Where to get a car loan right before filing chapter 13?

[Anne2012]

So we're about to file, and our attorney advises us to buy a car since we only have 1 car payment & 2 cars. Said we can sell the one we own free and clear at some time in the 5 years if we need extra cash. Great, but where do you get a loan from? We went to the dealership, the finance place had to call our lawyer for info, so clearly they do not have a clue. Any suggestions? Will be filing in the next couple of weeks. Thanks!

[justbroke]

You would just apply for a car loan as if you're NOT about to file bankruptcy. And, for heaven's sake, don't tell the lenders that you're about to file! They'll probably reject you on principle!

In any event, dealerships will usually try several of their lenders and relationships. Besides that, try your local credit union -- if you are a member in good standing or even a "new" member -- local bank, Road Loans, Capitol One Auto Loans, and maybe even US Bank. Make sure your applications are all within the same 7 day period so as not to affect your credit score (with relation to the auto loan).

[steveok]

Buy what car you need for your family, but don't go overboard on a luxury model or you might have issues with the trustee...just be rational.

[catleg]

Go to a multi brand dealership that uses ADP or another system that blasts your credit app out to about 20 different lenders. You may (you will ) get a sh*t deal on the interest rate but you will find somebody to lend. Then in BK the trustee can cram down the rate anyway.

Car loans and student loans are about the only thing moving in credit these days.

[Anne2012]

Thanks all! Our credit is total crap, part advise from our atty who is great, but should have advised us to buy a couple of months ago. Thanks for the info!