Vehicles used as security in debt consolidation

If you are taking out a private loan to pay off debt...I suppose they could use it. It would depend on the value of the auto and how much you are trying to borrow. But then your car will be in jepordy if you fall behind in the payments. I have read that most companies do not take autos for loans...they don't want your car. It might be best to look into a debt management program where they help you make monthly payments....you make one payment to them and they dispurse your funds. As a registered member you can take advantage of the free consult to see what they can do for you. It isn't always wise to create more debt to pay off old debt.

Welcome to the Community :D I am like morningstar- I am not a big fan of creating more debt while trying to get out of debt!! I have done this in the past, and it came back to bite me-found myself in deeper.

With the free credit counseling, they can tell you what options you may have concerning your debt, and you are under no obligation.

If you can tell us what type of debt, the companies, the state you are in, etc., we can point you in the right direction!

Good Luck..keep us posted..karen :D

I agree too. Best not to create more debt while trying to get out of it. I tried to do that & I ended up with TON of more debt!

If you are set on using the car, consider the age, retail value, condition. If I was using my car I'd be worried about "what if I get into an accident & total the car or its severly damaged or needs repairs?" To me, I'd be worried about having debt & on top of that car trouble (but that's just me!)

Apply for a consultation here or call a counselor. They are great here! Research any companies or actions you are considering here (we have a SEARCH feature), Google, or use the BBB site. Another good site for company research is Ripoff Report.