Consumer Car Buying Advice Blog

Here at Auto Credit Express, we are constantly asked to compare a tote the note car loan to a conventional bad credit car loan. In this case, all loans are not created equal…

You can “tote the note”, but the credit bureaus will not see you

Tote the note car loans, sometimes referred to as “buy here pay here” loans; usually involve financing a high mileage, older used car. You are financing the auto loan through the dealer, not through a bank. Since reporting to the credit bureaus is not a high priority (collecting your payment is more important), most of these auto loans never appear on your credit report. You may have transportation, but you are not rebuilding your credit. This means that the next time you buy a car, your auto weighted credit score will not be any better.

Why applying at Auto Credit Express is a better idea

Here at Auto Credit Express, we specialize in helping customers with bad credit reestablish themselves and, at the same time, drive a new or low mileage, reliable used car. One of our dealer affiliates will place your auto loan with a bank that reports to the credit union, so that, everything else being equal or better, the next time you buy a car, your loan experience shows up on your credit report and your credit score improves.

The Bottom Line

Whether or not it is good or bad, a tote the note car loan does nothing to improve your credit score. If you are seriously interested in reestablishing your credit, go to www.autocreditexpress.com. Not only can you establish a budget and estimate an auto payment, you can fill out an application in the comfort of your home. Here at Auto Credit Express, we are serious about getting you back “on the road” to good credit.

This entry was posted and is filed under Auto Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.