Tote the Note – We Finance Everyone Car Dealers
by davelal9 on Wednesday, September 26th, 2007People with bad credit that want to buy a car often end up at a Tote the Note car lot. Tote the note is a phrase used by We Finance Everyone car dealers. These car dealers often provide loans to people with bad credit with no credit check. Although these Tote the Note car lots may finance everyone, there is a down side to getting a no credit check auto loan from a We Finance Everyone car dealer.
Tote the Note car dealers rarely report your payment history to the credit reporting agencies. This means if you are trying to rebuild your credit rating a no credit check car loan from a We Finance Everyone car dealer will not help.
Most We Finance Everyone car dealerships require weekly payments. This can become quite a hassle over the length of the loan.
Some Tote the Note car lots install remote engine kill switches. If you do not make your payments on time the car dealer can disable the vehicle.
No Credit Check car dealers often sell older high mileage cars. Some of the vehicles sold are not that reliable.
If you have bad credit and want to re-establish a good credit rating I recommend that before you buy a car from a Tote the Note car dealer you first try to get an auto loan from a traditional sub prime auto finance company that works with leading area franchised car dealers. These days, there is a sub prime lending program for nearly every credit situation: bad credit, no credit and bankruptcy. There are even auto finance companies that ignore your credit score. Instead, they base their approval on other factors such as job time, income and special circumstances, such as medical expenses that relate to bad credit.
Advantages of getting an auto loan through a national auto finance company
Your timely payments will be reported to the credit reporting agencies and will help improve your credit score.You make monthly payments, instead of weekly payments. With most lenders you can even setup an automatic payment program wherein your car payment is sent from your bank, automatically, each month.
A National Auto Finance Company will never install a kill switch. In fact, most lenders offer a ten day grace period before they consider your payment late.
You Can Buy a Late Model, Low Mileage Car with Bad Credit, often with lower payments that you would have if you buy an old used car with high mileage.
Everyone needs a car. Before you buy a car from a local Tote the Note car dealer, consider a bad credit auto loan from Auto Credit Express, the national leading car buying service for people with bad credit.
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Yes just looking for a car.. Previous car broke down a few weeks ago and its a 1996 with 243,000 miles on it. Trying not to fix it but get another car
Brenda,
I have forwarded your information to our support department and you should be hearing from someone within 24 hours.
I AM REALLY ABOUT TO CRAZY, I TWO KIDS AND HAVE TO DRIVE MY MOM AND SELF BACK AND FORTH WITH A CAR THAT LOOKS AND SOUNDS LIKE GARBAGE TRUCK. PLEASE HELP US!!
Malissa,
Your first step is to go to our web site, http://www.autocreditexpress.com and see if you qualify in terms of income, down payment and job time. If you do, fill out an application and someone will respond to your request within 24 hours.
I have bad credit and a recent repo due to medical problems I could not pay the note so I had to return the car. They sold it in auction before I could come up with the money to get it back and now I need a vehicle because my husbands is on it’s last leg. Please help… I have tried everywhere, looking for SUV (chrysler pacifica, tahoo or expedition…)
Selena,
It really depends upon the status of the previous loan. If there is no deficiency balance (if your previous loan balance was covered by what the vehicle sold for at auction), then you may have a chance if you can come up with a substantial down payment ($2,500 for each $10,000 of the loan). If you don’t have that kind of money, or if you still owe a balance on your previous loan, you either need to save up the money for the down payment or try a “buy here pay here” dealer. In either case, you might have to settle for a small sedan rather than an SUV.
I have no credit and that is just like bad credit, All the dealerships I talk to say that I have to put alot of money down for a car. Can anyone help me.
Shavon,
Unfortunately, one of the most difficult situations to overcome is having a “thin” credit file – that is, having no credit history. Three things that lenders look for in an applicant are credit history, job history and the ability to pay back the loan (this includes the equity position of the buyer). To make up for a lack of credit history, the lender will look at time on the job as well as income. In other words, if you have been working at the same company for three or more years and your debt to income is low enough, a good many lenders will give you a loan. But if you have no credit history and your job time is short and your income is borderline, it will be difficult to find a bank willing to make the loan unless you have a sizeable down payment in the 20% range.
