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How to Research Car Loan Consolidation Options
2009-10-24, 9:11 AM

If you have more than one vehicle that you are currently making monthly payments on, you might be able to save some money by considering a car loan consolidation. Car loan consolidations normally involve taking two or more existing car loans and combining them into a single loan - with one single payment.

Consolidating multiple car loans often allows you to make a single payment that is smaller than the sum of your previous multiple car loan payments. If you have good credit, or your credit has improved since the purchase of your car, you may also be able to negotiate a lower interest rate than you are currently paying. Even if you are not able to get a better interest rate, you still may benefit from a car loan consolidation, in the fact that your payments may be extended for a longer period of time, which results in a lower overall monthly payment.

When researching car loan consolidation options, you will want to check with several banks or lenders to find out what programs are available to you and who might offer you the best terms for a new loan. Remember, shopping for a loan is just like shopping for many other items; you should always do some comparison shopping. Here are a few suggestions to help you get started:

Option One - Ask Your Local Bank

Your local bank is the logical place to start; your local bank knows you and will most likely work to keep or expand their business dealings with you. You should approach an officer at the bank, and inform them you are looking to consolidate your automobile loans; then ask them what types of terms and programs can be made available to you.

Option Two - Search the Internet

On the Internet, there are many online sources for finding a car loan consolidation. In fact, one of the better websites for finding just about any type of car loan, including consolidation programs, is Cars Direct; there you can find information on multiple car loan consolidation programs. In addition, you can quickly and easily submit a request for a quote; Cars Direct will submit your request to their network of qualified lenders and quickly get back to you with several options.

Researching your options for a car loan consolidation doesn't have to be difficult or burdensome; simply follow our suggestions above and you will be well on your way to saving a few extra dollars every month - with a new car loan consolidation loan.

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