common Complaints

The most prevalent complaints against Exeter Finance revolve around the high-interest rates charged, unexpected extra payments, and issues with the withdrawal of funds. Many customers have expressed frustration with the company’s poor customer service, reporting long wait times, unhelpful representatives, and a general lack of transparency regarding the terms of their loan agreements.

Despite the mixed reviews, Exeter Finance maintains an average rating of 3.5 out of 5 stars on the Better Business Bureau (BBB) website, with some customers reporting positive experiences and 5-star ratings, while others have voiced strong dissatisfaction and concerns over potential fraud or unethical practices.

Interest Rates and Fees

interest rate

Exeter Finance is known for offering auto loans with relatively high interest rates, particularly to subprime borrowers. The typical APR range for Exeter Finance loans is between 15% to 25%, which is significantly higher than the national average for auto loans. This can make the overall cost of borrowing more expensive for consumers, as the total interest paid over the life of the loan can be substantially higher.

Typical APR Range

The high APR charged by Exeter Finance is a concern for many borrowers, as it can lead to a higher principal and greater simple interest payments over the loan term. This can be particularly challenging for those with poor credit scores or limited financial resources, who may have fewer options for more affordable financing.

Prepayment Penalties and Late Fees

In addition to the elevated interest rates, Exeter Finance is also known to impose various fees that can further increase the overall cost of the loan. These include prepayment penalties and late fees, which can make it difficult for borrowers to pay off their loans early or catch up on missed payments without incurring additional charges. This practice has been criticized by consumer advocates as a form of predatory lending, as it can trap borrowers in a cycle of debt.

Exeter Finance Trustworthy For Auto Loans

trustworthy auto lender

Determining the trustworthiness of Exeter Finance as an auto loan provider is a complex task, as the available information presents a mixed picture. On the one hand, the company has been able to cater to borrowers who may not have access to traditional lenders, and some customers have reported positive experiences. However, the numerous negative reviews and complaints about high-interest rates, hidden fees, and aggressive collection practices raise significant concerns about the company’s trustworthiness and ethical lending practices.

Factors Contributing to Trustworthiness

Exeter Finance’s ability to provide reliable and customer-focused financing options to borrowers with credit challenges can be seen as a positive factor. Additionally, the company’s longevity in the industry and its reputable standing with the Better Business Bureau (BBB) suggest a certain level of dependability.

Areas of Concern

However, the persistent complaints about Exeter Finance’s predatory lending practices, including high-interest rates, hidden fees, and aggressive collection tactics, cast doubt on the company’s transparency, fairness, and responsibility as a lender. These untrustworthy and fraudulent practices have the potential to negatively impact borrowers, especially those in vulnerable financial situations.

Ultimately, before deciding to obtain an auto loan from Exeter Finance, it is crucial for potential borrowers to thoroughly research the company’s reputation, lending practices, and customer reviews. This diligence is essential to ensure that the credible and reliable financing option is selected, protecting oneself from predatory or untrustworthy lenders.

Lending Practices and Policies

lending practices

Exeter Finance caters primarily to subprime borrowers and those with poor credit histories.

Their eligibility criteria may be more lenient than traditional lenders, allowing them to provide financing options to a wider range of consumers. This includes individuals with low credit scores, previous bankruptcies, and those seeking special financing or buy here pay here loans.

Eligibility Criteria

Exeter Finance’s eligibility criteria are designed to accommodate borrowers who may not qualify for traditional auto loans. The company often considers factors beyond just credit scores, such as income, employment history, and collateral, when evaluating loan applications. This alternative auto lending approach allows Exeter Finance to cater to a broader pool of high-risk and subprime borrowers.

Transparency and Disclosures

However, concerns have been raised about Exeter Finance’s transparency and disclosure practices. Some customers have reported issues with understanding the full terms and conditions of their loan agreements, including the true cost of borrowing and any associated fees or penalties. It is essential for borrowers to carefully review the contract and seek clarification on any unclear or ambiguous provisions before signing.

Exeter Finance vs. Competitors

Competing lenders

Exeter Finance operates in a competitive auto lending market, with numerous other lenders offering similar financing options. As borrowers explore their options, it’s essential to compare Exeter Finance’s offerings to those of its competitors to make an informed decision.

Comparable Lenders

Exeter Finance’s key competitors include traditional banks, credit unions, and other specialized auto finance providers, such as Capital One Auto Finance, Ally Financial, and Wells Fargo Dealer Services. These lenders often offer a wider range of financing options, with varying interest rates and eligibility criteria. While Exeter Finance may cater to borrowers with poor credit, its competitors may provide more favorable terms, especially for those with better credit profiles.

Competitive Advantages

One potential advantage of Exeter Finance is its willingness to work with subprime borrowers and those with credit challenges. The company’s flexible eligibility criteria and faster approval processes may appeal to borrowers who have difficulty securing financing from traditional lenders. However, Exeter Finance’s relatively high-interest rates and questionable customer service reputation, as evidenced by numerous negative reviews and complaints, may make it less attractive compared to some of its nationwide competitors with better Better Business Bureau ratings and average ratings from dealerships and dealers.

