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Can I consolidate numerous car loans into one monthly payment?
I want to consolidate five car loans into one for an easier payment each month. Can I do this easily?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can certainly consolidate five
car loans
into a single loan. Just apply for an auto consolidation loan.An auto consolidation loan takes all your existing loans and combines them so you only have one monthly payment. In some cases, an auto consolidation loan can get you a better interest rate than five different car loans individually.
To qualify for a new loan, you need to have enough income to support the monthly payment and a good credit score. Since you already have existing loans that would simply be combined, you should be in prime condition for approval unless you’ve suffered a huge hit to your credit score recently.
If you want to save more cash to finance your car more quickly, try
Jerry
. You’ll be able to compare dozens of competitive quotes and choose a more affordable policy. Whatever provider you choose, make sure you’re getting a multi-car discount for your five-vehicle entourage!View full answer
- Gregory R.
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