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Can I finance a car if I'm going through debt counseling?
I'm currently going through credit counseling. Can I still get a car loan during this period?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you’re undergoing debt counseling, the process shouldn’t hinder you from getting a car loan.
However, you may want to ask yourself why you’re in debt counseling in the first place. Did you have too many accounts? Are you underwater in debt? If so, you may want to think twice about taking out another loan.
Not only will you have to pay for the
car loan
, but you’ll also have to pay for full coverage car insurance, which can get expensive if you’re young or have a poor driving record.Instead of taking out a loan, why not pay cash for a used car? It gets you where you need to go, saves you money, and you only have to carry
liability coverage
on it. By going this route, you don’t put yourself further in debt needlessly.If you want to save more money, don’t forget to shop around for car insurance. Download the
Jerry
app to compare rates from top insurers and get the best rate for your coverage needs.View full answer
- Gregory R.
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