Now Repair your Vehicle using Multiple Automobile Loans

Debt consolidation plans, when used in the appropriate scenario, can make life and finance management much easier for you. Did you know that you can get all your cars refinanced and yet pay lower for their mortgage? That’ possible and can help you handle your business loans much smoother.

Auto Loan

Auto Loan

Businesses and organization do buy vehicles for official/ business use

Often it happens in many businesses and organizations that you have to invest in a lot of automobiles like cars, trucks, buses, two-wheelers, limos, etc. and you do not do that on complete down payment. Rather you pay apart and get the automobiles financed by a lender, and then keep on paying EMIs on them till the tenure is over.

In this situation often, the company or organization comes under the burden of several car and automobile loans. And it’s not necessary that you will buy all the vehicles at one time. In fact, in offices, businesses, etc., vehicles are bought at intervals now and then as required. For example, you may buy one now, and then two later the next year, and then another two in a couple of months, and again one more vehicle after two years. And such patterns are common amongst all businesses. Especially, if you have a car hire or bur or truck hire business only, then buying vehicles would be the most important investment and happening in your business, and that’s completely natural.

Now when you keep on buying vehicles at intervals, then you also open new auto loan accounts for them with each purchase. And when there are lots of vehicles bought in roughly one or two years, then they all have their own monthly EMI payment dates, different interest rates offered by the auto mortgage company, and different tenures too.

Keeping track of them all is one big job. And, it is tougher to keep on paying the EMIs for each vehicle at a different date of the month by remembering the dates. The whole idea gets messy and confusing after a time, and may sometimes lead to late payments, skipped payments, and such human errors.

The best solution in this scenario that offers multiple benefits at once is debt consolidation through an automobile loan. Debt consolidation for an automobile is possible, and you just need to apply to the right finance companies, banks, or online lenders for this, to get things sorted.

Are you new to debt consolidation loan for vehicles?

Debt consolidation is a smart solution which brings all the separate and different car and automobile loans under one banner, into one single place or loan account, thereby reducing your monthly expenses and sorting things.

The advantages of debt consolidation for cars and vehicles are

  • You get sorted with the various dues of loans at different times of the month or year. The confusion ends as you pay only once a month or a few times through the year.
  • The average rate of interest gets lowered with the new consolidated loan.
  • Paying multiple loans EMIs shows your multiple debts in your credit history. You can improve this record by consolidating the loans into one and thereby reduce the numbers of loans.
  • The overall amount you had been paying each month on various EMIs gets reduced to a lower manageable single amount, as because you pay for a longer tenure at the lower interest rate for the new consolidated loan.

Once the automobile loans all get consolidated into one, you can enjoy these great benefits.

How to start the process?

Starting with the process of debt consolidation for your auto loans need you to go through all your auto loan papers. Every vehicle loan paper would tell you the outstanding amount to be paid, the pre-closure penalty of that lender for the loan, and the loan interest rate. You will have to join or add all the amounts, including the outstanding on each loan, and the pre-closure penalty if any. This will give you the amount you need to close all these loans at once with full and final payment. Next, you need to add to this amount the processing charges for the consolidated loan, the application fees if any, and consultant charges if any, as they will be your deductions and expenses from the loan amount and you must consider them too. Now, the amount you get is the final amount which you need on hand. You will have to apply for this final amount to the lenders.

How to apply for automobile debt consolidation?

To apply for automobile debt consolidation, you will have to find lenders. Normally traditional banks give such loans. And then there are online banks, auto finance companies, debt consolidation finance companies, etc., who all give such loans. You may apply to many at once by going through a debt consolidation expert or website. This will help you reach to multiple sources with one single application. Click here https://www.nationaldebtrelief.com/ for the consolidation service at a lower rate of interest.

Choose the right application method

It’s important that you choose the right application method for a debt consolidation loan application. That’s because only a website or online consultant or local consultant connected to finance companies who give such loans would know the best, where to direct your applications based on your profile and requirements, such that you get to the right sources.

This eliminates the chances of applications being rejected by companies that do not deal with debt consolidation. And this also reduces the chances of rejections of the applications in general. Instead, you get quotations from multiple lenders, and this will help you compare the various interest rates and tenures offered for the sum you have applied for.

Finally

Debt consolidation for your auto loans is a great way to put things in one place, keep track of the loans at once, and make your debt management simpler. It’s a smart approach to close say five auto loans from different lenders, and rather pay for only one, and that too at a lesser interest rate through a longer tenure, which helps you shell out the EMIs easily from your monthly budget.

This post was written by: Kate Westall

Donations

If you find this information helpful please consider a donation. These articles, questions and comments are very time consuming so even a small donation gives me motivation to keep educating automotive owners. Donations will allow us to continue open questioning/comments, automotive education and repair tutorials in the future as the business grows. All proceeds go to the expansion and maintenance mdhmotors.com. Thank You



MDH Motors logo

About Kate Westall

I am Kate Westall, a freelance writer and a professional blogger, who enjoys enlightening others about unknown and little-known facts. I love to write on all general and professional topics on Automotive.

Leave a Reply

Your email address will not be published. Required fields are marked *