Poor Credit, Bad Credit, No Credit, No Problem, Find Buy Here Pay Here Near Me!
These signs are often seen at car dealers and displayed on TV screens. What is the real meaning behind this concept, though? It is no different than the way furniture rental companies operate in that the customer pays for their car directly at the store where they bought it. No loan companies are involved. A Tote The Note dealership is not the same as a Furniture Rental Company. Your Credit Report makes a big difference.
The car salesman will try to sell your loan at a lending firm. To do this, the car dealer will give you a form to fill out, then his manager takes that information to a computer and runs a report. After receiving your credit rating or report, they will send this information via fax to companies who finance the vehicles they sell. The company that will buy the loan now reviews your credit score and determines if it is worth buying. It means you’ll be repaying the loan company for the money it gave to the dealer. Your credit score will likely show that you are not eligible for a car-loan or have a bad one. Bottom line, you’ll pay about the exact same amount each month to buy that used vehicle as you do for rent or home ownership just because your credit score isn’t up to snuff.
Rent-to-own furniture is also determined by the credit rating of the renter.
Tote the Note dealers, however, do not review your credit rating. To apply, you will need to provide information about your employment, earnings, contact details of nearest relatives, and, of course, an address. Tote the Note only requires a working job to allow you to purchase an affordable used vehicle.
Tote the Note dealerships receive cars that people trade in to obtain another vehicle, purchase them at auctions or buy from individual individuals. A mechanic will most likely fix the major problems found in the car. But, you’ll be buying the car with no warranty. It means that if there is a problem with your car, it will not be fixed by the dealership. This is commonly referred to “sold as is”.