Many consumers with bad credit end up at a Tote the Note or We Finance Everyone car dealer when they could qualify for a second chance car loan with a national lender that will offer them a chance to raise their credit scores
Rebuilding your credit
At AutoNet Financial, we are in the business of helping people reestablish their credit by filling out our online credit application and financing either a new or a newer pre-owned vehicle with a bad credit car loan. By doing this, many of our applicants have been able to raise their credit scores and reestablish their car credit by financing a vehicle through one of our affiliate dealers.
But we know that many consumers with bad credit decide not to go this route, thinking that there is no way they will qualify for a car loan. Quite a few of these people will end up at a Tote the Note car dealer, which, in many cases, could be the wrong decision. Here is why:
Tote the note dealers
People with bad credit that want to buy a car often end up at a Tote the Note car lot. The phrased “tote the note” and “in house financing” are commonly 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 definite downside to getting a no credit check auto loan from a We Finance Everyone car dealer. Here are just a few of the disadvantages:
• 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 term 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. Because of this fact, some of the vehicles sold on these lots are not that reliable.
Try this first
If you have bad credit and want to re-establish a good credit rating we 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 subprime auto finance company that works with leading area franchised car dealers. These days, there is a subprime lending program for nearly every credit situation: bad credit, no credit and bankruptcy. There are even auto finance companies that will 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.
Here are four 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 FICO score.
• You make monthly payments instead of weekly payments. With most lenders you can even set up an automatic payment program whereby 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’d purchased an older used car with higher mileage from a tote the note dealer.
As we see it
Everyone needs a car. Before you buy a car from a local Tote the Note, We Finance Everyone car dealer, consider applying for a bad credit auto loan from Auto Net Financial, a national leading car buying service for people with bad credit. Our credit application is encrypted so your personal information is secure, and you can fill it out in the comfort and security of your home.
So why not begin the process of rebuilding your credit by filling out our online car loan application here.
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