Exeter Finance Auto Loan : How to save $1000

Before we dive into the details, let’s talk a bit about Exeter Finance. It started back in 2006, founded by people who knew their way around auto finance. Fast forward to 2011, the big player, the Blackstone Group, snagged them up. Then, on their 10th birthday, they brought in Jason Grubb as the new CEO.

By 2016, Exeter Finance had a whopping $3 billion in auto loans. This massive portfolio didn’t just magically appear—it took a team of over 1,000 employees in Dallas and Salt Lake City answering calls and keeping things running smoothly. Exeter isn’t just about loans; they offer auto financing solutions, credit tips, privacy notices, fraud protection, financial literacy, and five ways to pay.

If you check out the Exeter Finance reviews below, you’ll hear from customers who found the right financing fit and others who went through a repo situation.

Who does Exeter Finance aim to help? Well, they’re targeting Americans shopping for cars who might be dealing with some credit challenges (they call it sub-prime). We noticed an average auto loan interest rate of 20%, give or take 5%. Keep in mind, rates can swing a lot depending on your credit score.

Thinking about getting an Exeter Finance auto loan? Our handy calculator can give you a head start. Just fill out a simple credit application, and you’ll get a sense of what you could save with an Exeter Finance auto refinance and the best rates. Easy peasy!

Exeter Finance reviews

If you currently have a loan with Exeter Finance, it’s likely that you obtained the loan when you bought your car from the dealership. You might have used your old vehicle as a trade-in to reduce your down payment. To make your payments, just go to https://myaccount.exeterfinance.com and click on MyAccount.

A large majority (79%) of Americans with auto loans secure them directly at the dealership while purchasing their cars. People usually focus on finding a new car, not necessarily a new loan. This is true not only for auto loans but also for auto insurance and warranty inquiries.

Here’s the situation:

The main goal of a car dealer is to sell a car.
The secondary goal is to sell the car with the highest possible profit margin.

Given these priorities and the common practice of obtaining loans at the dealership, it’s not surprising that many Americans end up paying higher interest rates.

As mentioned earlier, Exeter Finance specializes in auto loans and financial services for individuals with challenged (sub-prime) credit. We checked reviews for Exeter Finance and found the following:

BBB: The company lost its BBB accreditation on 06/08/2020 due to government action related to customer relations.
Yelp: Rated 1 out of 5 stars based on 18 reviews.
Glassdoor: Rated 3.5 out of 5 stars based on 239 reviews.

If you’re curious whether Exeter Finance treats everyone similarly, unfortunately, it seems they do. Other auto loan companies you might have qualified for include:

Professional Financial Services
American Credit Acceptance
United Auto Credit
Nicholas Financial
CNAC
and a few more.

If you purchased your car from a Franchise Dealership, you might have qualified for a loan with a Captive Finance company owned by the car brand, such as:

GM Financial
Nissan Infiniti Finance
Kia Motor Finance
Volkswagen Credit (though this is less likely)

After making your initial payments, around the 6th, 12th, or 18th month, you have the opportunity to refinance your loan and potentially reduce your monthly payments. The challenge with refinancing is that many auto loan companies require you to visit their branch for an estimate of potential savings. Fortunately, we can assist with that.

How to make your payment?

If you have a loan with Exeter Finance and need to make a payment, it’s a breeze. Just visit https://myaccount.exeterfinance.com and log in at MyAccount. You have two choices:

Make a one-time payment.
Sign up for Autopay using your checking account.

Keep in mind, some banks and financial institutions give discounts if you opt for Autopay. This can lower your interest and monthly payment. Exeter Finance might have mentioned this during your application to help you secure a lower interest rate.

If online payment isn’t your thing, you have other options:

Pay over the phone: Call 1-800-321-9637
Pay by mail: Send a check to Exeter Finance at the following address:

Exeter Finance
P.O. Box 650598
Dallas, TX 75265

Make sure to use English (US) language.

Does Exeter Finance report to the credit bureaus?

