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Can I Consolidate My Car Loan In A Debt Consolidation Program?

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Mark Cappel
UpdatedSep 19, 2024

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

Get rid of your debt faster with debt relief

Get rid of your debt faster with debt relief

Take the first step towards a debt-free life with personalized debt reduction strategies.

Choose your debt amount

$25,000
$1,000$100,000

Or speak to a debt consultant  844-731-0836

Debt statistics

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%.

Each state has its rate of delinquency and share of debts in collections. For example, in North Dakota credit card delinquency rate was 3%, and the median credit card debt was $474.

To maintain an excellent credit score it is vital to make timely payments. However, there are many circumstances that lead to late payments or debt in collections. The good news is that there are a lot of ways to deal with debt including debt consolidation and debt relief solutions.

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1 Comments

ddblake862, Sep, 2010
I once sought out consolidation credit counseling, but was turned down because I wanted to include my car...