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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?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.
MORE:
How to reduce car payments without refinancing your car loan
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