When you got your car loan from Exeter Finance, they shared details about it with credit bureaus. This info appears as a trade-line on your credit report, which we can check through a soft or hard credit inquiry. Here’s what we can find out:

When you got your Exeter Finance loan.
The initial amount of your loan.
The size of your monthly payment.
Whether you’ve been making your payments on time and in full.
The current remaining balance on your loan.
How many payments you still have to make.

If you happen to miss a payment, Exeter Finance will probably tell the credit bureaus about it. Similar to other auto finance companies, Exeter Finance also updates the credit bureaus when you finish paying off your loan or if you decide to refinance it. In those situations, your loan status will be marked as “paid off.”

Before refinancing your Exeter Finance auto loan

Before you consider redoing your Exeter Finance auto loan, it’s a good idea to check how much you still need to pay. We’ll need to see your Exeter Finance loan payoff statement to figure out the amount and specifics. This statement isn’t just about what you owe. It includes:

The amount you need to pay (usually your loan balance plus a few small fees).
The deadline to pay to avoid late fees (usually within 10 days from your request).
Daily interest accumulation (how much interest adds up each day).
Your account number (the new lender needs this to pay off your loan).
The address to send the payoff check to.

With this info, you can decide if refinancing makes sense. Just saving money monthly doesn’t automatically mean it’s the right move. Let’s explore the details of refinancing before making a decision.

Things to consider before refinancing

Is it a good idea to refinance your Exeter Finance loan? Definitely! Refinancing can save you thousands of dollars and give you an extra $150 each month. If you choose a reliable partner, the process will be quick and easy.

However, we’ve noticed some issues when helping Americans refinance their auto loans. To clarify, there’s no prepayment penalty. All the info you need for a refinance is in the official payoff statement.

Once you know the payoff amount, decide if you want to pay off the loan yourself or let the new lender handle it. Exeter Finance’s customer service reps can help you get the payoff statement:

Call 1-800-321-9637 and ask for the loan payoff department.
Log in to MyAccount (https://myaccount.exeterfinance.com) and go to the ‘Loan Payoff’ tab to download a PDF.
Do a three-way call with the new lender and Exeter Finance at 1-800-321-9637, so the new lender can ask all the necessary questions.

If you plan to pay off your loan and you’re in the U.S., you can overnight a check to:

Exeter Finance
P.O. Box 650598
Dallas, TX 75265

After paying off the loan, you’ll receive the vehicle title and a lien release letter by mail. This is crucial for selling or refinancing your vehicle.

We provided the addresses because finding contact info can be tricky. Due to COVID-19, customer service wait times may be longer.

Need help with the refinance? We can lower your rate in less than two minutes.

Common mistakes people make when refinancing

We’ve been assisting Americans in reducing their monthly payments on Exeter Finance auto loans for quite some time. It’s important to note that Exeter Finance, like any other auto lender, isn’t very keen on customers refinancing their loans. Consequently, there isn’t a wealth of information available online about how to refinance your Exeter Finance loan.

One common misconception we often encounter while helping Exeter Finance customers lower their car payments is this:

Some borrowers mistakenly believe that refinancing their Exeter Finance auto loan involves ‘restructuring’ the loan. By restructuring, we mean giving borrowers a second chance to make payments after they’ve missed a few or closing the chapter with Exeter Finance and starting anew with a different lender. However, that’s not what refinancing is all about.

Refinancing your Exeter Finance auto loan actually means the opposite. It’s an opportunity to reduce your payments by lowering your interest rate and/or extending the term. This is possible because you’ve been responsible, making your payments on time and in full.

If, unfortunately, you haven’t made timely and full payments to Exeter Finance, you might not be an ideal candidate for refinancing. In this case, it’s advisable to reach out to Exeter Finance for assistance in financial planning for the future. The primary goal should be to avoid missing payments moving forward.

How to refinance your Exeter Finance auto loan

To reduce your monthly payments on your Exeter Finance auto loan, consider finding a lender that can either extend the term of your used car loan or provide lower auto loan rates before your loan is fully repaid. The best way to do this is by applying online, where you can quickly receive your annual percentage rate (APR). Typically, lenders may offer you a lower rate for two main reasons:

When you initially purchased your car, the dealer may have increased your rate to make more profit.
If you’ve improved your credit over time, you may now qualify for a lower car payment and interest rate.

