PostHeaderIcon I just totaled my car. I still owe $8k because I didn’t get GAP? Help!!!?

Are there any options that I have to pay off the balance. I know that I can settle for a lesser amount, but, I need a car and don’t have $7k laying around the house. I can’t get an unsecured loan….I tried. Can I use a debt consolidation loan for the balance?

2 Responses to “I just totaled my car. I still owe $8k because I didn’t get GAP? Help!!!?”

  • Wire says:

    Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes.

    Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several old loans are replaced with a new one that has more favorable terms.

  • N says:

    Depends on your credit. Unless you have very good credit, a signature loan for $7k+ is unlikely.

    I also doubt they will discount the remaining balance. You can try but Im not sure they will.

    They don’t make loans to discount the balances.

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