How do I combine my two car loans into one?

I have two car loans, but one of them doesn't line up with my monthly pay, making it difficult to budget. Can I just combine these loans into one? I have the same lender for both.

Answer
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.
Eric Schad
Answered on Oct 21, 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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