Debt Consolidation for Auto Loans

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Each American household has on average two cars, so chances are good that at some time, they have multiple car loans to repay. 

Debt consolidation for auto loans means you combine your existing auto loans into a single loan. With one loan balance and one lender instead of two or more, you can benefit from a single monthly payment and sometimes, a lower interest rate. This can give your finances some breathing space, particularly when things get tight. 

How Does Debt Consolidation For Auto Loans Work?

Debt consolidation can make life easier and simpler. It helps you streamline your finances and keep up with payments to provide debt relief. If you make payments on schedule, soon you will be debt-free.

A debt consolidation loan combines multiple car loans into a single new one. Although it won’t modify your loan amount, this financial method can simplify loan repayment, decrease monthly payments, and/or secure a lower rate. Consolidating your car loans means replacing multiple car payments with one simplified payment. 

Benefits Of Debt Consolidation

The benefits of debt consolidation can include extending your auto loan debt repayment period to match your current finances and making it easier on your monthly expenses. These, however, are not the only benefits you can enjoy.

Auto debt consolidation is simple

Juggling multiple car loans can be overwhelming. By consolidating your debts, you are reducing your obligations to a single monthly payment for the new loan, which can make managing your finances easier. You don’t have to remember payment dates and it’s easier to include it in your monthly expenses. 

Lower interest rates

The goal of auto loan consolidation is often to secure lower rates. This means you could potentially pay less over the life of the loan. 

If you have a good credit score, you could get a debt consolidation loan for your auto loans with a lower interest rate than your existing loans. 

Repayment time

If you're struggling to make ends meet, a consolidated loan provides a lower monthly payment by extending your loan term. This can provide immediate loan relief, although it could mean paying more in interest over time. 

Debt consolidation loans can be negotiated to match your disposable income. If you want to get rid of your auto loans quicker, you can repay the debt consolidation faster. If you want to give yourself a slower repayment pace, you can extend the repayment period.

Improve your credit score 

If you keep up with your debt consolidation loan schedule, your credit score will improve because it will show that you are a trusted borrower. A good credit score helps you apply for a future mortgage or a car loan. Also, a good credit score influences the interest rates on your credit cards. 

A credit score above 670 is considered good. If you work out your debt consolidation loan and pay it off on time, you could soon see an improvement in your credit score. 

Fixed payment every month

An auto debt consolidation loan comes with fixed interest and fixed payment every month. Instead of guessing how much you will be paying next month, you have a blueprint of your monthly financial obligations. 

What Helps Me Qualify For An Auto Consolidation Loan?

You will want to find the best auto debt consolidation loan with the most suitable interest rates and terms for you. To make it easier to qualify for a loan, all you need is a trustworthy co-signer and a good credit score.

A co-signer

A co-signer with a good credit score can help you negotiate a debt consolidation loan with a lower interest rate. 

A good credit score

If you wish to consolidate your car loans, you should know that it is easier to negotiate lower interest on your auto debt consolidation loan if you have a good credit score. This means you could pay less every month and potentially pay less in interest over the full loan period. 

Credit9 Can Help With Your Debt Consolidation Loan

Credit9 is accredited by the Better Business Bureau (BBB) and we don’t charge upfront fees. 

If you are interested in consolidating your debts, call us today for more information.  We can provide guidance and advice to help you better understand how a debt consolidation loan can work for you. Contact us today to learn more about consolidating your debts!

Frequently Asked Questions