Need car loan where do I start

[Creolet]

Hello all I am enjoying reading the advice given and am feeling much better about what's next to come. Since we will be giving back DH car we will need to apply for an auto loan. I have read Dave Ramsey's guide to car buying but we are not in a situation to even buy a get arounder. He works in two different parishes so he need reliable transportation. We just joined the credit union on base and I don't want to ask them for a loan for a car given we are barely post discharge and even not too soon after discharge. I have researched capital one auto financing program. How many inquiries should I get for a car loan when I discharge is my question. I would like to apply for a loan first and then go find a car and negotiate from there.

[Anonymous]

My goodness

[LynGene]

Inquiries for autos & mortgages over a short period of time are essentially 'lumped' together for scoring.  I'm not 100%, but I thought it was 2 weeks.  I am not sure about post bankruptcy, but Cap 1 & Roadloans are who a friend used with terrible credit when trying to build.  I'm in the repayment stage of a Ch 13, and I ended up using Prestige Financial when I totaled my car last year.  I do not know if they have the 'blank check' similar to Cap 1, but it might be worth looking into.  They have a program where if I make timely payments they reduce my interest rate up to 2%.  They've been great so far which is not what I expected from a lender that worked with me in BK, so I highly recommend working with them.

[Anonymous]

One week post-discharge of Chapter 7 I was able to get a auto loan from Capital One at 8-10%(varies based on year of vehicle). Which is a lot better than I was expecting really. I do have to say that I have had to do a little bit of fighting for the dealership to take the CapOne check. Part of this was them wanting to use their own financing for kick back but eventually they "made an exception".

Either way, Capital One gave me a chance in both unsecured CCs and an auto loan right out of BK7. I'd give them a shot for sure. '

However, based on my recent experience with the dealerships they will not be able to beat this rate. I am sure it is a YMMV type situation but I am almost sick at the thought of the inquiries they did to try and beat it

[StartingOver10]

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@Creolet wrote:
Hello all I am enjoying reading the advice given and am feeling much better about what's next to come. Since we will be giving back DH car we will need to apply for an auto loan. I have read Dave Ramsey's guide to car buying but we are not in a situation to even buy a get arounder. He works in two different parishes so he need reliable transportation. We just joined the credit union on base and I don't want to ask them for a loan for a car given we are barely post discharge and even not too soon after discharge. I have researched capital one auto financing program. How many inquiries should I get for a car loan when I discharge is my question. I would like to apply for a loan first and then go find a car and negotiate from there.

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I do understand where you are coming from - needing to have transportation. Strongly reconsider the Dave Ramsey's option.

When I was discharged I had reaffirmed one vehicle (my husband's) and surrendered mine in the Bk. I have to have a decent vehicle because I am in real estate. But I really searched my options for what is 'decent' and purchased an older nice looking SUV (not fancy, but suitable). I was able to make payments directly to the seller and got it paid off in about 8 months because it was cheap and I had no other debt. I drove it for two years then got a newer used vehicle with payments.

I can't tell you how freeing it is to have no car payment. I am almost finished paying off this one now.

Don't put yourself back into the same position you were in when you filed Bk. I know a lot of people run out and pick up debt immediately after discharge - but this is your time to really think through your options.