Q. I have loans on two vehicles, one at 13% and another at 14% interest. I would like to refinance both cars into a single, 30-month loan at about 7.5% but I haven't been able to find a loan company that will do this. Is this possible?

A. Car owners rarely refinance from one auto loan to another. Those who do have to refinance with a used-car loan, which costs somewhat more than new car loans. We don't know of any lender that will finance two vehicles with a single car loan. That's because the cars serve as collateral and the loans are based on their individual value. You can only borrow as much as the car is worth, regardless of how much you owe on the original loan. That makes it impossible for most owners who are upside-down on their loan -- they owe more than the car's worth -- to refinance.

Having said that, we certainly understand why you'd like to ditch your car loans. The national average for a five-year new car loan is 7.05%. You're paying nearly twice that much. The average 36-month used car loan costs 7.78%. If you don't have big credit problems, you could probably save money by refinancing each car separately. A good place to start is Interest.com's extensive database of the best car loan rates to find the best deal in your area.

The most common way of refinancing a car loan is with a home equity line of credit. That requires you to own a home and have at least some equity to borrow against. But such a loan would allow you to pay off both vehicles and consolidate the remaining debt in a single loan that costs an average 5.5% annual interest rate. A line of credit would allow you to pay the cars off as slowly or quickly as you like. The only payment you must make each month is the interest charge on the amount you've borrowed. If that's an option, check our database on home equity lines of credit for rates and terms.