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Consolidating auto

When you pay down or pay-off some of your other debt with the cash back money you get from Road Loans, you may be able to lower your overall monthly payments.For example, if you have a few credit cards with a balance that you carry over, paying them off with the cash-back amount could reduce the amount you need to budget every month for debt payments If you pay off higher interest debt with your cash back money, you may be able to reduce your interest payments, saving you money in the long run.* If you pay-off other lenders and close accounts, you’ll enjoy the convenience of having fewer accounts to manage.Then change the consolidated loan amount, term or rate to create a debt consolidation loan that will work within the budget.

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If you reduce the number of payments you need to make every month, you are also likely to have lower payment-related expenses.Lower Interest Rates It only makes sense to seek a combination loan if you can secure one at a lower annual percentage rate (APR) than the existing loans.This usually happens when your credit score changes dramatically or when the national interest rates have dropped significantly.You should not refinance a car loan for another at a higher interest rate even if you are looking to combine two or more loans.You can get a better interest rate if you are willing to post collateral for your new combined loan; consider this option when you seek a personal loan or auto loan from a new lender.To consolidate all of your debts, your first option would typically be to approach your bank or credit union and see if they can help you.If you have a mortgage, you might look to see if you have enough equity in your home to consolidate your debt with your mortgage.You can see if your bank or credit union is able to provide you with a debt consolidation loan.Banks and credit unions are typically only willing to lend people around 10% of their net worth (your assets minus your debts) on an unsecured basis.Combining car loans is an option for individuals or families that have more than one auto loan in the household.A new loan is sought, traditionally at a lower interest rate than the other car loans, that pays off the two existing loans.


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