5 Useful tips in tying 4 truck loans into a single loan

Tying four trucks into a single loan can be challenging. This is because lenders would try to earn greater profits for each vehicle financed through a loan. However, you can do this by using another loan to handle the debts incurred from the four vehicles.  Besides this you can also consider the options below.

  1. Call the lenders for each car and request for the payoff amount.  By doing this, you would be able to determine the current amount that you owe from each of the lender. You can obtain the total amount you owe for the four vehicles and decide on how you would pay for these. You can consider paying this using your credit or charge cards.
  2. Try to research for other sources of loan such as mortgage programs. Mortgage programs usually offer lower interest rates for such a large debt. Just make sure that your primary or secondary residences have enough equity to handle the total amount that you have calculated on the first step.
  3. Secure a copy of the credit report and score you own. This could help you determine the possible interest rate that lenders would place on the loan you obtain. In order to get a free copy of your credit report, try to visit AnnualCreditReport.com. The credit score or the FICO score on the other hand requires payment and you should not hesitate to spend the needed amount to obtain a copy of this. Check your score. Always bear in mind that a FICO score above 720 simply means that you are excellent creditor and you are qualified for a lot of loans. A FICO score below 600 on the other hand means that you are a poor creditor and the loan offers available for you might be limited.
  4. As soon as you were able to determine your credit score you can search for lenders that could provide you with the loan you need. Start searching with banks or credit unions if you have a good credit. If your credit score is bad, try to include financing companies such as Wells Fargo as your probable source of loan.
  5. Check all of the available options. Most of the time, you would have lesser chances of getting an unsecured loan when the amount you owe for the four trucks is high. It is advisable for you to go for instalment loan programs rather than revolving programs. This is because the payments involved in revolving loans usually cover a small percentage of principal. The payments involved in an instalment loan on the other hand allow you to pay the loan off easily.

Free Auto Credit Score

Know YOUR Auto Credit Score?

Free Credit Score

Auto Loans

Get Financed Regardless of your Credit