These are common scenarios, and taking advantage of them can save you a significant amount of money, especially if you primarily use your car for personal purposes. If you’ve upgraded your credit from challenged (350-600 FICO scores) to near-prime (above 600), and you’re not facing financial difficulties, you may find a new lender among FDIC-approved options like C & F Finance Company, Steward Financial Services, 1st Investors Financial Services, Capital Auto Finance, Ally Financial, and others.

Moving from the sub-prime automotive financing segment to the near-prime credit segment signals positive progress. Lenders in this category focus on auto loans and, while they may charge higher rates, they understand the market well. Reviews might suggest a less favorable customer experience, but in reality, they are familiar with customers like you who are working to enhance their credit and have ambitious financial goals.

In the next section, we’ll guide you through the steps to pay off your Exeter Finance loan. If you prefer to streamline the process and refinance quickly, you can submit a simple loan application to receive an offer with just a few clicks, and it won’t impact your credit score.

Step by step guide to refinance

Find out how much you still owe on your Exeter Finance car loan.
Determine if your car is worth more or less than what you owe.
Look at different lenders or talk to a refinancing expert to find the best rates.
Use a calculator to figure out your new interest rate and monthly payments.
Complete all the necessary paperwork.
Pay off your current loan.
Arrange automatic payments with your new lender.

Experts’ take on how to refinance

Renowned experts like CreditKarma, NerdWallet, and Bankrate highly support the idea of refinancing auto loans. This applies not only to Exeter Finance customers but to anyone with an auto loan. NerdWallet has even listed the top 10 Auto Loan Refinancing Lenders, including Money.com, LendingTree, Investopedia, and The Balance.

Understanding personal finance is crucial. Numerous studies confirm that stable finances contribute to happiness and mental well-being. That’s why we strongly suggest conducting thorough research and considering refinancing your Exeter Finance auto loan.

The mentioned experts possess a solid grasp of personal finance. Leveraging our diverse backgrounds (MiT, McKinsey, Bain, Merrill Lynch, Stanford Graduate School of Business, Carvana, etc.), we consider ourselves the undisputed authority on auto loan refinancing. Our comprehensive thought leadership piece on this topic attests to our expertise.

How much does it cost to refinance?

The expense for refinancing your Exeter Finance can range from $15 to $449. Technically, refinancing doesn’t come with any inherent costs. Your Exeter Finance car loan doesn’t have early repayment penalties, and the only charge involved is the Department of Motor Vehicles (DMV) fee to update the lienholder on your vehicle title.

Nevertheless, depending on the refinancing provider for your Exeter Finance auto loan, there might be some undisclosed fees, potentially totaling up to $449. Check out our detailed comparison of refinance lenders to understand the overall cost associated with refinancing your Exeter Finance loan through different companies.

How soon can you refinance?

Looking to make your Exeter Finance loan more affordable? That’s a smart move! Lowering your Exeter Finance payments through refinancing is a great way to save money.

Car dealerships often make a significant profit from finance and insurance products. Chances are, you might be paying more than necessary. Refinancing can help you save money, and you can start enjoying the benefits right after driving off the lot. The most significant savings usually kick in after making 12 to 18 payments. This is especially true if you’ve been working on improving your credit, especially if it was sub-par initially.

To make sure you’re getting the best deal, we suggest checking regularly. You can easily get a free refinance offer without affecting your credit score in just three simple steps.

Will refinancing hurt your credit?

Refinancing won’t harm your credit score! If you use the CreditKarma app, you can check the factors influencing your credit. Here’s what matters:

Hard Inquiries: The fewer, the better.
Age of Credit History: More is better.
Credit Card Utilization: Less is better.
Total Accounts: More is better.
Derogatory Marks: Less is better.
Payment History: More is better.

Getting a refinancing offer for your Exeter Finance loan won’t negatively impact any of these factors. Lenders don’t need to do a hard credit check for a firm refinance offer, and there’s no application fee. With a soft credit check, they can view your entire credit history and estimate your rate.

