Consolidating vehicle loans

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A consolidation loan is a big commitment, and a financial institution is unlikely to grant it unless you can prove that you're good for the monthly consolidation payments.

A bank, on the other hand, might be more prone to send in the debt collectors.You'll be paying less per month, but you'll be paying for much longer, and with interest rates as high as 20 percent [source: Dunleavy] Be wary of any debt consolidators that charge high, up-front fees, or promise outlandish offers like 0 percent interest or "instant" debt relief.If you're unsure about whether to consolidate, consider calling up a non-profit credit-counseling agency.Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.

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