Overhaulin'

Can I refinance two car loans into one loan?

I'm wanting to reduce some of my monthly payments and I figured combining my auto loans would be a good idea. Is there a way to refinance and combine the two car loans???

Public Comments

1. The danger of refinancing car loans is clear. You will end up financing for much more than the car is actually worth, since you will be extending the life of the loan. Financially this is never a good idea. Your goal should be to pay off these loans - that way your payments will be 0. This will save you money over the long run. /
2. No. Each car is collateral for a specific loan. Banks want collateral! No collateral, no loan. Chances are one car is insufficient collateral for a big-enough loan to cover both. Do you mean to tell me that you cannot manage to set up two payments out of your bank account to pay your car loans on time? Or are you trying to stretch out terms so that the total monthly payment of the two loans is lower? Refinancing will cost you fees & interest over a longer term! Forget it, and manage better. That's the cheapest solution, except for paying off one or both of these car loans in full and getting done with it.
3. no, not unless one is worth enough to cover both loans.