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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » Can i get a consolidation loan that would take care of car loan and student loans combined??

Can i get a consolidation loan that would take care of car loan and student loans combined??

I want to get a loan that would finance my auto and student loans togther???

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4 Responses to "Can i get a consolidation loan that would take care of car loan and student loans combined??"

  1. Carl P says:
    It is a very bad idea to extend the loan on a car. The car will be dead and rusted and you will still be paying for it years after you got rid of it.

    And you will still need to buy a new car and get a loan for it anyway. So in effect you will be paying two car loans, one visable and one hidden,.

  2. Victor A says:
    Yes, but you can NOT get a federal consolidation loan for this purpose (if you live in the US). Your best bet is to keep the car loan separate from the student loans, as rates for both should be fairly low (car loan is backed by collateral, and most student loans are low rate)…any loan you could use to consolidate the two types would be high interest (personal, credit card, etc.).
  3. Student Loans says:
    It concerns me that you would consider combining your Student Loans with your Car Loan. However, are your Student Loans, Federal Student Loans or Private Student Loans?

    The reason I would advise against combining the two loans is the interest on Federal Student Loans is generally, not always, but generally lower than other loans you take out.
    Second, if you were to combine your car loan with your Federal Student Loans you would lose all of your Federal benefits on those Student Loans.

    It appears that you are interested in obtaining a lower monthly payment. I would suggest looking into the FFELP Consolidation Loan Program when it comes to you Student Loans. That way you will retain all of your Federal benefits that come with your Federal Student Loans, as well as reset your Deferment and Forbearance to 3 fresh years. Please visit the source below to read more. Good luck, I hope all turns out well for you!

  4. Jimmy John says:
    Yes, depending on the type of student loan you have, and the age of your car.

    If your car is old, maybe it’s not worth it.

    try your bank and finance companies and compare !

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