Local Cheap Used Car Lots
Many local cheap used car lots offer no credit check in house car financing. These we finance car dealers will tote the note. Most self financing car dealerships also have rent to own cheap used cars on the lot. If you do not qualify for bank financing dealers with on the lot financing may be your best bet.
Rent to Own vs. Tote the Note Financing
The primary difference from rent to own car lots (RTO) and tote the note (TTN) car dealers is how the transaction is taxed. With RTO, you do not own the vehicle, the local car lot does. Since you do not own the vehicle you do not have to pay sales tax on the price or value of the car.
With a TTN transaction, however, you do own the automobile so you are responsible for paying taxes on the sales price. Many dealers will lend money to purchase a car on their lot, but it is rare that they will lend you the money to pay the sales tax. That being said, if you have little money for a down payment, the RTO option may be best for you.
In either case, it is unlikely the self financing car dealers will have no money down programs. With the RTO option expect to have 2 times the monthly rental payment and any state licensing fee's upfront. With the TTN option expect to have roughly ten percent of the sales price as a down payment.
even with past credit problems.
About Auto Net Credit
Auto Net Credit Centers are located throughout the United States inside of select new car and used car auto marts. We help people with fair credit, no credit, or poor credit qualify for automotive financing. Our service is free for consumers and the online application takes only moments to complete.
Once you are prequalified for an auto loan, you can visit a local auto dealer and shop with confidence. Since 2001, our service has helped hundreds of thousands of people with special credit needs buy a new or used car.