Tote the Note

Ever heard the phrase, “tote the note”? Wondering what those three words mean? Tote the note is another phrase for a “buy here pay here dealership”. Basically, when you purchase a car from a tote the note dealer, you finance and pay for the car with the dealer directly (or their affiliated finance company) rather than going to a third party like a credit union or bank. This is helpful to many buyers as they can quickly get answers on what they qualify for upfront before shopping for their next vehicle. Additionally, tote the note dealers are open to financing buyers of many different credit backgrounds, making it possible for those with low credit scores or even no credit buy a car.

What Should I Ask a Tote the Note Dealership?

If you are new to the “tote the note” world, you’ll likely have many questions come to mind. To help you prepare for your next discussion with your tote the note dealership, here’s a list of helpful questions you may want to ask:

If I have a low credit score, little or no credit history, or have filed for bankruptcy recently, do I qualify for tote the note financing?
Is my credit score reviewed before I receive an offer?
How long is the application process?
Is there an application fee?
Which documents do I need to provide for tote the note financing?
Do I need to have a down payment? If so, how much?
What will my interest rate be?
Is a cosigner required for tote the note financing?
Will my payment history be reported to credit bureaus?
Is there a penalty or fee for paying off the car loan early?
What is the return policy for vehicles purchased through tote the note financing?
Can I review a copy of the vehicle history report for the vehicle I am interested in?
When and what was the last service done for the vehicle?
Can I trade in my current car to lower the price of this other one?