Can I combine two car loans into a single one?

I have two car loans, but the pay dates create problems with when I get my paycheck. Can I combine them into one?

Answer
Making two payments a month for car loans is surely an annoyance—thankfully, you can combine them into one with an auto consolidation loan.
Auto consolidation loans can get you a single monthly payment and possibly a lower interest rate if you shop around with numerous lenders. This type of loan may also allow you to avoid negative equity, especially if you have positive equity in one car and negative equity in the other.
To apply for an auto consolidation loan, shop around with various lenders to find the best rates. Then, present necessary documentation to the lender. This may include:
  • Driver’s license and vehicle registration
  • Payoff information for the two car loans
  • Proof of insurance
  • Pay stubs
  • Proof of residency
Since you have to show proof of insurance, you may also want to shop for car insurance rates at the same time as consolidation loan rates. Avoid the spam and unwanted phone calls by using the Jerry app. All it takes is a 45-second sign up, and you can compare dozens of competitive quotes.
Eric Schad
Answered on Oct 26, 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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