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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

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Attorney answers 3

Best Answer

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


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


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)
Twitter: @RStempler

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