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Can I refinance both of my car loans at the same time?
I've noticed that interest rates have dropped and I want to take advantage by refinancing my car loans. Can I refinance two loans at the same time?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes! You can definitely refinance two car loans at the same time, provided you still have a strong credit score and steady income.
Because interest rates have dropped, you’re making a smart move by refinancing both cars at the same time. However, you may want to think about an auto consolidation loan.
An auto consolidation loan allows you to get a single loan for both vehicles and provides numerous advantages over multiple loans, including:
- Reducing monthly payment amount
- Having one payment per month
- Providing a lower interest rate
- Making the chance of missing a payment less likely
- Improving budgeting
When you go to your preferred lender to refinance both cars, ask about the auto consolidation loan. Many lenders approve these types of loans, even though they may not explicitly advertise for them.
Want to save more money when you refinance? Take a look at your car insurance policies. If you haven’t compared prices in a while, now is the chance.
Jerry
is an insurance broker that allows you to compare rates from dozens of providers so you can cut costs and put more money in your pocket. Most people who use Jerry save $879 per year on average!More: Does refinancing a car hurt your credit score?
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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