I currently have two car loans with the same bank, but it's annoying to have two payments each month. I'd rather combine them into one and get some cash out on top of it. Is it possible to combine the loans?
into one is a common situation that many people do for the reasons you listed.
Consolidating multiple auto loans: you’ll need to take out a different type of loan to pay off your existing car loans. Once you’ve consolidated your auto loans, you’ll only have to worry about one recurring payment on that total balance.
Depending on your new loan terms, here are some advantages that can come with an auto loan consolidation:
One monthly payment
Lower monthly payment
Lower interest rates
Lower total interest paid
Faster payoff time
Before you apply for an auto loan consolidation:
Understand the pros and cons of the loan type you’re considering
Compare the interest rate and new monthly payment to your current loan(s)
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