NO, it is not possible to include a car loan in a home loan however, it is possible to combine the two into one , with a single rate .
Include a car loan in a home loan
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Many auto loan borrowers want to include it in their mortgage, for a number of reasons. The first is to take advantage of the property rate to repay a single monthly payment and at a reduced cost. The second reason is to have only one interlocutor and therefore only one sample rather than several. Finally, the third motivation concerns borrowers with a car loan but wishing to buy a property, they are thinking of consolidating the car loan and mortgage to take advantage of current credit conditions . Whatever the motivation, the redemption of credits can meet this need, we can consolidate several loans (including the car credit ) to repay only one monthly payment, eventually.
Auto Loans and Mortgages: Credit Redemption
The operation of the repurchase of loans is relatively simple, the borrower solicits a specialized financial organization, which studies the request for financing taking care to analyze the feasibility of the project. He will then propose one to several offers of repurchase of loans taking into account the needs of the borrower. Good to know, it is possible to group together different types of consumer and real estate loans together, car loans, work, personal, renewable, etc. Once the credits are grouped, the new lender repays the old creditors and sets up the new credit including a single term, a renegotiated rate and a readjusted monthly rate. It is the funding body that takes care of all the procedures, namely the preparation of the file, its implementation and the repayment of old credits.
Include a loan and finance a new project
The purchase of credit has the advantage of being able to adapt to all types of needs, including that of consolidating several loans and financing a new project. Some households take advantage of the grouping of credits to include an amount allocated to a new project, this avoids taking out a new loan and accumulating several monthly payments. It is possible to include a consumption project, that is to say an amount to buy a vehicle (car, motorcycle, boat), to carry out work or improvements. It is also possible to finance the acquisition of real estate, under certain conditions. In both cases, a feasibility study makes it possible to quickly know if the project is feasible, it is free and without commitment.