Will I be able to get a car loan?
Date: Tue, 11/30/2004 - 19:32
I am considering debt consolidation for my credit card debt, but wondered how much this effects my credit report. Will I be able to get a car loan in the next couple of years? Also, I have been told that because debt consolidation means that my bills are paid by a third party, it shows up as "third party payment" on my credit report and can be confused with bankruptcy by banks and creditors. Is that true?
Car Loans
You can successfully apply for a car loan after 3- 6 months of consecutive payments. Consolidation is the direct opposite of Bankruptcy...you are paying your debt and paying it in full ...in Bankruptcy you are not paying your debt or only a portion of it