Your best choice to solve this problem (provided you have the income) would be to find a relative with good credit that is willing to co-sign for the loan. Your income qualifies you for the car payment while their credit history qualifies you for the loan.
If you don’t have anyone willing to co-sign for you, one exception to this rule (no credit history) would be the college grad program. If you have recently graduated from college, many captive finance companies (such as GMAC and Ford Motor Credit) have a program that will allow you to to buy a car. To do this, you need to furnish them with a letter of employment from your current employer as well as a copy of your diploma.
Another exception may still be Ford Motor Credit. A couple of years ago they had a very aggressive short term lease program where they were buying more deeply than even their retail buy program – so you might want to check and see if this is still available.
If neither of these programs fits your profile, you have the choice of buying from a “buy here pay here” lot or saving up the required down payment in order to get financed with a lender (and you may still have to deal with a subprime one, depending on your income and job history factors).
Just looking for a nice auto dealer ship that won’t charge a lot and that give chance with someone who’s trying to rebuild there credit and I have a repossession on my credit …. Can some one help me !!!
Demetris,
Everyone’s credit situation is different – and that certainly includes people with bad credit trying to rebuild it. I would suggest that you go to the resource center at autocreditexpress.com. There, you will be able to determine if your income and time on the job qualifies you for a loan. In many instances, if your repossession is less than a year old, a sizeable down payment can help you get a new loan.
I own a primary residence and 3 other rental properties. However, I’ve defaulted on each of the rental properties and will likely be foreclosing on them since I’m unable to short sale them due to the market conditions. The reason for all this is that my business partner lost his primary job and is unable to pay his share. In addition, 2 of 3 tenants are being evicted from the rentals as they too have lost their jobs. Therefore, no rental income to hold onto the properties.
Credit union denied me an auto loan because my debt was too high and I’ve defaulted on loans.
Good news, I’m been with same company for 5 years making nearly 6 figures and have not missed a payment on my primary residence since I purchased in 2005. In addition, I’ll have a sizable down payment (8000-10,000) to put down on a used vehicle.
Any sugguestions?
hello. I am 18 years old and i have lots of trouble finding a place that will help me get a car without credit. im practically on my own and i dont have a co signer. what should i do
Ed,
There are subprime banks that will finance you. Just remember that with your recent defaults, the interest rate will be higher than normal until you can reestablish your car credit. Go to http://www.autocreditexpress.com and fill out the application and, if you haven’t been contacted in 24 hours, call the toll free number listed on the page.
Flora,
Thin credit files (no credit history) are a big problem for young car buyers. Without a co-signer, you will need 20% to 30% down, with a solid job history and a good monthly income, in order to get financed through a conventional or near-prime lender. Without a co-signer, your only choice is probably a buy here pay here lot with a dealer that reports to the credit bureau so that your payment history appears on your credit report. Expect a down payment in the $1,000 range.
my girlfriends dad crashed our car i have a son thats just one week old i have bad credit and the car dealer that i got the from was from a bad credit place and that was our last option realy need a car asap but just have no where else to go now please help
Junior,
Did your insurance cover the loss of the car?
I have a 1992 cadillac eldorado V8 4,9 L engine, runs good and has many new parts on it and also has 167k…. I been trying to sell it or trade it in on something, if possiable….I dont have really good credit and no money down at the moment….But work 2 jobs for the past 2 months almost, is there anyone that knows where I could trade my car in with no money down and no credit check, please let me know. thanks!!!
Jamie,
If you have no money down, you are going to have a very difficult time finding a buy here pay here dealer – which is the only kind that doesn’t do a credit check – to sell you a car. They generally want a large down payment and your ’92 Cadillac is not worth very much as a down payment.
