I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See all posts Frank GogolCan You Consolidate Car Loans?
Keeping up with car payments can be a challenge if you have taken out multiple
But by consolidating your car
Car loan consolidation is a simple way to reduce interest payments, improve your credit score, and simplify repayment. Read the following article for a guide on consolidating car
What is Loan Consolidation?
Loan consolidation is a financial strategy that involves taking out a single large loan to pay off multiple smaller
Can You Consolidate Car Loans ?
Car
How to Tell if You Need to Consolidate Your Car Loans
Consolidating your car
You Have Too Many Monthly Payments
Perhaps the biggest problem that comes with taking out multiple car
Your Interest Rates are Not Favorable
Multiple
How to Consolidate Your Car Loans with Stilt
Stilt is an online lender based in San Francisco, California, that aims their lending services at immigrant and noncitizen communities. While most lenders focus entirely on credit history, something that most immigrants do not have in the United States, Stilt shapes its eligibility criteria to include immigrants. Consolidating your loans with Stilt is a simple process that lets you start saving on interest payments immediately.
First, fill out a loan application. In this application, you will detail the reason that you need the loan, along with important personal and financial information. You will also authorize a soft credit-pull. Completing this application takes only a couple of minutes.
Stilt will respond to your application with a decision within 24 hours. If you meet the eligibility requirements, your application will be accepted. Stilt will then detail the interest rate and repayment schedule that you qualify for. If the terms are agreeable, then you just sign a promissory note agreeing to the terms of the loan.
Upon submitting the promissory note, Stilt will pay off your outstanding debt. Then, you start making payments on your new loan, in accordance with the repayment schedule that you agreed to.
4 Benefits of Auto Loan Consolidation
Auto loan consolidation can save you money, time, and stress. See the following list for a few specific examples of the benefits you will attain from consolidating your auto
1. One Monthly Payment
If you have multiple auto
When you consolidate your
2. Lower Interest Rate
Many borrowers get a lower interest rate upon consolidating their auto
Also, each lender has their own eligibility requirements and range of interest rates that they offer. So, even if your finances haven’t changed substantially, you may get a lower interest rate with a new lender anyway.
3. Improved Credit Score
When lenders assess the finances of a borrower, one of the factors that they consider is the number of lines of outstanding debt. Having numerous lines of outstanding debt can damage your credit score, especially if you start falling behind with payments. With a single, consolidated loan, you will only have one line of debt, and you can more easily stay on top of your payments.
4. Reduced Stress
The stress of tracking multiple lines of debt and making several monthly payments can be a huge burden. If you have fallen behind on any of your debts, you may even be receiving collection calls. By consolidating your auto
Conclusion
There are few people with multiple auto