If I get a mortgage, can I have my role in the mortgage of the car?

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I have a car loan that my father co-signed for me 2 years ago in April this year. If I get a mortgage, can I have my role in the mortgage of the car? If I had to refinance my car loan and only then? I can not get a clear answer from someone.

  1. Reply
    The Dread Pirate Roberts
    May 4, 2011 at 3:34 am

    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.

  2. Reply
    May 4, 2011 at 4:24 am

    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.

  3. Reply
    kevin c
    May 4, 2011 at 4:56 am

    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

  4. Reply
    Ed Atun
    May 4, 2011 at 5:39 am

    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..

  5. Reply
    May 4, 2011 at 6:29 am

    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.

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