If you accept the refinance offer, the new lender will need to do a hard credit check to add your new loan to your credit file. However, this hard inquiry only happens after you’ve been approved.

We believe that the positive effects of refinancing your Exeter Finance loan outweigh the downside of the hard credit inquiry. After refinancing, you’ll enjoy a lower rate and monthly payments. This makes it more likely for you to maintain a perfect payment history, boosting your credit score quickly.

What happens if I pay extra?

Here’s a rewritten version:

It’s quite simple: when you pay extra on your loan, the time it takes to pay it off gets shorter, but your monthly payment remains unchanged. Many customers hope to lower their monthly payments this way, but no lender allows it.

To decrease your monthly payments, consider refinancing your Exeter Finance loan. If you haven’t thought about it yet, you should. In less than 2 minutes, you can not only reduce your monthly payments but also lower your total interest expenses. This means you could save $750 annually, or $63 each month.

Expected Savings from refinancing?

We conducted a study on the top 40 companies offering auto loan refinancing and discovered that, on average, Exeter Finance’s loan rate hovers around 20%, with a slight variation of +/- 5%. If you’ve consistently made payments for 6, 12, or 18 months, you’re assured of saving money on your Exeter Finance loan.

Your new interest rate should be approximately 15% or even lower. This translates to savings of $500 annually or $42 monthly if your remaining loan balance is about $10,000 and you decide to refinance. Typically, our customers tend to refinance with higher loan balances, such as around $15,000. If your loan balance is in this range, lowering your rate by 5% could save you $750 per year or $63 each month.

For a guaranteed rate in less than 2 minutes, visit WithClutch.com, enter your phone number, choose your goal (e.g., ‘Lower my monthly payment’), and click on ‘Apply Now.’ Our process won’t impact your credit, and you’ll receive a solid, guaranteed rate with just a few clicks—no more than 5. If you have additional questions, feel free to check our FAQs.

What are current refinance rates?

We’ve got the scoop on the different Exeter Finance refinance rates based on your credit score:

Credit Score | New Car Rate | Used Car Rate

760 and above | 2.69% | 3.49%
700-760 | 3.00% | 4.25%
650-700 | 5.50% | 6.50%
600-650 | 9.75% | 10.75%
550-600 | 15.50% | 17.50%
Below 550 | 22.00% | 22.00%

Remember, these rates differ depending on your credit score, ranging from the lowest for excellent credit to the highest for challenged credit. The interesting part? It doesn’t matter where you are in the United States – whether you’re in Hawaii, Maine, Alaska, or Florida, the rates stay consistent. To get the real deal, check out your personalized Exeter Finance refinance offer for the exact terms that suit you best.

Can you refinance with the same lender?

Certainly, here’s a simplified and rephrased version:

You can’t redo a loan with Exeter Finance if it’s the same one you already have. Exeter Finance either keeps your loan to make money over time or sells it for an immediate profit. In both cases, they expect your monthly payments. Refinancing with them changes their expected income, so they won’t allow it. If someone asks if Exeter Finance does refinancing, the answer is no. You’ll have to find a different lender for a better rate. We recommend WithClutch for a smooth digital experience and competitive rates.

Best bank for refinancing your Exeter Finance loan?

In our research on the top companies for refinancing car loans, we highlighted the importance of recognizing three key entities:

Lenders: These are typically banks and credit unions. They essentially replace your existing Exeter Finance loan with a new one that comes with a lower interest rate.
Refinance Brokers: These companies act as intermediaries, creating a marketplace connecting lenders with customers like you, who have an Exeter Finance loan. Their goal is to facilitate the process of finding a better loan deal.
Affiliate Websites: These are online platforms that strategically rank high in Google’s search results, especially for queries like ‘how to refinance my Exeter Finance loan.’ Their main aim is to encourage you to share your contact details, potentially for referral purposes.

Best Auto Loan Refinance Companies of 2021

Best for Great Credit: Credit Unions
Best for Checking Rates Without Impacting Your Credit: Capital One.
Best Trusted Name: Bank of America, Chase or WellsFargo.
Best for The Most Options: WithClutch.
Best for Members of the Military: USAA or Navy Federal CU.
Best for Peer-to-Peer Loans: LendingClub although not recommendable.
Credit Union with lowest rates: Digital Credit Union and PenFed.

