Can you consolidate car loans?

I know you can consolidate other forms of debt, but what about car loans?

Answer provided by
avatar
Eric Schad
Answered on Apr 02, 2021
The practice of consolidating car loans, or combining two car loans into one, is becoming more and more popular. People choose consolidation to lower their interest rate, pay less for their car every month, and improve their credit.
While consolidation will depend on the lender, many banks and other financial institutions are now allowing this, provided you have proof of income and a moderate to great credit score. Keep in mind that they may reject consolidation loans on cars older than 10 years due to a perceived lack of collateral based on the value of older vehicles.
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies