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.
Best,
Bill
www.bills.com/blog
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 Q2 2022 was $16.15 trillion. Housing debt totaled $11.71 trillion and non-housing debt was $4.45 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%.
Collection and delinquency rates vary by state. For example, in Iowa, 18% have student loan debt. Of those holding student loan debt, 7% are in default. Auto/retail loan delinquency rate is 2%.
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.
