I have a car loan that my father co-signed for me 2 years ago this April. If I get a mortgage, can I roll my car loan into the mortgage? Would I have to refinance my auto loan first and then do it? I cannot seem to get a straight answer from anyone.
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{ 5 comments… read them below or add one }
Many people buy cars with "second mortgages" It makes no sense to pay for a car for 15-30 years on a first mortgage…can you imagine how much that would cost you in interest.
Get your first mortgage and then you can get a second based on the equity in your house.
The answer is "it depends"
You can’t get cash back from a mortgage so you can’t just roll the debt into your mortgage.
IF you have enough equity in the house, you can take a Home Equity Loan (HEL) or a Home Equity Line of Credit (HELOC) and use the money to pay off your car. However, you probably can’t do that unless you’re coming to the table with a big down payment, because otherwise you won’t have any equity, and therefore you won’t qualify for either of these types of loans.
just work out the added interest best just to keep it seperate I would think but just do the maths , or sell the car and get a cheaper on for cash and not have the added expensese
No. That would not be allowed. You would have to buy the house, then apply for an equity loan. That loan could be used any way you like..
Yes you can and anyway you don’t pay your car for 30 years but just think you pay your car for one or 2 years before pay for the rest.