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Home >> Lending
About Getting a Consolidation Loan
Would I be able to get a consolidation loan to pay off everything I owe, (home, car, credit cards, etc.) and use my home and automobile as collateral and make one monthly payment?
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 You will have to ask your lender this question. It depends on your credit rating, the total amount of debt, the value of your collateral and your ability to pay the new payment.
These loans are hard to get, because all the credit risk is going from several lenders, to one, and all the unsecured debt is relying on the collateral you have. A lot of home equity is often required for such a loan, but there are too many variables to discuss here.
Published on BankingQuestions.com 9/17/09
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