Try credit union first? Or Cap One Blank Check?

[brokeinmichigan]

OK, so we have about 5-6K saved for our downpayment on a vehicle. We need to buy something fairly quickly, since DH's van is dying a slow death. He drives alot for classes/work, so need to find something this week. He spoke with the folks at our CU and explained our situation (BK)....asked if we would be able to get another loan from them, etc. We recently paid off a signature loan with them. Since we didn't include anything with our CU in our BK, sounds like it's not an automatic no. Of course, no promises...but a possibility.

I want to avoid multiple hard pulls on our credit reports, so wondering if we should try our CU first or CapOne Blank Check. Who is likely to have the better interest rate? I just received a Cap One Mastercard (4 months post BK), but we included old Cap One CC debt in BK. Needless to say, I was surprised to get the credit card, but wonder if we would have the same luck with a Blank Check Car Loan.

Any ideas?

[emoney]

You are on the right track for winning. From what you have said your CU sounds like the best bet.
While I do not recommend a new car, because of the costs of depreciation, there are very little out of pocket cost during those years as an offset, they could be something to consider if you are careful and do not over-buy.
I hope this helps.
regards,
emoney

[brokeinmichigan]

We aren't thinking new, either. Although, another poster here shared her experience buying new a few months out of BK. It actually was a better deal for her because of a large downpayment and rebates on new that ended up giving her about 25% down and a 0.9% APR. Won't be getting that on anything used, and her payments were less than she could have gotten with a car that was just a few years old. But, we'll see....I think we're still looking for a newer, but used vehicle. Unfortunately, my DH is 6'7", so we have to get something roomy (read gas-guzzler!).

We are all home with influenza (despite getting flu shots!), so we'll do the online application with the CU tomorrow...and go from there. We'll keep you posted.

Thanks!