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Debt Relief – Insolvency – Bankruptcy Information » Debt Consolidation and Refinancing » Do I get a car loan or debt consolidation loan first?

Do I get a car loan or debt consolidation loan first?

My old car has had it and I have several thousand dollars of credit card and other debt. If I go debt consolidation first, can I still get a car loan? Yes, I am aware that is making the problem worse, but my wife got a job and I’m on the way to getting a better job so we are trying to earn our way out and spending a lot less. But we need the cars to get to work.

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7 Responses to "Do I get a car loan or debt consolidation loan first?"

  1. Judy says:
    Car loan, if you can qualify. A debt consolidation loan will be next to impossible to get.
  2. WRG says:
    If you have already trashed or maxed out your credit you aren’t going to get a car loan. A car loan might also complicate you even getting a debt consolidation loan.

    Credit is much tighter than it used to be. You may not be able to get either.

  3. Wayne Z says:
    It may be a moot point.

    An unsecured personal loan to consolidate all of your debt is going to be tough to get as you are asking one financial institution to take all of the risk.

    A car loan will be easier to get as it is secured by the car itself.

  4. Rebecca says:
    With all that debt you will NOT get a car loan nor a consolidation loan. You state you know it is an IGNORANT idea but you are going to do it anyway and that is what makes a difference between YOU and someone who WILL eventually get out of debt.

    Go out and get a second job and throw it all at the debt or save it to buy a car for a couple of thousand that will suit you perfect to get to and from work. People who are really trying to get out of debt even use bicycles and those little scooter things. See in life we make choices and then some want to blame life when all goes bad,the strong ones find a way. Good luck and take the bus while you save or pay debt down.

  5. Busso Ragusso says:
    You can’t consolidate your debt if you don’t have any money to put towards the consolidation. If not having a car will prevent you from working, you need to worry about the car first.

    Also, debt consolidation will smash your credit to pieces anyway and all they’ll do is make you put money into an escrow until you have enough for them to bargain with and they’ll charge you fees in the meantime, and ultimately money talks and anybody can waive the right amount of money in the face of the creditor and get them to agree to it. It’s not like these places are master negotiators. If they were, they’d be negotiating much more vast sums of money than the $5,000 you owe citi.

  6. STEVEN F says:
    Neither. You SAVE to pay CASH for a $1000 car. You CAN’T AFFORD a car anyone will make a loan against. If you have the income to make payments on a CONsolidation loan, you can pay the credit cards DIRECTLY. If necessary DEFAULT on the cards to pay for a car. This will do LESS damage than the CONsolidation loan.
  7. sarahsmile90 says:
    There really is not enough information here to say what you would qualify for. But, auto loans are available even for those with bad credit. Most importantly you need a provable income of at least $1500 monthly. If you can meet the requirements of a sub-prime lender be prepared to pay a high interest rate.

    There is always the option of a buy here pay here lot, but I would only use it as a last resort as these loans are costly and they don’t usually report your payments to credit bureaus.

    Whatever you qualify for, just make sure you understand all the terms and can manage the payments and you can actually use this loan towards rebuilding your credit.

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