Since the Cadillac qualifies as a “clunker”, your best bet would be to go to a volume dealer (Chevrolet, Kia, Hyundai) and see what they can do on a deal with an entry level car (Aveo, Rio or Accent)
I want and need a car desperately! I have a co signer but come to find out his credit isn’t that much better than mine!! I don’t have money to put down! I’m tired of public transportation I have two jobs my own place and in college! Help me please
Brandi,
Since you don’t have money for a down payment (something that a “buy here pay here” dealer will absolutely require), you might want to check to see if there is a “rent to own” dealer in your area.
i have one child two jobs and a sick father my mom cant drive and i have to take my dad back and forth to the drs.. i have to hitch a ride to and from work and back and forth to take care of my errans and my parents banking and shopping my car broke down with 222,000 miles.. i dont want to keep putting money in to this clunker can you please help me..
Melanie,
We cannot tell if we can help or not with the information provided, that’s why we require a complete credit statement. There are variables to consider such as job time, disposable income, debt to income and payment to income ratios, total cost of vehicle ownership including auto insurance, the equity position of the loan, loan to value, not to mention down payment and items listed on your credit report. Most everyone will qualify for a lending program, however, the approval may limit vehicle selections and require a cash down payment based on the approved loan to value amount.
HELP!!! My car just broke down and it costs more to fix it then the cars worth, and a have a 14 year old son who needs a dad that has a car!
George,
We deal with a broad spectrum of lenders that can help consumers in a wide variety of situations. Since there is very little information that you have given us, I would suggest that you fill out an application and see what we can do for you.
I am looking to purchase a new or used car within the next month or so. I am just a little concerned about approval because of my credit score being just below 600. There are only 3 things on my report totaling under $1,500 dollars. I was told by a previous dealership last year when trying to purchase a car that I had been denied because of delinquencies on my credit report. I had things from years and years ago, but nothing recent. I guess these things do follow you forever. Is there anything specific that I should do to try an increase my chances on the next attempt to purchase a car?
Kiesha,
Everyone’s credit situation is different and there are a number of variables that make it difficult to pinpoint any one factor that might increase your chances next time.
The one thing you can do is order a copy of your credit report from each of the three bureaus and look for any mistakes that they might contain. Since the bureaus are required to correct any discrepancies (once they’ve been proven) within 30 days of filing a dispute, you need to allow some additional time before the changes appear on your credit report.
Another factor to consider is the type of dealer that you visited as well as the portfolio of lenders that this dealer dealt with. So to help you out, I have given your contact information to our customer service department and someone should be in contact with you shortly.
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I am about to file chapter 7, I will be losing my house, but I have already got an apartment. I will have to turn my car into the bank tomorrow morning. And I will need a new vehicle so I can get back and forth to work. I have been at my job for over a year, and have never had any down time in between jobs. Is there anything you can do?
Dale
Before you can apply for a loan, you first must complete the “341″ meeting with your creditors. Once that has happened, I would suggest filling out our secure online car loan application at http://www.autocreditexpress.com/sem. If you have any questions before doing this, you can contact our customer service department at 866-902-4403 or by emailing us at support@goacegroup.com.
Unfortunately, for security reasons, we are unable to take customer credit applications over the phone.
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I have an auto loan. I have a blown head gasket. I owe over $2000 on a 2000 Suzuki grand vitara. I have a friend who seems to think I can take it back to the dealership and upgrade or re-work my loan for more money? I had a bad experience with the dealership, I’ve felt robbed the whole time I’ve had this thing. I still have the title for 1999 jeep loredo that I was supposed to get after being “detailed”. After a month of chasing the where abouts of this vehicle I was told it was going to auction and it wasn’t to be mine. They showed up @ my work with the Suzuki by that time I was so tired of the bus ride to work I took it; in more ways than one I guess.making things better I’m out of work- no job. Need help, ideas or FRIENDLY advice,
Don,
There are a couple of things that I would check into. First every state has different laws that can protect consumers that most people don’t realize. Find out if the state where you reside has laws about purchasing vehicles new or used from automotive dealers. Some states require the dealer to put a limited short term warranty on their vehicles even if you signed an As-Is Form (a form that basically states you are purchasing the vehicle with no warranties or guarantees…as-is). These types of short term warranties cover engine and drive train and could last up to 1000 miles from purchase. Secondly, if you signed paperwork on a different vehicle and that vehicle’s documents are in your name you may want to get the attorney general involved. The attorney generals office may be able to help you in filing a claim if there are violations from the dealer. Some dealers may prey on how naïve some consumers may be about their rights when it comes to purchasing a vehicle. Without having enough detailed information it is difficult to give you a way to go. If you feel that you have been defrauded by this dealer I would be hard pressed to go back to someone like that for help. I hope that everything works out for you.
