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

Asked over 1 year ago - 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. Brian Crozier Whitaker

    Contributor Level 17

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

  2. Robert Harlan Stempler

    Contributor Level 19

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    Answered . 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... more
  3. Gary D. Bollinger

    Contributor Level 19

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

Related Topics

Bankruptcy

Bankruptcy is a legal way for people or businesses who are no longer capable of paying back their bills to clear these debts and start over.

Chapter 7 bankruptcy

Chapter 7 bankruptcy is a form of bankruptcy where your debts are canceled, but some of your assets are sold to pay off part of your debt.

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