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Can I consolidate my credit cards and car loans into a single loan?
I have four credit cards and two car loans that I want to consolidate into a single payment. Is this possible?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes! With four credit cards and two
car loans
on your plate, you might find some relief by taking out a consolidation loan. This will get you a single monthly payment and potentially a better interest rate, considering the sky-high credit card rates out there.The only thing standing in your way is qualification. In most cases, you’re going to need a prime credit score of about 660 or higher to be eligible for approval. If your score is higher than this, you can expect a lower interest rate as well.
As with any other loan or big purchase, make sure to shop around with multiple lenders to identify the most competitive rates. If you apply to all lenders within a 14-day window, there will only be one hard inquiry on your credit report.
Since you have two car loans out, make sure you’re not overpaying for your car insurance.
Jerry
can help. Sign-up takes less than a minute, and you’ll get access to dozens of competitive quotes to help you find savings on the coverage you need.View full answer
- Gregory R.
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