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Car loans... Is it wise to apply at the same time at 3 different lenders on line?

Irvine, CA |

I just got discharged from chapt 7 and I need a car to go to work as I had to return the old one. Now since dealers processed the credit checks and tend sometimes to deny due to credit, I want to apply at different dealers online so neither of my inquiries would show and that I could have more chances of getting a better deal, if deal there is anyway

Attorney Answers 3


  1. Best answer

    That sounds eminently creative and practical. Let us know how it goes.


  2. Call local car dealers & ask if they have a " bankruptcy program" for financing a vehicle purchase.


  3. When you apply for credit and a credit report is prepared for any company by a credit reporting agency, that will immediately appear on your credit report as an inquiry for use of credit and have a slight negative impact on your credit score. However, many credit scoring models account for use of credit within a short period of time. For instance, often scoring models will lump the same uses of credit into a single reduction, such as car dealers within a two-week period.

    Tip: inspect used vehicles carefully, preferably with a mechanic for accident damage and engine or transmission issues, etc. The worst thing that you can do after discharging all your debt is to buy a used vehicle on credit that does not operate or is unsafe. Consumer Reports has more tips as does the non-profit consumer advocacy group, CARS. See links below.

    Robert Stempler (please see DISCLAIMER below)
    www.StopCollectionLawsuits.com
    www.facebook.com/SoCalConsumerLawyer
    Twitter: @RStempler

    NOTICE: The above statements are provided for general information purposes only and are not intended as legal advice or advice of any sort for a specific case or legal matter. If you do not have a signed attorney-client fee agreement with the Consumer Law Office of Robert Stempler, APC ("the Firm"), then until such written fee agreement is provided and signed by both a prospective client and attorney for a particular case, neither Mr. Stempler nor the Firm will represent you nor will they be your attorney in any matter and you remain responsible for retaining your own attorney and for compliance with any and all deadlines and for any statutes of limitations that may pertain to potential claims. Comments made on a public forum, such as Avvo.com, to not have any confidentiality because others may read them. If you desire a private consultation with Mr. Stempler that is confidential, please go to www.StopCollectionLawsuits.com and submit a free eCase Review. The result portrayed for a client was dependent on the facts of that case. Results will differ if based on different facts. The Firm and Mr. Stempler are a debt relief agency. The Firm and Mr. Stempler help people file for bankruptcy relief under the Bankruptcy Code.

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