i hate car loans because sometimes that interest rate is not very fair.*-
you should always check their backgrounds first if they are reliable car dealers.
I need to buy another car but I have a loan out now.I also have a bankrupcty in 2010 so my loan is high but I have no other debt and I am able to pay with no problem. Is there a way to get another car loan at this time or do I have to save and hope for a decent used car. Any help will be great.
Nancy,
This isn’t common, but even in subprime a second car loan is not entirely out of the question. Because of the bankruptcy and your credit situation, the bank is going to want to know why you need another vehicle. It’s also going to depend upon your income as well as your debt to income ratio – the higher your income and the lower your debt load, the better it will look to a lender.
I am planing on getting an SUV <$23,000 with a down payment of $5000. My credit used to be fair <650, but then I lost my job about 18 months ago. I found work that made it neccessary to relocate in May 2010 and after the late payments on my mortgage (which were needed along with trying to short sale in order to get deed-in-lieu), I opted for a deed-in-lieu. That whole process has destroyed my credit now at 510. During the last year I have kept up with C.C payments and car loan which is now finished. Can I get a loan? I want to walk in to the dealership with loan in hand so all I have to focus on is the negotiation of price and options. I am not a bad person just bad situation.
AJ,
With that kind of a down payment, you shouldn’t have a problem getting a car loan. The real issue, however, is that you want to walk into a dealership with a pre-approval, which might be more difficult in your situation. Here is why:
Only traditional lenders, such as banks and credit unions, issue pre-approvals. In your question, you didn’t state the current situation on your home. That is, are you current on your mortgage payments or not? If not, the problem you’ll have in getting a traditional lender to look at your application with be the fact that you are not current on your mortgage payments. They will question the fact that you have $5K to put down for a vehicle when you should be putting that money towards your mortgage payments to bring them current. I’m not judging here, just trying to show you how these lenders think.
A subprime lender will have no problem with this, but these lenders only operate indirectly through car dealers which means that you will not be able to get a pre-approval from one of them since you need to apply for their loans through a dealer.
Here is how you should look at it: even though you won’t be able to get a pre-approval, the $5K in down payment, which is comparatively large, still gives you leverage with the dealer to negotiate on the price of the SUV.
I want to buy a brand new honda accord because my 1993 mercedes is starting to break down on me. I have poor/bad credit and i’m umemployed. What should I do?
Joane,
In the case of a bad credit auto loan, it all comes down to your income and your monthly bills – as well as how much of a down payment you can bring to the table. A lot will depend on either your income or a co-buyers income and if you or the potential co-buyer can prove this income. Your best bet is to sit down with a dealer who specializes in bad credit car loans and go over your options.
I’ve been trying to get a car for a few months now. I filled out a the application offered by this website and I am waiting for a response. I have a few questions. 1) How long is it going to take before I get a response. I have Bad credit because I lost my job a couple years back but now I work two jobs and go to school. I can put down one thousand dollars as a down payment. I do not pay rent and I have no other expenses 2) What are my chances of receiving a loan?
Jay,
Normal response time for one of our applications is within 24 hours. If you haven’t heard back or if you have any additional questions, feel free to contact our customer service department at the toll free listed at the bottom of our web site (866-902-4403).