Consolidate Car Loans
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If you are paying on more than one automobile, you might be looking for ways to simplify your life and streamline your payments. If so, you can check into car loan consolidation. When you consolidate your auto loans, you combine your existing debts. This allows you to make one monthly payment going forward.
Can You Consolidate Car Loans?
Most discussions around debt consolidation concern other types of loans such as personal loans, credit card debt and even mortgages. You do not hear a lot of people talking about auto loan consolidation. This may cause you to wonder whether it is even possible to consolidate your car loans.
It is indeed possible to consolidate multiple auto loans into a single debt. Even if you do not find local lenders which offer this service, you can find online lenders that are willing to let you combine your car loans.
Not sure where to begin applying for auto loan consolidation online? To save you time, we’ve put together a list of vetted lenders we trust to offer flexible approval and affordable interest rates. To get started now, click on any of the links in the chart below, or keep reading past the char to discover more about auto loan consolidation.
Best Consolidate Car Loans up to $40,000
Benefits of Auto Loan Consolidation
If you are not sure whether consolidating your auto loans is right for you, here are some of the potential benefits if you are approved for car loan consolidation:
- If some of your auto loans carry exorbitant interest rates, auto loan consolidation may allow you to replace those high interest rates with one which is more affordable, saving you money going forward.
- When you consolidate your auto loans, you have just one monthly payment to think about. This can be easier to keep up with. You are less likely to miss payments in the future.
- Missing fewer payments means that you can protect your credit score. It also might mean you get your vehicles collectively paid off sooner.
- When you have multiple auto loans and other debts to keep track of, that can be stressful. You can reduce some of that financial fatigue through consolidation and enjoy a more relaxed state of mind.
Can You Consolidate Car Loans and Credit Cards?
Now that you know that it is possible to consolidate car loans, you may be wondering whether you can combine other types of debt into your consolidated auto loan or not. For example, can you combine credit card debt into a consolidated car loan?
The answer to this question is “not usually.” Most auto lenders are not going to want to take on your credit card debt. But there may be some exceptions on a case-by-case basis. For that reason, you may want to check in with lenders online to see if it is possible to combine your credit card and auto loan debt.
Apply for Auto Loan Consolidation Without a Hard Credit Check
If you want to qualify for a low interest rate on your auto loan consolidation, it is important to protect your credit score while you are applying. To do this, make sure that you are applying with lenders that do not use hard credit checks which can damage your score. Instead, apply with those that use a soft credit check, also called an “alternative” credit check, which safeguards your score. This is especially important if you’re trying to combine credit card and auto loan debt and expect to apply through multiple lenders before you receive an offer.
Before you submit your application, check your credit report to find out what information is going into generating your current score. This gives you the opportunity to contest inaccurate entries which could be lowering your score and making it more difficult to qualify for competitive interest rates on consolidated loans.
Now you know more about consolidating auto loan debt. Good luck consolidating your car loans and saving time and money paying off your debts each month.