Can I Consolidate My Car Loan In A Debt Consolidation Program?
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Can I include my car loan into a debt consolidation program? If so can I keep my car
If I include my car loan in a debt consolidation program, will I be able to keep my car?
No, you can not consolidate an auto loan into a debt consolidation program. Debt consolidation programs are tailored for unsecured debt, such as credit cards and personal loans. Your auto loan is secured by your vehicle. However, if your auto has been repossessed, sold in an auctioned, and you receive a deficiency balance then you may be able to enroll that debt into a debt settlement program.
To learn more please visit our debt consolidation page.
I hope this information helps you Find, Save, and Learn.
Best,
Bill
www.bills.com/blog
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Did you know?
Debt is used to buy a home, pay for bills, buy a car, or pay for a college education. According to the NY Federal Reserve total household debt as of Q1 2024 was $17.69 trillion. Auto loan debt was $1.62 trillion and credit card was $1.12 trillion.
According to data gathered by Urban.org from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 10% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.
The amount of debt and debt in collections vary by state. For example, in California, 21% have any kind of debt in collections and the median debt in collections is $1824. Medical debt is common and 8% have that in collections. The median medical debt in collections is $712.
While many households can comfortably pay off their debt, it is clear that many people are struggling with debt. Make sure that you analyze your situation and find the best debt payoff solutions to match your situation.
