How do I consolidate multiple car loans?
I have three car loans that are due on three different days in the month. It's throwing off my budgeting. Is there a way to consolidate them?
Having multiple car loan payments per month is exceptionally frustrating, so that’s understandable.
Fortunately, you can get an auto consolidation loan and combine your three loans into a single one. Since you’ve already been approved for the three loans, your chances for approval on a consolidation loan are good—so long as you haven’t made any huge purchases (like a home or boat) or had a significant drop in your credit score.
The process of getting the car loan consolidation is almost identical to that of a car loan or a car loan refinance. You will need:
- Proof of income
- Proof of residency
- Proof of car insurance
- Payoff information for your other vehicles
Once you have all of this information handy, shop around at credit unions, banks, and other lenders to get the best rate.
Since you need insurance for all three vehicles to get your loan approved, reviewing and updating your car insurance is a great idea. With the Jerry app, you can compare rates from numerous car insurance providers to find the best rate for your money. Jerry will do the hard work of filling out paperwork for you!
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