Getting a debt consolidation quote is as simple as researching your options and filling out an application. This is usually done in person, at a local lending institution such as a bank or credit union, or online. Information that you will likely need with you at the time you fill out the paperwork includes your Social Security number, if you're applying in the US; a list of debts; and proof of income and liabilities. It is also helpful to know your credit score before approaching the lender.

Gathering all the outstanding bills you wish to consolidate is an important step in the process of securing a debt consolidation quote. You may not want to consolidate some bills, so understanding which will be consolidated and which will not helps save time later. For example, if you are getting a debt consolidation loan by using home equity, you may not wish to include your car, and thus spend 15 or more years paying off that loan. Further, the interest rate on the vehicle may be low enough that it is not worth including.

Once your bills have been gathered, it is important to research your options for a debt consolidation quote. Calling several banks or credit unions, along with looking at online options, is a good idea. You should ask questions about the interest rate, closing costs, and any possible penalties. These factors may vary widely from one institution to the next, and could result in significant savings or added costs.

While interest rates are largely determined by outside influences, such as the national bank or Federal Reserve, other things will also affect those rates. Therefore, the only sure way to get an accurate debt consolidation quote is to apply for a loan. Typically, you are only guaranteed an interest rate after a credit check and loan amount have been determined. Remember, just applying for a loan and receiving a debt consolidation quote does not mean you must accept the loan, if you find the conditions unfavorable.

Getting debt consolidation quotes from more than one lender is also a good idea, especially for those who offer comparable interest rates. Often, small differences in how a lender judges credit ratings will make a difference. In some cases, telling one lender what the other has offered may spark some competition, leading to a better debt consolidation quote.

As with any type of loan, getting a debt consolidation loan quote before you become overwhelmed with bills is a good idea. If you are consistently late with payments, the loan quote received will likely be substantially higher. If you believe you need to consolidate debt and fear getting behind in payments, it is best to start the application process as quickly as possible.