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Can I consolidate my credit cards and car loans into a single loan?

I have four credit cards and two car loans that I want to consolidate into a single payment. Is this possible?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes: With four credit cards and two
car loans
 on your plate, you might find some relief by taking out a consolidation loan. This will get you a single monthly payment and potentially a better interest rate, considering the sky-high credit card rates out there.
The only thing standing in your way is qualification. In most cases, you’re going to need a prime credit score of about 660 or higher to be eligible for approval. If your score is higher than this, you can expect a lower interest rate as well.
Pro tip: As with any other loan or big purchase, make sure to shop around with multiple lenders to identify the most competitive rates. If you apply to all lenders within a 14-day window, there will only be one hard inquiry on your credit report.
MORE:
How to reduce car payments without refinancing your car loan
Car LoanAuto Loan PaymentsCar Financing
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