Feel free to submit your details on our digital and 100% online refinance platform for some free advice on which company would be the best fit for you. You’ll get a reliable answer with three clicks and in less than 2 minutes.

Things not to do when refinancing

Refinancing your Exeter Finance auto loan might seem like a big task, but it doesn’t have to be complicated. We get it – you don’t refinance your Exeter Finance loan all the time, and you definitely want to steer clear of any issues.

Reasons you should not refinance

Should you refinance your Exeter Finance auto loan? Well, it’s not a good idea if it ends up costing you more in overall interest. In simple terms, don’t do it if you get a worse deal with a higher interest rate. Let’s break it down with an example:

Imagine you’re currently paying 20% interest and $450 each month. If someone offers you a loan at 20% interest but with a lower monthly payment, say $400, because they extended the loan period, you shouldn’t go for it. Even though the monthly payment is less, it’s not a smart move, and we strongly advise against it.

We’ve seen many success stories from clients who refinanced their Exeter Finance auto loans. Some just wanted to lower their monthly payments without changing the loan term. Others aimed for even lower payments and extended the loan term to 60, 72, or even 84 months.

Then there are those who had positive equity in their car, meaning the remaining Exeter Finance loan was less than the car’s value. They decided the best option among our loan offers was one that included cash-out.

Now, here’s a common question: “My credit score hasn’t improved much, but I want to lower my monthly payments. Should I refinance, accept a higher rate, and extend the loan period?”

Our advice: don’t go for it. It’s not a wise financial move, and you’ll end up paying more over a longer time. Don’t sacrifice the big picture for small short-term gains!

Can I skip a car payment?

Facing a money crunch and thinking about delaying a car payment with Exeter Finance? Yes, you can postpone one or more payments on your current auto loan, but you need to discuss it with Exeter Finance first. Ignoring payments might lead to collection calls and even repossession.

To start the process, give Exeter Finance a call at 1-800-321-9637 and explain your situation. Exeter Finance prefers you to stick to the original payment plan, but they might agree to defer payments as a courtesy if you communicate openly. Keep in mind that interest will still accumulate on the unpaid balance, resulting in a slightly higher overall payment.

Alternatively, if you’ve been making timely payments, you can reduce your Exeter Finance payments through refinancing. Follow three simple steps to discover how much you could lower your payments without resorting to skipping any payments.

Does Exeter Finance have a grace period?

Exeter Finance has a late payment policy that gives you a window of 7 to 15 days. Different lenders have different grace periods, and because of the pandemic, banks are more understanding with borrowers.

Late fees vary, and the smallest we’ve come across is 5% of the monthly payment. We strongly suggest not taking advantage of the grace period unless it’s an emergency. Doing so can harm your credit, impacting your finances in the long run.

Instead, consider looking into refinancing to potentially reduce your monthly payment and even save on costs. Share your phone number and follow three easy steps to receive a solid offer, all online, with no impact on your credit.

How long does Exeter Finance take to repossess my car?

Repossession laws can vary a bit from state to state. If you’ve missed payments on your Exeter Finance loan, the time it takes for repossession to happen can range from 3 to 5 months. Your specific retail and installment contract, the one you signed when you got your car and loan from Exeter Finance, outlines what counts as a default.

In some states and contracts, repossession can occur as soon as 45 days (or a month and a half) after you’re in default. You’re considered in default when you’ve stopped making payments, and this status continues until you’ve paid the Exeter Finance late fees.

Just catching up on the payments you missed doesn’t automatically take you out of default. To no longer be considered in default, you’ll need to pay everything you owe to Exeter Finance, including any fees.

Refinance your Exeter Finance loan now

Not checked out refinancing yet? Check our detailed guide on auto refinance options. You’ll find that WithClutch.com stands out as the sole fully digital platform, allowing car owners to do it all from home. No need to visit a bank or credit union. You can reduce your rate or get cash in just 20 seconds.

Just follow three easy steps to refinance your auto loan, get instant approval, and save thousands in minutes.

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