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
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.