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What is Tote the Note Auto Financing?

Tote the note financing is becoming more and more popular in the auto industry among bad credit borrowers. This type of financing refers to car dealers that offer car buyers with bad credit a chance to get into a vehicle when others were not able to do so. These car lots offer the financing right at their dealership instead of using a third party finance company such as a bank. At we have helped more than 1.5 million bad credit consumers get into the car of their dreams from tote the note dealers.

Differences Between Tote the Note and Traditional Dealerships

A tote the note dealership is not like a traditional dealership that offers auto financing and leasing options to borrowers with fair to good credit. Not only do they skip the third party financing but they also:

  • Give the customer a different shopping experience
  • Accept any credit situation
  • Don't report to the credit bureaus

When you go car shopping at a dealership that uses a third party auto finance company your loan or lease terms, interest rates, budget, and all other details are left until after you have found a car you like. The salesperson will have you take the vehicle for a test drive and fall in love with it, then try to work your loan around the amount of the car. This can cause you to realize you simply can't afford the vehicle you now have your heart set on. At a tote the note car dealer the experience is reversed. When you walk onto the lot the first thing you will do is talk to the finance manger and figure out exactly how much you can afford to spend on a car each week and what the terms of the loan will be. Then you will be taken to the vehicles to pick one out that fits your family's needs.

Whether you have good credit, poor credit, bad credit or need a bankruptcy car loan, you will be approved at a tote the note car dealership more often times than not. Most dealers that offer in-house financing don't perform a credit check when you apply for a car loan. Instead they ask for proof of income and residency. This is because they are not loaning you money, they are loaning money on the vehicle's worth. Keep in mind, most of the customers at these lots have low credit scores and pose a risk to the lender, so typically, these loans come with slightly raised interest rates.

Because they don't do credit checks, they generally don't report to the credit bureaus either. This means that even if you pay every week on time and in full, your bureau score won't improve like it would with a car loan from a traditional dealership and lender.

Bad Credit Buyers Choose Tote the Note Car Lots

Having a poor credit score can leave you feeling embarrassed and ashamed if you have been turned down at a regular dealership, so you go where you know you'll be approved - a tote the note dealership. You know that you have a steady income and make enough to pay for the vehicle, and you also know that these car lots offer guaranteed credit approval to anyone.

They offer some big advantages to their customers and can make the buyers feel as if a huge weight has been lifted off their shoulders. Auto Credit Express works with tote the note dealers around the United States and Canada that can offer you the following:

  1. Guaranteed Approval
  2. Weekly payment options
  3. Cheaper pre-owned cars

Keep in mind, the cars on these lots are not always beat up, old, rusty junkers that you wouldn't want to be seen in. Most of them are late model, like-new, used cars with low mileage and a good engine.

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Tote the Note Down Falls

Obtaining an auto loan from these buy here pay here car dealers is not always bunnies and rainbows. There are, in fact, some minor down falls to this type of financing and they are ones to take into serious consideration. For instance:

No Credit Repair
As stated earlier, most of these dealers choose not to report your payments to the three major credit bureaus: TransUnion, Equifax, and Experian. This means that when you need another new vehicle down the road you will be forced to use a dealership offering in-house financing again. It could be a long cycle of this, unless you take out another type of loan to start rebuilding your bureau score.

GPS Tracking is Enabled
Almost all vehicles sold off of a tote the note car lot are equipped with a GPS tracking device and as soon as you sign on the dotted line of your paperwork that device is turned on. The dealership will know where you are going at all times, and it makes it easier for them to repossess the vehicle if you miss a payment.


Automatic Shut Off Device
Again, most cars are enabled with an automatic kill switch. This allows the dealer to turn off all power to the engine if you miss your payment. The automatic shut off device mixed with the GPS tracking makes repossession a lot easier for them, and allows them to turn the car over quicker for a faster profit.

Where to Find Tote the Note Car Dealerships
If you have experienced financial difficulty in the past, such as bankruptcy, and your credit rating is suffering, you're not alone. Auto Credit Express can help you get back on the road to financial success with a poor credit auto loan from your local tote the note car dealerships. Our quick, simple, and secure online application is the first step to car credit approval. Submitting your application will give you a pre-approval amount that will help you prepare for your trip to the dealership. Once you're face to face with your finance manager they will help you figure out all the details and get you driving away in your new used car the same day.

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