Auto Loans

[Soviyana]

Hi everyone,

Does anyone know if you can consolidate car loans? For example,  I have three loans right now:

1. Hubby car - 63 mo at 6.5%, Opened January 08  - 17k
2. Daughter car - 36 mo at 6.5% opened January 08 - 3k (could technically pay off, but wanted her to know responsibility of car payment before she's off on her own - is titled/loan is in my name)
3. (spoiled) Hubby Honda Goldwing Motorcyle - 60 mo. at 10.5%, opened December 2005 - owe 6k still

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 $315 on the hubby car, daughter paying $95 on hers, and $215 on the bike.  Would love to consolidate into one loan, possibly lower average rate. 

My scores are: TU and Exp: 665, EQ: 743

Thanks for any advice!

Sovi

[Soviyana]

Anyone?   

[tunseeker1]

because the loans are tied to an asset they usually won't loan more then the value of the car.

[Soviyana]

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tunseeker1 wrote:
because the loans are tied to an asset they usually won't loan more then the value of the car.

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Darn....     And cars are depreciating assets.  Oh well.   

Sovi

[MattH]

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Soviyana wrote:

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tunseeker1 wrote:
because the loans are tied to an asset they usually won't loan more then the value of the car.

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Darn.... And cars are depreciating assets. Oh well.

Sovi

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Exactly, cars are depreciating assets. When you do have the loans paid off, try
a suggestion from the Car Guys on public radio. Open a new savings account. Each
month deposit into that account what you would pay if you got a new car. Soon you'll
have some reserves for repairs, and after a few years driving a clunker you'll have
enough to pay cash for a late-model used car!