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How do I consolidate my car loans?
I want to make my car loan payments easier to manage by consolidating them. How would I do this?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Consolidating your car loans is a process where you take all of your outstanding car loans and roll them into a single loan. In most instances, you’d do this to create a single payment date during the month, lower your interest rate, or lower your monthly payment.
To consolidate your car loans, start by determining the amount you owe on all of your car loans. However, you shouldn’t just add the balances. Instead, call each lender and get the car payoff amount. This is the amount you’ll need to pay off the loan, including the final month’s interest.
Once you have this amount, start shopping around. Most banks and credit unions will agree to a car loan consolidation, especially if you have good credit and proof of steady income.
Don’t forget that you can also extend the term of the loan if you want to lower your monthly payment — something that’s beneficial if you want to pay down debt or free up money for a large purchase, such as a home.
“
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- Gregory R.
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