We have a variable interest rate and wondered if we could save money buy consolidating both loans.
2007-08-25 14:32:04 · 7 answers · asked by Heather M 1 in Business & Finance ➔ Renting & Real Estate
Not really.
First, there is no vehicle for that--you'd have to get a home equity loan and use the cash-out to pay off your car loan.
Second, today car loans are lower interest than cash-out mortgages (generally). So you'd be paying more for your car.
Lastly, you'd be trading a short-term car note (5 years?) for a 30-year loan. You'd be paying for that car for a long time after it's dead and gone...
Good luck!
2007-08-25 15:19:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-26 14:30:23 · answer #2 · answered by Landon 3 · 0⤊ 0⤋
If you got a good home loan right now where it's fixed and it's a low rate, I don't think that would be a good idea but if you have an adjustable rate that's going to go up pretty soon, then you might want to consider doing it. Remember that also that by paying off your car, you'll no longer HAVE to have full coverage insurance on your car any more (since usually it's required when you finance a car). That could save you a few bucks monthly too...
BTW- Just in case you do want to see what kind of loan you qualify for, feel free to contact me- arodriguez@gotmortgage.com We specifically try to help out people who are stuck with adjustable rates loans and try to get them into fixed loans. Won't cost you a cent.
2007-08-25 18:59:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If the variable rate is on your mortgage, it would be good to refinance to a fixed loan if you can so your house payment doesn't increase wildly.
The downside of rolling a car loan into a mortgage is that you will be paying on it for a long time, probably after you don't even have the car any more, and if you don't pay, your house is at risk, not just your car.
2007-08-25 14:37:13 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Now would be a GOOD time to refinance ur 'sucker' variable (up only) mortgage.
putting the car loan in the mortgage is realy unsmart no matter what bankers say.
get 2nd jobs pay the loan off fast.
2007-08-25 14:43:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No. You will wind up paying that car loan over a period of many years, costing you more than you would pay normally.
2007-08-25 14:38:18 · answer #6 · answered by Beau R 7 · 0⤊ 0⤋
You post your profile on this webiste and then lenders come to you. I recommend trying
http://www.creditloansonline.com
2007-08-28 17:01:10 · answer #7 · answered by Anonymous · 0⤊ 0⤋