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Is there a way to consolidate two car loans into one?
I currently have two car loans, but I'm tired of making monthly payments 10 days apart and having two different amounts come out of my bank account. Can I consolidate these two loans into one to make my life easier?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Having two sizable
car loan
payments come out of your checking account each month is definitely annoying, so many people can empathize. The good news is that you can definitely combine your two loans into one, since this is known as an auto consolidation loan. This type of loan provides a payoff for your other two loans and gives you one simple loan with a single payment.
The application process for an auto consolidation loan is similar to that of a traditional loan. You’ll need to have good credit, proof of income, and a debt-to-income ratio of 43% or less.
Shopping around for different rates is also a good idea, as you can leave money on the table if you don’t. You may also want to analyze your current car insurance rate and coverage to find savings as well. One easy way to do this is with the
Jerry
app—we’ll get you customized quotes from top providers in seconds so that all you have to do is pick the plan that works best for you!Best of luck, and enjoy your easy payments!
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- Gregory R.
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