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 provided by
avatar
Eric Schad
Answered on Apr 02, 2021
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.
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.

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies