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Summary: Consolidating car loans can help pay off each car faster, as more than one car payment can be lumped together as one loan, enabling the borrowers to pay back the loan more efficiently. Consolidate two, three or more car loans with advice from a registered financial consultant in this free video on money management.
Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more
"This is financial advisor, Patrick Munro, and nowadays in America many of us in America have more than one car in the household. Usually, it's a husband and wife. They each have their car, and sometimes a child will also have their car too if it's a teenager. Well, why carry three car loans when you could actually have one, and if your credit is of such a nature you could actually go to the bank and consolidate all three loans into one loan. And that is available for those that are managing their money on a correct basis. It needs to be done with the point of view that you are going to pay off that note as as as soon as possible. And, of course, the bank usually feels comfortable because they have not one, but two, sometimes three cars as security. And it is a strategy that's designed to retire the overall car debt as soon as possible. This is financial advisor, Patrick Munro, talking about the best way to consolidate car loans."
eHow Article: How to Consolidate Car Loans
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.