How do I consolidate several car loans into a single loan?

I have four car loans, but each has a different payment date, which makes my monthly budgeting process a pain. Can I consolidate these loans into one?

Answer
Consolidating multiple car loans is possible if you shop around with lenders who give auto consolidation loans.
As the name implies, auto consolidation loans allow you to combine numerous loans into one for easier payments and potentially a better interest rate. If you owe less than your vehicles are worth, refinancing with an auto consolidation loan could give you cash back, too.
However, auto consolidation loans aren’t for everyone. In order to qualify, you will need positive equity across the four loans and a certain credit score. If your credit score dips, your APR for a consolidation loan could actually be higher than for your current loans.
Whether you ultimately opt for an auto consolidation loan, know that you can free up money in your budget by finding a more affordable car insurance policy. Jerry can help you compare customized quotes and make an easy in-app switch to a new policy.
Eric Schad
Answered on Oct 28, 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.
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.
Let Jerry’s experts help you find savings on your car insurance!
No long forms or spam · Get quotes from 40+ carriers
Find insurance savings (100% Free)
rating primary
4.7/5 Rating on App Store