Can I Consolidate My Car Loan In A Debt Consolidation Program?
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.
Struggling with debt?
Mortgages, credit cards, student loans, personal loans, and auto loans are common types of debts. According to the NY Federal Reserve total household debt as of Q4 2022 was $16.91 trillion. Housing debt totaled $12.26 trillion and non-housing debt was $4.65 trillion.
A significant percentage of people in the US are struggling with monthly payments and about 26% of households in the United States have debt in collections. According to data gathered by Urban.org from a sample of credit reports, the median debt in collections is $1,739. Credit card debt is prevalent and 3% have delinquent or derogatory card debt. The median debt in collections is $422.
The amount of debt and debt in collections vary by state. For example, in Massachusetts, 17% have any kind of debt in collections and the median debt in collections is $1580. Medical debt is common and 4% have that in collections. The median medical debt in collections is $408.
Avoiding collections isn’t always possible. A sudden loss of employment, death in the family, or sickness can lead to financial hardship. Fortunately, there are many ways to deal with debt including an aggressive payment plan, debt consolidation loan, or a negotiated settlement.