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Question adding car loan to mortgage?
Posted on 11/3/10 at 10:46 pm
Posted on 11/3/10 at 10:46 pm
Me and my wife moved into our house a year ago this month, we've paid extra every month on our mortgage. In January we bought a Camaro. She was upside-down on her current auto loan but we rolled that into our new auto loan, therefore we are upside down on this car. Being that this car is our dream car we are trying to figure out what is our best option to keep this car for many years to come. We arent missing payments or having problems for that matter, just trying to see if theres a way for us to lower our monthly note on the car since were gonna keep it in hopes it will be a collector car one day. A friend of mine told me you can add your auto loan into your mortgage.
4
Posted on 11/3/10 at 11:06 pm to livewire225
First, make sure you have Gap Insurance on this car.
Posted on 11/4/10 at 4:37 am to livewire225
Even if the car becomes a collector's item 20-25 years down the road, you're never going to recoup your initial investment once you factor all costs of ownership in. Your best bet is to pay it off as soon as possible to minimize the interest expenses.
Posted on 11/4/10 at 8:12 am to livewire225
quote:
A friend of mine told me you can add your auto loan into your mortgage.
only problem i see with this is that if you fall behind in payments in the future, you will potentially lose your house
whereas if you keep them separate, you can quit paying the car note if need be and only lose the car
what kind of rate do you have on the car?
not sure about upside down loans, but most CU's can beat any mortgage rate for an auto
Posted on 11/4/10 at 9:07 am to livewire225
that sounds like a dumb plan. you will pay much much more for the car.
Posted on 11/4/10 at 12:02 pm to diat150
interest on the home loan is tax deductible, but with interest rates at an all time low, isn't going to make that big a deal.
Basically, your going to stretch what would be a 5 year note (or 6) on a car out to 30 years. So you're paying the car off over a 30 year period now instead of 5. Not the smartest thing you can do.
But, cash is king these days. If you need to extra wiggle room each month to eat or send your kids to private school then do it (probably shouldn't have bought it in the first place if this is the case). If not just suck it up and keep on paying the 5 year note.
Basically, your going to stretch what would be a 5 year note (or 6) on a car out to 30 years. So you're paying the car off over a 30 year period now instead of 5. Not the smartest thing you can do.
But, cash is king these days. If you need to extra wiggle room each month to eat or send your kids to private school then do it (probably shouldn't have bought it in the first place if this is the case). If not just suck it up and keep on paying the 5 year note.
Posted on 11/4/10 at 5:40 pm to Im4datigers
Paying it isn't any problem. Our interest rate Is 4.3%. Were wanting to start having kids within the next year or so one reason for doing this is to safe money now for when we do have kids and secondly since were wanting to keep it so adding a few hundred a month for something we can enjoy years to come isn't a big sacrafice.
Just wondering what everybody would do if your were in my situation. Make good money, have a car that you wanna keep for a long time (which you currently pay 830 a month for). And wanting to start saving for kids.
Just wondering what everybody would do if your were in my situation. Make good money, have a car that you wanna keep for a long time (which you currently pay 830 a month for). And wanting to start saving for kids.
Posted on 11/4/10 at 5:51 pm to livewire225
quote:
(which you currently pay 830 a month for
wow Posted on 11/4/10 at 5:55 pm to Tigerpaw123
quote:
wow
camaros aint' cheap. they start at like 20k but go up to like 40k.
I love not having a car note. Its so awesome. Havne't had one for 5 years.
Posted on 11/4/10 at 6:44 pm to Tigerpaw123
Like I said it's our dream car. It has everything then some.
Posted on 11/4/10 at 7:00 pm to livewire225
I would not even pay that nut for a Z06 Vette. Credit unions here have car loans as low as 2.75% on new vehicles. I would find a way to pay off the excess owed from the upside down debt brought into the transaction and refi the loan amount attributed to the new car at a credit union. $830/month is insane for that vehicle.
Unless you put a shite ton of money down on your house I doubt there is enough equity to obtain a HEL or 1st refi to cover the car loan. Good luck.
Unless you put a shite ton of money down on your house I doubt there is enough equity to obtain a HEL or 1st refi to cover the car loan. Good luck.
This post was edited on 11/4/10 at 7:02 pm
Posted on 11/4/10 at 7:41 pm to tirebiter
Thanks everybody. Kinda figured paying it off asap was gonna be the answer
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