I applied for a loan and got approved with no problems. The loan amount went into my bank and everything but after talking with a friend they pointed out I would have been better getting a bigger loan to pay off my car. I thought this would be a great idea so I phoned the credit provider to inquire. The told me I would have to cancel the existing loan and reapply for a new loan. They also said there would be no guarantee I would have the new loan approved. My credit rating is really good and I have never been turned down for anything before but it concerns me having two credit checks done in such a short space of time. I don't want to give the loan back if I can't get the new loan. Help please

Is the loan on your car a lower interest rate then the loan you just got approved for?

So pay off the first loan and then ask for the new loan.

Seldom do we borrow our self back to good money judgement,

The car loan is a higher interest rate to the loan but what I'm wanting to do is consolidate with a second larger loan. My question is do you guys think I will get approved for the second loan. I have never been refused credit just a bit nervous because I heard having numerous credit checks done in a short time can effect your application

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QUOTE by Fr_Chuck;
So pay off the first loan and then ask for the new loan.

Seldom do we borrow our self back to good money judgement,

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That's what I'm thinking but a bit worried it won't get approved