Finacial Question about loan Consolidation?
I have a car loan at one bank and student loans at another lender. Is there anyway to get one bank to consolidate these loans?
I hate to tell you this as a banker but probably not. UNLESS you are a homeowner. The best and just about only way to consolidate debt is through a home equity loan. You need what they call collateral (an asset) to pledge to your loan in order to consolidate. Sometimes you can get an unsecured line of credit if your credit and income is good enough but the interest rate is much higher because you have no collateral to pledge to the loan, in case you don’t pay it.
Most times, student loans have very low interests rates so there is no need to consolidate it into another loan. Car loans are generally pretty low to, so I would scrap the idea. If you aren’t a homeowner, become one because it will put you in a better financial position down the road.
