Consolidating two auto loans

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With interest rates at historical lows, it may make sense to consolidate some of your credit card and other personal debt into a new consolidated loan, typically a home-equity loan.

Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years.

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.

The calculations provided should not be construed as financial, legal or tax advice.

In addition, such information should not be relied upon as the only source of information.

The calculations do not infer that the company assumes any fiduciary duties.Most lenders check your credit record when you apply for a loan, but some are still willing to consider your application even if you have had problems managing your finances in the past.However, if the lender thinks you are a riskier borrower because you have poor credit, you may find that: You can use this comparison to search for loans that can be used for debt consolidation from regulated lenders. Guarantor must be a homeowner or a tenant, aged 18 to 75 years old and must pay if you don't.Guarantor must be a tenant aged 21 to 70 years old.

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