Tote The Note car lots provide financing for applicants with very bad credit — often without credit checks. Most of the vehicle offered are higher-mileage used vehicles, and unlike a traditional dealership who finances buyers through a 3rd party lender, a Tote The Note dealer actually acts as your creditor. This is often referred to as in-house financing, and is most common among dealerships who use advertising slogans such as “We Tote the Note” and “Buy Here and Pay Here.”
Apply for Financing, Bad Credit OK!
If need an auto loan with horrible credit, these types of car lots may sound downright appealing. And for some car shoppers they might be the right answer. However, we suggest that you explore your options with a subprime auto lender before resorting to in-house financing.
To apply for a subprime auto loan now, click here.
Tote The Note vs Subprime Car Lenders
- Credit Checks: while a no credit check auto loan might sound great if your credit score is really low, people these days are getting approved for bad credit 400 credit score auto loans from large dealerships with subprime finance departments. No credit check dealers rarely report your debt repayment to the credit bureaus, meaning your credit score will have no chance to improve from your auto loan — a very big missed opportunity.
- Payment Frequency: many Tote the Note dealers require weekly payments, in person, at the car lot. A subprime auto lender, however, will typically only require monthly payments.
- Vehicle Mileage/Condition: traditionally Tote The Note car lots would only really offer older vehicles with high mileage — some of them bought at auction in questionable repair. With a subprime auto loan through a traditional dealership, however, you will have a better chance at getting a late model vehicle with fewer miles. You may also be able to get a Certified Pre-owned (CPO) vehicle with a strong warranty.
The My Car Lender Advantage
In summary, a no credit check auto loan from a Tote The Note dealer is usually regarded as a financing method of last resort. On the other hand, the network of dealers and lenders with whom we work has many specialists in the realm of subprime credit, and there are even bad credit dealerships who offer both traditional and in-house financing. So we suggest that you apply for a subprime auto loan before going down the road with a Tote The Note car — after all, what do you have to lose? Apply Today!
