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