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?

Answer
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.
Eric Schad
Answered on Nov 11, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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