Will Exeter Finance Defer A Payment?

Exeter Finance is a well-known financial institution that provides auto loans to individuals across the United States. As with any loan, there may be circumstances where borrowers find themselves unable to make a payment on time. In such situations, it is natural for borrowers to wonder if Exeter Finance will defer a payment. In this article, we will explore the options available to borrowers and provide valuable insights into the process.

Understanding Exeter Finance

Before delving into the topic of payment deferral, it is important to have a clear understanding of Exeter Finance. Founded in 2006, Exeter Finance has established itself as a leading provider of auto loans, serving customers with a wide range of credit profiles. The company aims to provide flexible financing options to help individuals purchase the vehicles they need.

Payment Deferral: What Does It Mean?

Payment deferral refers to the temporary postponement of a loan payment. It allows borrowers to skip a payment without facing penalties or negative consequences. This option can be particularly useful for individuals facing unexpected financial hardships, such as job loss or medical emergencies.

Will Exeter Finance Defer A Payment?

Exeter Finance understands that life can throw unexpected challenges at borrowers, making it difficult to meet their financial obligations. As a result, the company offers a payment deferral program to eligible borrowers. However, it is important to note that not all borrowers will qualify for a payment deferral, and each case is evaluated on an individual basis.

Eligibility Criteria for Payment Deferral

Exeter Finance has specific eligibility criteria that borrowers must meet in order to be considered for a payment deferral. These criteria may vary depending on the borrower’s credit history, loan terms, and overall financial situation. Some common factors that Exeter Finance takes into account include:

• Length of the loan
• Payment history
• Reason for the request
• Ability to demonstrate financial hardship

It is important for borrowers to provide accurate and detailed information when requesting a payment deferral. This will help Exeter Finance assess the situation and make an informed decision.

The Process of Requesting a Payment Deferral

If a borrower finds themselves in a situation where they are unable to make a payment, it is crucial to contact Exeter Finance as soon as possible. The company has a dedicated customer service team that can guide borrowers through the process of requesting a payment deferral.

When contacting Exeter Finance, borrowers should be prepared to provide the following information:

• Loan account number
• Reason for the request
• Documentation supporting the financial hardship

Once the request is submitted, Exeter Finance will review the information provided and make a decision regarding the payment deferral. It is important to note that the decision is not guaranteed, and borrowers should continue to make payments until they receive confirmation of the deferral.

Frequently Asked Questions

1. Can I defer multiple payments with Exeter Finance?

Exeter Finance allows borrowers to defer a single payment at a time. If you find yourself in a situation where you need to defer multiple payments, it is recommended to contact Exeter Finance to discuss your options.

2. Will deferring a payment affect my credit score?

While deferring a payment may provide temporary relief, it is important to note that it can have an impact on your credit score. It is advisable to discuss the potential consequences with Exeter Finance before making a decision.

3. How long can a payment deferral last?

The length of a payment deferral can vary depending on the borrower’s circumstances. Exeter Finance will work with borrowers to determine the appropriate duration of the deferral based on their individual situation.

4. Are there any fees associated with payment deferral?

Exeter Finance does not charge any fees for processing a payment deferral. However, interest may continue to accrue during the deferral period, which could result in a higher overall loan cost.

5. Can I request a payment deferral online?

Yes, Exeter Finance provides an online portal where borrowers can submit their payment deferral requests. The portal offers a convenient and efficient way to communicate with the company.

6. What happens after the payment deferral period ends?

Once the payment deferral period ends, borrowers are expected to resume making their regular loan payments. It is important to stay in touch with Exeter Finance and inform them of any changes in your financial situation.

Summary

Exeter Finance understands that borrowers may face unexpected financial challenges that make it difficult to meet their loan obligations. As a result, the company offers a payment deferral program to eligible borrowers. However, it is important to note that not all borrowers will qualify for a payment deferral, and each case is evaluated on an individual basis. To request a payment deferral, borrowers should contact Exeter Finance and provide the necessary information. While a payment deferral can provide temporary relief, it is important to consider the potential impact on your credit score and overall loan cost. It is advisable to discuss the options and consequences with Exeter Finance before making a decision.