Alexandro Butler asked:
We want to get a new car, and someone told me about being able to combine it with your mortgage. So that your mortgage repayments are a little bit higher but you don’t have to get a seperate loan for the car…if that makes sense…so I’m wondering if this is possible, and how I would go about doing it.
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We want to get a new car, and someone told me about being able to combine it with your mortgage. So that your mortgage repayments are a little bit higher but you don’t have to get a seperate loan for the car…if that makes sense…so I’m wondering if this is possible, and how I would go about doing it.
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Tags: Buy Car, Car Finance, Little Bit, Mortgage Repayments, New Car
8 responses to How do you buy a new car and put the finance on top of your mortgage?
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In theory, it is possible but it is tough to do now.
If you have equity in your home, you can take out a home equity loan and do whatever you wish with the money. These days, that is tough to do as many people have little or no equity and the banks are nervous about lending money. Also, if you have equity in your home, you can do a cash out refi where you refinance the home and receive cash at closing. Again, it is tough to do these days.
Generally speaking, it is not a great idea. Why would you want to pay interest for 15-30 years on something that you may only have 5 years?
Either, it is not as simple as you may have been told that it is.
How do you buy a new car and put the finance on top of your mortgage?
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you can’t do this in America and it would be a bad decision anyway.
you should never, ever finance something for longer than it useful life. if you do, you’re still paying for it when you’re forced to go buy another. this pyramids your payments into the sky.
How do you buy a new car and put the finance on top of your mortgage?
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Someone told you wrong.
Seperate security, seperate loans.
Only possible thing they could mean was buying a car from a home equity line; when dealers are ofering 0.0 financing, a bad idea.
Consolidating Debts
you might have been able to do that 10 yrs ago if you had enough equity in your house where you could refinance, pull out cash and pay for the car that way –
doesn’t exist anymore and it was/still is a bad idea – you would basically be putting a 30 yr loan on something that will be dead in 10-15 yrs max
How do you buy a new car and put the finance on top of your mortgage?
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NOT really. . . . .
You can get a HELOC, home equity line of credit sometimes, but that’s separate from your home loan
only way to do it would be to do a total refinancing of home
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That is not possible. Once a loan like a mortgage is done, you can’t add to it.
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The only way I can think of is taking out a Home Equity Line of Credit (HELOC) on your home, assuming there was equity in it, then buy the car with this money. This is a terrible idea, the interest you are going to pay on the HELOC is probably way more than you would get at the dealership, assuming you have decent credit. And you are using your house as a giant ATM, which is also a terrible idea. Whenever this person comes to you bringing financial advise, walk away.
How do you buy a new car and put the finance on top of your mortgage?
Consolidating Debts
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How do you buy a new car and put the finance on top of your mortgage?
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