Compare total cost, not only payment
A longer term can reduce the monthly payment while increasing the time interest accrues.
Identify fees and security
Origination fees, collateral or other conditions can change the risk.
Check whether old credit remains open
Paying off balances does not necessarily close accounts or solve spending/cash-flow issues.
Consider alternatives
A consolidation loan is one possible structure, not automatically the right solution.
This page provides general educational information. For a real agreement, dispute, court filing, estate matter, debt problem or authorization document, check the current rules that apply where you live and obtain qualified advice when the consequences are significant.