Does Exeter Finance Refinance? – Exploring the Benefits, Rates and Requirements

Introduction

Refinancing is the process of taking out a new loan to pay off an existing loan. It can help you lower your interest rate, shorten your repayment period or switch to a more flexible loan term. Exeter Finance is a leading provider of auto loans and refinancing services in the United States. In this article, we will explore the benefits, rates, fees, requirements and customer reviews of refinancing with Exeter Finance.

Benefits of Refinancing with Exeter Finance

Refinancing with Exeter Finance can provide several benefits, including:

Lower Interest Rates

One of the major benefits of refinancing is that it can help you get a lower interest rate on your loan. According to a survey by Experian, “23 percent of people who refinanced their auto loan in 2018 saw their interest rate drop one to three percentage points, and 30 percent saw their rate drop four or more percentage points.” This could save you hundreds or even thousands of dollars in interest over the life of the loan.

Shorter Repayment Period

When you refinance your loan, you may be able to reduce your repayment period. For example, if you have a five-year loan and refinance it to a three-year loan, you could potentially save money on interest by paying off the loan faster. According to Experian, “43 percent of people who refinanced their auto loan in 2018 reduced their repayment period by one to two years.”

Flexible Loan Terms

When you refinance your loan, you may be able to switch to a more flexible loan term. For example, if you have a fixed-rate loan and want to switch to an adjustable-rate loan, you can do so when you refinance. According to Experian, “19 percent of people who refinanced their auto loan in 2018 switched from a fixed-rate loan to an adjustable-rate loan.”

Process for Refinancing with Exeter Finance

The process for refinancing with Exeter Finance is relatively straightforward. Here are the steps you need to take:

Applying for a Loan

The first step is to apply for a loan. You can do this online or over the phone. Exeter Finance offers competitive rates and flexible terms, so make sure to shop around and compare offers before making a decision.

Submitting Documents and Information

Once you’ve chosen a loan, you’ll need to submit documents and information to Exeter Finance. This includes proof of income, such as pay stubs or tax returns, as well as proof of identity, such as a driver’s license or passport.

Verifying Your Identity

Exeter Finance will then verify your identity to ensure that you are who you say you are. This is done through an electronic verification system.

Reviewing the Loan Agreement

Once your identity has been verified, you’ll need to review the loan agreement carefully. Make sure to read all of the terms and conditions before signing anything.

Signing the Agreement

Once you’re satisfied with the loan agreement, you can sign it electronically. This will trigger the transfer of funds to your account.

Receiving the Funds

Finally, once the loan has been approved and signed, the funds will be transferred to your account. This usually takes 1-3 business days.

Rates and Fees for Refinancing with Exeter Finance

When you refinance with Exeter Finance, there are several rates and fees you should be aware of:

Interest Rates

Exeter Finance offers competitive interest rates on its auto loans. The exact rate you qualify for will depend on your credit score, income level and other factors. Exeter Finance also offers discounts on interest rates for customers who enroll in autopay.

Origination Fees

Exeter Finance charges an origination fee for each loan. This fee is typically 1-2% of the loan amount and is non-refundable. The exact amount of the fee will depend on the type of loan you choose.

Prepayment Penalties

Exeter Finance does not charge prepayment penalties, so you can pay off your loan early without incurring any additional fees.

Late Payment Fees

If you miss a payment, Exeter Finance will charge you a late payment fee. The exact amount of the fee will depend on the size of your loan and the number of payments you have missed.

Requirements for Refinancing with Exeter Finance

In order to qualify for a loan with Exeter Finance, you must meet certain requirements:

Credit Score

Exeter Finance requires a minimum credit score of 550. However, higher credit scores may qualify for lower interest rates and better loan terms.

Income Level

Exeter Finance requires borrowers to have a minimum annual income of $25,000. If you have a co-signer, their income can be used to satisfy this requirement.

Employment Status

Exeter Finance requires borrowers to be employed or have a source of steady income. Retirees and self-employed individuals may also qualify.

Debt-to-Income Ratio

Exeter Finance requires borrowers to have a debt-to-income ratio of 45% or less. This means that your total monthly debt payments should not exceed 45% of your gross monthly income.

Pros and Cons of Refinancing with Exeter Finance

There are both pros and cons to refinancing with Exeter Finance. Here are some of the most important ones to consider:

Pros

• Competitive interest rates
• Flexible terms and loan options
• No prepayment penalties

Cons

• Origination fees
• Strict eligibility requirements
• Late payment fees

Customer Reviews of Refinancing with Exeter Finance

Overall, customer reviews of Exeter Finance are mostly positive. The company has earned an “A+” rating from the Better Business Bureau, with an average customer rating of 4.5 out of 5 stars.

Positive Reviews

Customers praise Exeter Finance for its competitive rates, friendly customer service and quick turnaround times. Many customers also report that the process for refinancing was easy and straightforward.

Negative Reviews

Some customers have complained about the strict eligibility requirements and high origination fees. Others have reported problems with customer service and slow response times.

Loan Options Available for Refinancing with Exeter Finance

Exeter Finance offers several different loan options for refinancing. These include:

Fixed Rate Loans

Fixed rate loans offer the same interest rate throughout the entire repayment period. This makes them ideal for those who want predictable monthly payments.

Adjustable Rate Loans

Adjustable rate loans offer a lower interest rate at the beginning of the repayment period, but the rate can go up or down depending on market conditions. This makes them ideal for those who are looking for a lower initial rate.

Balloon Loans

Balloon loans offer a lower interest rate than traditional loans, but require a large balloon payment at the end of the repayment period. This makes them ideal for those who are planning to sell or refinance their vehicle before the end of the repayment period.

Home Equity Lines of Credit

Home equity lines of credit (HELOCs) offer a line of credit that can be used to pay for home repairs, renovations or other expenses. They typically offer lower interest rates than other types of loans and can be paid off over time.

Conclusion

Refinancing with Exeter Finance can be a great way to save money on your loan. It can help you get a lower interest rate, shorter repayment period or more flexible loan terms. However, it’s important to understand the rates, fees and requirements before you make a decision. Be sure to shop around and compare offers to find the best deal for your situation.

In summary, refinancing with Exeter Finance can provide many benefits, including lower interest rates, shorter repayment periods and flexible loan terms. However, there are also fees and requirements to consider. Understanding the pros and cons, customer reviews and loan options available can help you make a better decision about refinancing.