IN NEED OF CAR LOAN BEFORE DISCHARGE!!!!!!!

[Anonymous]

There are plenty of lenders out there that will give you an auto loan the day after you file for bankruptcy. The difference between pre-discharge and post-discharge is the interest rate. I waited until after discharge and got a 7% auto loan instead of 20%.

If it's your only vehicle it won't affect your discharge. It's just not a good idea financially.

[cazz]

Thank you all so much for your help I never thought about not buying a car for low payments only so thank you that was good advice I always thought that low payments were best but now I know to check everything before I buy. My monthly income is about 3500 after taxes and my mortgage was modified so my payments are only 800 per month. Which is great for a 135,000 house in columbus,Ohio. And I have no other debts but I don't have the 2k or less to spend on a car... I have enough to put down on a car and make payments I was just afraid of a dismissal but I'm going to consider all of the great info that I got from you all and I will try to make a decision soon I desperately need a vehicle before the thanksgiving holiday . So thank you all so much

[bstone]

What happened to your Cruze? Didn't you buy that brand new a couple years ago...

[Anonymous]

If you can rent a car until after discharge it will sae you thousands of dollars in interest charges.

I got a vehicle pre discharge just because I was unaware it was best to wait and currently paying 21.9% interest rate where people with lower credit rating post BK have anywhere between 7% and 15%.  It adds up in the long run..

[StartingOver10]

This^^^^.

Why do you need the vehicle before Thanksgiving?

[incognitony]

There are some bad credit used car lots in Columbus. You can also check dealer's auto credit which is a buy here pay here type loan but reports to at least one credit bureau. You can get a decent no frills car like a cobalt or sonic that will last you a few years.

[incognitony]

By dealer's I mean they are owned by a local dealer.

[Anonymous]

You said in your OP that you need a way to get back and forth to work everyday.  If commuting is your concern, why don't you ride the city bus?  I speak from experience.  My '89 Toyota truck with over 300K miles kicked the bucket last Feb.  Since it was in the middle of winter, riding my m/c wasn't an option, so I began riding the bus.  It only costs $15/wk for 10 rides/transfers (2 rd trips/day).  I had to sell my bike last spring to take care of bills, so I'm still riding the bus 5 days/wk.  Total transportation cost is $60/mo.  No insurance, no car payment, no maintenance, no fuel...and you meet the most interesting people.  The only downside is that it eats time, but no big deal.  My .02. 

[ezdriver]

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@ezdriver wrote:

Please do not type all CAPS.

While awaiting discharge, you can shop around for a loan and car. The attorney gave you reasonable advice but if you can't wait then get on with it. Is there anything specific that I preventing you from shopping for financing now?

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OK ... I will repeat. Your discharge will not be affected buy any new purchase. Why? Because any credit incurred after bankruptcy application is filed will not be included in the discharge and creditors know that. I'm just responding to your specific question as you did not ask for advice on the soundness of car buying with financing. Good luck to you.

[Anonymous]

I think it is best to rent a car if you absolutely have no other way of getting to work, meaning that public transportation won't work due to your location . You maybe happier in the end of you wait for the discharge , a low monthly payment means nothing if you're paying it for forever ..... Time heals everything