Consolidating 2 car loans
The overall goal is to mix up your credit with different types of loans, so you can increase your credit history and subsequently your credit score.
Having a car loan on your report shows a new mix of credit, and can help improve your overall credit report.
Whether you’re looking to refinance federal student loans, pay off loans sooner, or get a lower monthly payment (maybe all three), we offer a range of rates and terms.
It takes borrowers an average of 21 years to repay their student loans, while 28% of students are in default (or miss payments for 270 days or more) within five years of entering repayment.
That’s why we created this guide – to give borrowers a useful resource that empowers them to choose if student loan consolidation is right for them and which type may best suit their needs.
We start by discussing the basics of student loan consolidation and refinancing, and comparing the benefits and drawbacks of federal and private consolidation loans.
Applying — and getting approved — for a credit card is a very simple process, but getting approved for a car loan is a bit more difficult.
If your credit report shows evidence of on-time payments on your car loan, it will help increase your credit score.