Should I consolidate two car loans, one of which I cosigned?

I have two car loans, one I got for myself and one I'm stuck with as a cosigner. Is it a good idea to consolidate these car loans?

Answer
Probably not. The reason behind this is that you’re not actually the main borrower on your second loan; you’re a cosigner. If the other borrower is consistently making payments, there’s no reason to combine the loans.
If you’re concerned about interest rates, you should just refinance each loan separately. By doing so, you can get the best rate possible without consolidation.
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Eric Schad
Answered on Apr 02, 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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