Reply
Regular Contributor
Soviyana
Posts: 156
Registered: ‎02-14-2008
0

Can you consolidate Car loans?

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

 

 
Sovi

>>>Get Credit when you don't need it, so you have it when you do.

Regular Contributor
Soviyana
Posts: 156
Registered: ‎02-14-2008
0

Re: Can you consolidate Car loans?

Anyone?  :smileyhappy: 
 
 
Sovi

>>>Get Credit when you don't need it, so you have it when you do.

Regular Contributor
tunseeker1
Posts: 108
Registered: ‎04-06-2008
0

Re: Can you consolidate Car loans?

because the loans are tied to an asset they usually won't loan more then the value of the car.
Regular Contributor
Soviyana
Posts: 156
Registered: ‎02-14-2008
0

Re: Can you consolidate Car loans?



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


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

>>>Get Credit when you don't need it, so you have it when you do.

Senior Contributor
MattH
Posts: 3,245
Registered: ‎04-03-2008
0

Re: Can you consolidate Car loans?



Soviyana wrote:


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


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





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!
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}