how to consolidate car loans?

[InSaneOne]

i am after some help.

dh and i both have car loans. 1 is in his name only and the other is in both of ours. we are looking at combining the 2 loans to help reduce the amount we pay a month.

his loan we pay $572 a month
our loan we pay $260 a month that means we pay over $800 a month on our car loans. we need to reduce that down to about $500 a month.

where is the best place to go to refinance the loans and who should we talk to?

[subaruforestermum]

So are they personal loans through a bank????? Can I ask what interest you are paying? You dont have to say, but YKWIM, just think about that too. And what the total amount of the 2 loans is, as if it is a large loan total, you will need to get loan cover as security!

I was recommended Heritage Bank! Now their rates were low, and everything they offered us was great on paper! Although we didnt go through them as we were unknowingly rejected, but then got a house loan, so ???

BUT, dont apply at too many places, that includes pre-approval status, as it shows on your credit history, as far as I know. There will be someone on here that can correct me if I am wrong.

Basically on line you can see the different interest rates. And figure which one suits you best before going in to see them!

We had a $20 000 personal loan to purchase a car, we are paying a whopping 13.85% interest but repayments per month are $400 plus interest which was around $200, then loan cover as it is such a large amount! Which was $250 or something per year! Through NAB!

Bank West do alot of consolidation loans too, and you dont need to have a previous account with them! Very competative!

[subaruforestermum]

http://www.bankwest.com.au/Personal/Personal_Loans/Personal_Loan/index.aspx

This one at bank west has fixed interest.

http://secure.heritageonline.com.au/Personal-Banking/Personal-Loans/Personal-Loans-Comparison.aspx

http://www.commbank.com.au/schedule/CBA_b1c1s24p12.asp

http://www.nab.com.au/Personal_Finance/0,,82416,00.html


I am pretty sure, that for consolidation you do pay a higher interest rate! I am not 100% sure though.

PM andie_pandie, she will probably have a better idea than me, although not sure if she will be respond asap as havent seen her around much, might be away or something!

[InSaneOne]

thanks for that.

i know that for his loan the interest rate is fairly high. he didn't have the best credit history when he got that loan so the interest was higher.

i will have a look at the different links - thanks.