Is it possible to refinance two car loans into one?

I just got my second car loan, but the payments are on dates that don't line up with my paychecks. Can I refinance the two loans into one for easier payments?

Answer
Yes, it’s possible to combine two car loans into one, but it’s not called refinancing. It’s called auto loan consolidation.
If you have the right credit history, credit score, and income—and you likely do, considering you already have two auto loans—consolidation shouldn’t be an issue.
To consolidate your car loans, follow these steps:
  • Shop around consolidation rates with the usual lenders (banks, credit unions, online lenders)
  • Gather all the information on your existing car loans (interest rate, balance, remaining time on each loan, etc.)
  • Apply at the lender with the best rates
After you apply, you’ll need to gather the following information:
  • Proof of insurance
  • Proof of residency
  • Proof of income
During the consolidation process, you may also want to take a glance at your car insurance. With the Jerry app, you can compare dozens of competitive quotes to find the best savings and free up extra cash to make paying off your loans easier.
Eric Schad
Answered on Nov 15, 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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