To benefit from a car debt consolidation, you must merge at least two existing loans. Bearing in mind that American households usually own two cars and most people change their vehicle every 6 to 10 years, chances are that you are currently paying for two car loans for your family.
Auto loan refinancing with a car loan consolidation could help your family’s finances and avoid bad credit and repossession if you are struggling with multiple monthly payments. Especially if you have other unsecured debt, such as credit card debt, consolidating your secured loans can be a good solution to optimize your payments each month.