Understanding Dealerships and Comparing Them To – We Tote The Note Car Lots -
If you have bad credit and need a car, do not worry! There are many people in your situation. This is why so many dealers specifically work to help such cases as yours. These are dealers that can accept car buyers with all sorts of credit issues. Many customers are surprised to learn how easy it is to be accepted with such dealerships.
Many people think that buying vehicles with bad credit usually means that the vehicles might be a bit more expensive, have higher miles, or require larger down payments to obtain. However, this is not always true, especially to customers with higher incomes. So although the credit problems might indicate that they do not keep up with payments, but their higher incomes can say that they can afford the vehicles! Let us see some of the options available to car buyers, which includes traditional dealers, in house financing dealers, and we tote the note car lots.
Monday, October 24th 2016
Traditional Lenders Vs. Buy Here Pay Here Dealers Vs. Tote The Note
With traditional lenders or dealers, customers are judged based on their credit score. Higher credit scores indicate that these customers are safe to lend and hence get the best promotional deals. The traditional dealers would sell the loan to third-party lenders who are willing to risk their money with the car shoppers. This, of course, means that many car buyers are turned away as the third-party lenders think that their credit scores are too risky to deal with. The dealers waste their time as well as the customers because after long searches and test drives, they are told that they are denied financing. This leaves many customers hopeless and many think that they have to wait until their credit scores improve or that they save enough money to buy a vehicle with cash, i.e. without financing. But this does not have to be the case if these customers would start with non-traditional dealers.
With Buy Here Pay Here dealers, customers do not deal with third-party lenders. This means that there is no one to refuse their loan because the dealerships are the ones who directly lend their money to their customers. When dealers advertise that they are buy here pay here dealers, in essence, they are saying that they offer in house financing. These dealers can accept customers regardless how low their credit scores are! Instead of looking at credit scores, they look at the customers’ income sources. If they are paid enough to cover their life expenses and the car payment, then they are easily given financing approval to vehicles within their range of income eligibility and ability.
But when customers have problems that are too extreme, even for buy here pay here financing programs, then tote the note becomes the only option. When dealers advertise – We Tote The Note – it means that they are trying to approve anyone regardless of anything!! Not just low credit scores are accepted, but bankruptcy and recent repossessions are all accepted. The only issue is that the down payment is usually high as the tote the note car lots know that they are taking a gamble with such high risk customers so they want to ensure that they do not lose much on the deal upfront. Many Buy Here Pay Here dealers offer this service too if they can’t offer their normal financing incentives. So although – We Tote the Note Car Lots - can accept all customers, not everyone can afford a large down payment. But for many people, this is their last resort as all others closed their doors in front of them. Many car buyers find that using – We Tote the Note – option to be the only working financing option so that they can get their own vehicles especially that it is hard to get to and from work without a car of their own.
What About Credit Repair?
Many car buyers who aim to improve their credit scores, pay on time in hopes to have their good payment history reported to the credit agencies to increase their credit scores. While most traditional dealers report your payment activities to one or more credit agencies or to all three agencies, not all other dealers do the same. Many Buy Here Pay Here dealers do not report their customers’ payment history. They see it as costly on their behalf and troublesome to deal with. So most small buy here pay here dealers choose not to report the activities, while larger franchised buy here pay here dealers can afford the extra expense and hassle. On the other hand, tote-the-note options do not offer this service to their customers. Of course, if you happen to fall behind with the payments, your credit score would not go down either with dealers that do not report to the credit agencies.
This is why many people who know that their credit situation is bad, prefer to ask for tote the note before dealing with anything else. They search for We tote the note car lots to find the closest dealership with we tote the note slogans or apply online to get prequalified.