Credit Card Consolidation Loans & Debt Consolidation
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Credit card consolidation loans typically mean combining multiple high interest rate credit cards into one, lower-rate loan. Debt consolidation loans do the same thing, but aren’t limited to combining credit card balances.
What’s the benefit of a credit card consolidation loan?
The average consumer owns about 2.7 credit cards.1 If you’re looking for a credit card consolidation loan, you probably have multiple higher-rate credit card bills you’re trying to pay off.
- Combining multiple, high interest rate credit card balances into a lower-rate debt consolidation loan means you can pay less overall interest while you’re paying down the balance.
- A lower-rate credit card consolidation loan may allow you to pay off the total loan amount sooner than you could pay off the same amount at a higher interest rate.
- Pay less each month for one payment than multiple, higher-rate payments when you combine higher interest rate credit card balances into a lower-rate loan.
- Besides a higher monthly cash flow, you may even qualify for a lower rate with customer discounts.2
Apply for an auto consolidation loan online or call 1-866-452-3413.
How do credit card consolidation loans relate to my car?
You can often consolidate higher interest rate credit cards with a lower-rate
loan secured by property–a home or vehicle, for example.
At Wells Fargo, we refinance vehicles up to 60% more than their value or up to 160% of the value. After paying off their current auto loan, customers can use the vehicle value that’s left to consolidate credit card bills or pay for larger expenses.
Customers who have refinanced their auto loans with us have freed up $4,9873 or more to use for credit card consolidation or to pay for other expenses.
If you’re ready to consolidate credit cards, call us at 1-866-452-3413 to refinance your auto loan or apply online today.
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1 “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010.
2You may be eligible for a rate discount for having a Wells Fargo relationship and deposit account from which your monthly loan payment is deducted. During the life of the loan, if the monthly automated payment from your Wells Fargo deposit account is discontinued for any reason, or you no longer meet the relationship requirements, you will lose the selected discount.
3Granting of loan is subject to our credit requirements. The $4,987.00 figure is based on customers who refinanced their loans with Wells Fargo during the period from 10/1/2010 to 12/31/2010.
Useful Tools
Find out what your new monthly payments might be with our auto refinance calculator.