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Consolidating your car loans can confer numerous benefits, but it isn’t for everyone.If you don’t have multiple car loans, or if you have low interest rates on your outstanding debt, you may not need to consolidate.Your Interest Rates are Not Favorable Multiple loans mean multiple interest rates, which increases the chances of having an unfavorable interest rate on at least one loan.An excessively high interest rate on just one loan can cost hundreds or thousands of extra dollars in interest payments over the course of the loan.
That's why it makes the most sense for high-interest debt like credit cards. The downside is that unsecured loans can be harder to get, especially if you have poor credit, and your interest rate will likely be higher.
There are several options for making that happen -- a debt consolidation loan, a personal loan, a balance transfer on a credit card, a home equity loan or borrowing money from friends or family.
Which one makes sense for you will depend on the type of debt you have, how you ended up in debt, your credit score and your financial goals.
This is both stressful and inefficient and raises the risk of missing payments.
If you start missing payments regularly and falling behind, even on one of your loans, your credit score will be damaged.