Jan 23, 2025
Senior Automotive Financing Editor
Jan 23, 2025
Senior Automotive Financing Editor
You have probably seen those billboards along the highway that advertise “Your Job is Your Credit” and “We Finance Everyone.” But if you do have bad credit, should you consider going to one of those car lots?
Without knowing how they work, the different kinds of car dealers can be confusing. We should know, because at Auto Credit Express we've been working with credit-challenged car buyers for over two decades. We accept requests and match up car buyers with local dealers who specialize in customer credit issues so that they have the best chance of getting approved for a car loan, even if that means car loans with bad credit.
We did this because consumers with serious credit problems often experience frustration and embarrassment when shopping for a car and applying for car loans. Getting turned down at a car dealer can lead many buyers to tote-the-note dealerships or "we finance anyone" car lots. This choice usually won't improve their car credit and a can be a financial situation that often leads to repossession.
What is Your Job is Your Credit Car Financing?
It's also called tote the note financing or a buy here pay here dealership. Sometimes you hear them referred to as "your job is your credit" car loans. However it's worded, it refers to car lots where the dealer furnishes the car loans for the vehicles in his inventory. Unlike indirect lending, where the car dealer arranges for a loan with the bank, we finance anyone car loans are borrowed directly from the dealer you buy the car from.
Your Job Is Your Credit Car Dealerships Explained
"We finance anyone" car lots sell cars and, quite often, turn around and sell them again. In many cases, these dealers will sell a car with a large down payment, repossess it a few months or even weeks later after a missed payment, and then turn around and sell it again.
It's a form of bad credit car loans that have been around for many years. In fact, in-house lending was the first form of subprime car loans. While this type of lending may have made sense when it first began it has been replaced by programs that offer many more advantages to the customer.
Advantages and Disadvantages of Buying from Your Job Is Your Credit Dealerships
Let's take a look at the good and bad:
Benefits of Your Job is Your Credit Car Financing
Most of the advantages of buy here pay here lending lie in the fact that, for the most part, all you need to qualify for one is a down payment and a job. Most of the cars are fairly cheap, and you may have to make payments every week. It's also easy to find a tote-the-note dealer, as they are typically a staple in larger towns.
Disadvantages of Buying From a Dealership
While the cars are affordable, they're typically older, high-mileage vehicles, and are usually priced way over their book value. Being older, they are more likely to break down. But the biggest problem with these "we finance anyone" car lots is that even if you make all your payments on time, it won't help you establish car credit since most of these smaller car lots don't report your payment history to the credit bureaus.
On the Road to Better Credit
The reason most bad credit customers can't get financed with a regular loan is that their credit score is too low. Buying a car from a tote-the-note or "Your Job is Your Credit" car lot won't help because these dealers don't report your payments to the credit bureaus. Without any new, positive payment history, the customer remains a bad credit customer.
At Auto Credit Express, we specialize in placing customers with bad credit with dealers who can help them. In the process, we have helped thousands of people with bad credit buy cars and reestablish their auto credit through our nationwide network of affiliate dealers that specialize in bad credit car loans.
So if you are serious about getting your credit back on track, why not begin a new chapter in your life by filling out our bad credit car loan request form now.
