Consolidating 2 car loans
Often, Direct Consolidation is required in order to enroll in federal programs such as income-based repayment.
While the terms are sometimes used interchangeably, consolidating your loans is different than refinancing them.
And I see this credit profile take longer to bounce back.—Michelle Leasing a vehicle, or getting an auto loan approved – after you consolidate your debt – is not all that problematic.But you do want to have a good grip on the realities of the situation, and set yourself up for success.In your case, you are talking about settling debts for less than what you owe as a form of debt consolidation.That is different than consolidating through a nonprofit credit counseling agency, or more traditional forms of consolidating. Assume someone has 4 good things being kept current on their credit report, like 2 student loans, and two credit card with next to, or no balance owed.
Can you get a new car lease a year after your debts were paid through debt consolidation?