What is a “Tote the Note” Car Lot?


You may have heard of “Tote the Note” when visiting a car lot but aren’t sure exactly what it means. Tote the Note is another term used to describe buy here pay here car dealerships. Tote the note car lots provide their own in-house financing rather than relying on conventional banks or finance companies.  Dealerships that are willing to tote the note provide great benefit to buyers who may have trouble securing financing from other lending sources. 

What Does the Lending Process Look Like?
One of the attractive things about tote the note car lots is how fast and easy it is to apply. Unlike a traditional lender that requires a mountain of paperwork and documentation, the typical buy here pay here lot just wants to know a few things:

  • Do you have a job?
  • Do you have a bank account?
  • Can you verify your address?

That’s pretty much it. You can usually start your application online and then just bring in a bank statement, a couple of pay stubs, and proof of your address. Plus, the approvals come the same day, so you can get the car you need fast. 

Do Credit Scores Matter?
This is another important feature of tote the note lending: credit scores are not a factor. Traditional lenders look at your past and make decisions based on what you did last year or five years ago. Tote the note car lots don’t care about that; they only want to know that you’re able to make payments going forward. 

The truth is that most people will run into credit problems at some point, and it’s often no fault of their own. Buy here pay here lenders don’t think that should stop you from getting the car you need. 

Are the Interest Rates Always Exorbitant?
It depends on the dealer, but many offer very fair rates and affordable monthly payments. At Victory Used Cars we work with you to find the right financing options to fit your needs. We even offer low down payment options so you don’t have to put down a large amount up front. 

What are Other Benefits of Tote the Note Car Lots?
An important one is the simplicity of the car-buying transaction. Instead of dealing with different organizations for the loan and the sale, it’s all just one seamless process.

Another potential benefit is that it gives buyers with less-than-perfect credit a chance to rebuild their credit history by making consistent, on-time payments. 

To see first hand how easy it is to work with a dealer who is willing to tote the note, Stop by Victory Used Cars, or if you are ready to take the next step and review your financing options, you can visit our website and fill out an auto financing contact form and we will get in touch with you to help you get the best financing available. We believe in making the process simple and efficient so you can get behind your next vehicle today rather than tomorrow.


What is a Lemon Car? How to Avoid Bad Car Deals


The 10 Best Used 3-Row SUVs and Minivans to Buy


Car Repairs: Average Costs to Fix a Broken Car


Why In-House Financing is Better Than Buying a Car on Layaway


Used Car Warranties: Everything You Need to Know


What is a “Tote the Note” Car Lot?


My Credit Score is 450: Can I Get Car Loan?


Ranking the 7 Best Used Trucks Models Since 2010


COVID-19 Update: Victory Used Cars


In-House and Traditional Financing Each Offer Their Own Advantages