Can you consolidate car loans?

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

Answer
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.
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Eric Schad
Answered on Apr 02, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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