Poor Credit, Bad Credit, No Credit, No Problem – Find Buy Here Pay Here Near Me!
These are all common signs that you will see in used car lots and on your TV screen. Do you understand the concept behind it?
The Tote the note concept is similar to that of furniture rental businesses, as you are paying for your car at the dealership where it was purchased. There’s no loan company involved. There is one major difference between furniture rental companies and Tote the note car dealerships – your credit report.
You will spend more time at the lending office than you would in the showroom with the salesman or manager of the company you’re looking to buy a car from. You fill out the credit application and then your car salesman takes it to their manager, who enters all your data into a computer. This will run your credit report. They will then send your credit score or report to the loan companies that finance their cars. The loan company now looks over your report to decide whether they want to purchase your loan. You will be paying back to the company the amount they gave the dealership in order for you to purchase the vehicle. You will most likely not be approved for a car loan if you have bad or no credit. If your report shows a bankruptcy, then you may also get the news that the interest rate will increase by 21%. You will pay the same monthly amount for a used car as you would for renting or buying a home, just because you have bad credit.
The same applies to furniture rental companies. They will look over your credit history and, if it isn’t up to par, you might not be allowed to rent their furniture.
Tote the Note does not check your credit history. You will be asked to complete an application. They need your name, address, income, phone number and address of the nearest relative, as well as where you are employed. To buy a car at a Tote the Note, you only need a job.
Tote the Note receives vehicles from people who trade-in their car to buy another, from individuals or auctions. The dealership will usually have a mechanic who will repair major issues with the vehicle. However, you are purchasing the car without warranty. If something happens to the car, the dealer will not repair it. You will be responsible for any repairs. This is usually referred to as “sold-as-is”.