Consolidating 2 auto loans

By opting for a longer repayment period, such as 10 to 20 years, you may be able to reduce your minimum payment. Keep in mind that refinancing has some drawbacks, though.

If you have federal loans and refinance them, you will lose out on benefits like access to income-driven repayment plans, deferment and forbearance, and some forgiveness plans.

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For instance, you might be able to get a much lower interest rate and shorten your repayment term.

Although consolidating won’t save you money, it can make repaying your loans easier.

Plus, refinancing is only available through private lenders, so you lose the federal benefits associated with any federal loans you refinance.

The new, refinanced loan can have completely different terms, too.

Debt, Direct Loan Consolidation, Featured, Federal Student Loan Refinancing, Private Student Loan Consolidation, Private Student Loan Refinancing, Student Loan Consolidation, Student Loan Consolidation Advice If you’re feeling overwhelmed by your student loans, you can take comfort in the fact that you’re not alone: Over 44 million Americans have student loan debt today.

You might have a mix of both federal and private loans and have several different loan servicers.

Under these plans, the government extends your repayment term and caps your payments at a percentage of your income.

That can help give you more breathing room in your budget.

If your goal is to save money on your student loans, refinancing may be a better option for you than consolidation.

Here are some reasons you might consider refinancing instead: 1. When you refinance, lenders will offer you different loan terms.

In addition, if you opt to extend your repayment term, you could pay back more in interest over time.

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