Is there anyway to get a car loan added to a new mortgage loan?

Question

Three years ago I jumped into a truck payment that was extremely high. I have three years left on the loan now. I am really interested in moving out of my parents house but this would only be possible if I could have the truck loan added into the new mortgage loan. That way I would have one payment instead of two payments. Does anyone know anyway to do this or anyways around this? I prefer not to sell my truck and would really like to get it added to a mortgage. Any help would be much appreciated. Thanks for your help.

Answer 1

sounds like they are already in over their head. what's the difference, one loan, two loans. your still paying pretty much the same money either way.

I would not tie a vehicle up into a house...

you said the truck payment is high... moving it into the house loan won't change that very much. sounds like you bought a vehicle you can't afford (you are not alone, most of us have done that).

debt consolidation never works...

sounds like you need to sell the truck and get something cheaper to fit the budget.

Answer 2

If you can't afford you 3 year old truck payment when you live with parents you are years from homeownership. If you have 20% down and closing cost saved you could buy the home then get a HEL to refinance the used truck.
Do you have any idea what a home cost besides the payments? Do you own a house full of furniture and appliances and a garage full of tools? Take it in steps increase the income and pay off the truck, get an apartment and buy some furniture then buy a home. You would be totally surprised by sewer bills, garbage bills and water bills even if you planned for gas and electric bills. You also might sign up for cable tv and internet before you know you can't afford it.

Answer 3

Look into consolidating. But just be careful. Don't get in over your head.