It makes sense that you’re looking to make your payments a little easier.
Combining two car loans
into a single car loan is also known as auto consolidation loan. If you have good credit, you’re likely to be a strong candidate for this type of loan, seeing as how you’ve already been approved for the loans based on your income and debt-to-income ratio. To get a car loan consolidation, you should first shop around for rates and check your credit score to make sure it doesn’t contain any surprises or anomalies. Find out the loan terms, finding a lender that has a low APR and fixed interest.
Then, apply like you would any other loan. You’ll need proof of income, car insurance, and proof of residency. If you have all these documents and everything checks out, getting a consolidation loan shouldn’t be a problem.
Since you’re combining your loans, you might also take this time to reevaluate your car insurance needs. Using the Jerry
app, you can compare rates from up to 50 insurance companies and let Jerry take care of the paperwork. Better yet, average Jerry users save $879 per year on average. More: Can I keep my car in a bankruptcy?