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what will happen if I condolidate my credit card debt with my auto loan?

Whatever already asked:

My bank is wanting me to take the debt from my credit card and consolidate it with my auto loan ( both from the same bank). This sounds like its too good to be true.
Hopefully someone can give me some advice on this.

Thanks!
Asked on: 2012-10-02 13:39:38

4 Comments

  1. textraders says:

    I would need more information to be sure. Is the new loan secured by the car, your home, nothing? What is the new rate and what are the rates you pay now on the car and the card? Is there a fee to do the new loan? If the loan is secured are you comfortable possibly losing the possession over your credit card debt? Most of these questions you’ll ask the bank, the last one you can only ask yourself.

  2. jlf says:

    That means that you are taking your unsecured debt (credit card) and making it secured debt (your auto loan). It may be a lower interest rate but that’s the only valid reason to do it.

  3. GQcredit.com says:

    I would advise against that!

    You are basically Securing, UNSECURED debt. So if anything happens and you fall behind then you lose your car. Its not smart IMO.

    Before you do anything check out 2 sources I recommend.
    and

    Think this will help you out some. Good luck!

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