Is anyone aware of a lender that would consolidate these into one loan and therefore one payment?
What about if it were combined with a NEW loan for a car for me?
I'm paying 5 on the hubby car, daughter paying on hers, and 5 on the bike.
Would love to consolidate into one loan, possibly lower average rate.
A new loan is sought, traditionally at a lower interest rate than the other car loans, that pays off the two existing loans.
Then, the person or people pay one monthly payment to the new lender.
The primary advantage comes through reduced interest rates, but there are many soft advantages to seeking a combination car loan.
My scores are: TU and Exp: 665, EQ: 743Thanks for any advice!
Combining car loans is an option for individuals or families that have more than one auto loan in the household.
This usually happens when your credit score changes dramatically or when the national interest rates have dropped significantly.
You should not refinance a car loan for another at a higher interest rate even if you are looking to combine two or more loans.
You can get a better interest rate if you are willing to post collateral for your new combined loan; consider this option when you seek a personal loan or auto loan from a new lender.
One Monthly Payment It may be easier to manage one monthly payment as opposed to two or more.