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How do you combine two car loans into one loan?
I just bought a new car. My wife and I now each have a vehicle, but we want to combine our car loans into one for the sake of convenience. However, neither of us grew up owning cars—we're city girls—so we're not sure where to start! How can we combine these two car loans?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m happy to say this is a relatively easy process! Also known as an auto consolidation loan, combining two
car loans
into one is a process commonly done by banks and credit unions.As you mentioned, one payment is more convenient—but this loan also provides other benefits, too:
- A potentially lowerAPR
- Ability to get cash out on the loan to pay bills or car maintenance
- Improve your credit score
- Lower your monthly payment
The process is almost identical to getting a car loan for a single vehicle and may take less than hour or two from start to finish.
Before you being the application process, though, shop around to make sure that you’re getting an APR that’s lower than your two current rates. If that’s the case, you can move ahead with the application!
Keep in mind that you still need to maintain full coverage car insurance on both vehicles until you pay off the loan. Just as you would with your auto loan, shop around to get the best car insurance rate.
The
Jerry
app makes this easier than ever—we’ll get you personalized quotes from top providers in seconds, so that all you need to do is choose the plan that works best for you! And once you’ve chosen, we’ll even help you switch, too.Best of luck with consolidating your loans!
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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