Lender Interest Rates Eligibility Criteria Approval Time Customer Reviews
Exeter Finance 15% to 25% APR Flexible, caters to subprime borrowers Relatively fast Mixed, with many negative reviews
Capital One Auto Finance 5% to 20% APR Varies, may be more stringent than Exeter Relatively fast Generally positive, with higher ratings
Ally Financial 3% to 18% APR Flexible, with options for subprime borrowers Relatively fast Positive, with strong reputation
Wells Fargo Dealer Services 4% to 15% APR Varies, may be more stringent than Exeter Relatively fast Mixed, with some negative experiences reported

Subprime and Special Financing Options

subprime financing

Exeter Finance specializes in providing auto loans to subprime borrowers and those with credit challenges. The company offers a range of special financing options, including buy-here-pay-here loans, second-chance financing for those with past bankruptcies, and no-credit-check auto loans. These products may be appealing to borrowers with limited financing options, but they often come with higher interest rates and fees, making them more costly in the long run.

Exeter Finance’s subprime lending and alternative auto lending practices cater to individuals who may not qualify for traditional financing. While these high-risk car loans and in-house financing options can provide a much-needed solution for borrowers with poor credit or bankruptcy on their credit history, they also carry significant financial risks. Borrowers should carefully consider the terms and potential long-term impact before pursuing these special financing alternatives.

Overall, Exeter Finance’s buy here pay here loans and second chance financing programs may offer a lifeline to those with limited options, but they often come at a higher cost. Borrowers should weigh the pros and cons carefully, exploring all available options to ensure they make the most financially responsible decision for their unique circumstances.

Tips for Working with Exeter Finance


If you are considering an auto

loan with Exeter Finance, it’s important to carefully review the terms and conditions of the contract, paying close attention to the interest rate, fees, and any prepayment penalties. Additionally, it’s crucial to stay on top of your payments, as Exeter Finance has a reputation for aggressive collection tactics, including repossession, for borrowers who fall behind. Be proactive in communicating with the company if you anticipate any difficulty making your payments, as they may be willing to work with you to avoid negative credit impact or vehicle repossession.

Understanding the Contract

Before signing the contract with Exeter Finance, make sure you thoroughly understand the terms and conditions. Pay particular attention to the interest rate, fees, and any prepayment penalties that may apply. If you have any questions or concerns, don’t hesitate to ask for clarification from the Exeter Finance representative.

Staying on Top of Payments

Keeping up with your payments is crucial when working with Exeter Finance. If you anticipate any difficulty in making your payments on time, proactively communicate with the company. They may be willing to work with you to avoid late fees, repossession, and negative impacts on your credit report and credit score. Staying in close contact with Exeter Finance can help you refinance or find a solution that works for your financial situation.

Exeter Finance and Credit Impact

credit impact

Exeter Finance’s auto loans can have a significant credit impact on a borrower’s credit profile. The company is known to report loan payments and any delinquencies to the major credit bureaus, which can positively or negatively affect a borrower’s credit score and credit report, depending on their payment history.

Credit Reporting Practices

Exeter Finance’s diligent reporting of loan activity to the credit bureaus can be a double-edged sword for borrowers. On-time payments can help build or improve a borrower’s credit score, but late or missed payments can have a detrimental effect, potentially leading to debt and repossession issues down the line.

Refinancing Opportunities

For borrowers who find themselves struggling to keep up with Exeter Finance’s high-interest rates and fees, refinancing options may be limited. The company’s loans can be difficult to transfer or pay off early without incurring additional costs, making it challenging for borrowers to find more favorable financing terms and improve their overall financial situation.

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In conclusion, Exeter Finance’s trustworthiness as an auto loan provider is a complex and nuanced issue. While the company has been able to provide reliable financing options to borrowers who may not have access to traditional lenders, the numerous negative reviews and complaints about high-interest rates, hidden fees, and aggressive collection practices raise significant concerns about the company’s ethical lending practices.

Borrowers considering an auto loan with Exeter Finance should carefully research the company’s reputation, understand the full terms and conditions of the loan agreement, and weigh the potential risks and benefits before making a decision. Ultimately, thorough due diligence and caution are advised when working with Exeter Finance or any subprime auto lender. It’s essential to determine if the company’s lending practices are honest, transparent, fair, responsible, credible, reputable, and customer-focused, or if they exhibit signs of predatory lending, fraud, and untrustworthiness.

By conducting comprehensive research and exercising prudence, borrowers can make an informed decision about whether Exeter Finance is the right choice for their auto financing needs. Maintaining a dependable and reliable auto loan provider is crucial for financial stability and long-term success.


Q: Is Exeter Finance a reliable company for auto loans?

A: Exeter Finance has mixed reviews. Some customers have had positive experiences, while others have reported issues with predatory practices and unprofessional behavior.

Q: What should I do if I have concerns about my car payment with Exeter Finance?

A: If you have any concerns about your car payment or feel that you may be in danger of repossession, it is important to reach out to Exeter Finance directly to discuss your options and possibly negotiate a solution.

Q: How can I avoid having my car repossessed by Exeter Finance?

A: To avoid repossession by Exeter Finance, make sure to stay current on your car payments and communicate any financial struggles you may be facing to see if alternative arrangements can be made.

Q: Are there any reviews of Exeter Finance online that I can read?

A: Yes, you can find reviews of Exeter Finance online on various platforms, where customers share their experiences with the company.

Q: What steps should I take if Exeter Finance decides to repossess my car?

A: If Exeter Finance initiates repossession of your vehicle, contact them immediately to try and resolve the issue. You may have options to repay the amount owed or work out a plan to get your car back.

Q: Can Exeter Finance repo my car if my payment is past due?

A: Exeter Finance has the right to repossess your car if your payment is past due. It is crucial to communicate with them to prevent repossession and find a solution to bring your account up to date.

Q: How can I get help from Exeter Finance if I am in a difficult financial situation?

A: If you are facing financial difficulties and need assistance, contact Exeter Finance as soon as possible to explain your situation. They may be able to offer options or resources to help you resolve the issue.

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