Consolidate?

tc83

I have 2 cars on HP and a bank loan, In total I owe around £18,500. I currently pay a total of £457 per month for all three. I have around 4/5 years left of paying. Is it worth getting one loan of £18,500 over 5 years, paying off my 2 cars and loan and just have one monthly payment?

davetrousers

Short answer is no.

£18,500 x2 is a lot of money to be in debt!

PS don't believe adverts on the TV

Tixy

Is it worth doing this? depends on what interest rates you are currently paying on all your 3 existing debts and what early redemption penalties those debts have and what APR you could get on a new loan.

Are you likely to be able to do this? - quite possibly you might struggle to get a new loan anyway. Any lender will assess the new borrowing as in addition to your existing debts so would look at whether you can afford to service £37k worth of debt, as they cannot force you to consolidate and so look at the possible scenario that you use the new loan for something else.
So whether you can get such a loan will very much depend on your earnings and the rest of your financial situation as well as on your credit history etc.