consolidation of debt

Hi!
Welcome to the forums!

Auto loans are secured debts. So, you can't possibly consolidate this loan with unsecured ones. Anyway, if you have defualted on the auto loan, then you can try to settle the debt with your current lender. Otherwise, you can also arrange an alternative repayment plan with your lender.

Hi,

Welcome to the Forums!

Before you think of consolidating your auto loans with all your other debts, you must be aware of the fact that auto loans are secured loans. You usually need to pledge collateral for taking out a secured loan and in case of an auto loan, the collateral is your car. Secured loans cannot be consolidated like the unsecured ones but you can certainly go for auto loan refinancing.

Auto loan refinancing involves taking out another auto loan with favorable terms and conditions. You can reap the benefits of streamlined expenses, lower interest rates, and revised monthly payments. Apart from auto loan refinancing, if you want to get rid of your unsecured debts, you can go for debt consolidation or debt settlement.

Auto loan is a secured loan. Consolidation program is only applicable for an unsecured debt. If you have any kind of unsecured debt, then you may get help of a consolidation program. If you want to payoff your auto loan debt, then you can negotiate with your lender and work out a better repayment plan. You can also take a secured loan to repay the existing auto loan debt. The interest rate on a secured is lower than that of the unsecured loan.