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Can I roll a car loan into my mortgage?
I have about $10,000 left on my car loan, but I'm in the process of purchasing a house. Can I roll my car loan into the mortgage?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
With that said, you have to answer the why before you answer the how. Most people see the low rates of mortgages and think that it’s a more viable option. However, this ignores compound interest.
Let’s say you roll your $10,000 car loan into a 30-year mortgage at 3%. You’ll actually end up paying over $5,000 in interest over those 30 years—and for a car you probably got rid of 25 years ago.
You also have to consider whether the mortgage lender will allow this. Some will let you take out more money than your home appraises for but not all of them will.
Because of these two aspects, you’re probably better off refinancing your car loan, especially if the interest rate is of the most concern to you.
Refinancing is a great way to save money on your car loan’s interest rate. But finding the right lender can be a huge pain that might end up costing you time and money.
Jerry
removes the hassle by giving you one app that instantly connects you with top companies to meet your financial needs. Make sure you’re not overpaying for your car loan by comparing offers from multiple lenders to find the best option for you.View full answer
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