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Car loan into mortgage?

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Tonio2000
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Car loan into mortgage?

Postby Tonio2000 » October 15th, 2019, 4:04 pm

Wondering if it is possible to refinance your car loan into a mortgage, I've heard that you can buy a vehicle if u have a mortgage but not the other way around. Any help will be appreciated.

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*KRONIK*
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Re: Car loan into mortgage?

Postby *KRONIK* » October 15th, 2019, 4:20 pm

Yea

Most times, they can take over the loan.
You will need to get a settlement letter stating the balance on the car loan.

Of course, you need to talk to your loan institution 1st and see of they can facilitate this

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VexXx Dogg
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Re: Car loan into mortgage?

Postby VexXx Dogg » October 15th, 2019, 8:33 pm

I don't know if I understand your question, but you should be able to get both once your DSR is within range.

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ronsin1
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Re: Car loan into mortgage?

Postby ronsin1 » October 16th, 2019, 5:13 pm

I would assume you want one installment for the month

Pros:- one installment better based on budget

Con:- if you use the mortgage and consolidate the car loan into the the remain balance it will be charged over the period of the mortgage

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88sins
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Re: Car loan into mortgage?

Postby 88sins » October 18th, 2019, 6:54 am

ronsin1 wrote:I would assume you want one installment for the month

Pros:- one installment better based on budget

Con:- if you use the mortgage and consolidate the car loan into the the remain balance it will be charged over the period of the mortgage

THIS
you gonna pay for that car 3x




and, if things get rough & you are forced to default, you lose both at the same time.

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thelem-again
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Re: Car loan into mortgage?

Postby thelem-again » October 21st, 2019, 3:51 pm

88sins wrote:
ronsin1 wrote:I would assume you want one installment for the month

Pros:- one installment better based on budget

Con:- if you use the mortgage and consolidate the car loan into the the remain balance it will be charged over the period of the mortgage

THIS
you gonna pay for that car 3x




and, if things get rough & you are forced to default, you lose both at the same time.


Exactly!!

This makes ZERO sense to me. Why would anyone want their car loan to be consolidated into their mortgage.

RedVEVO
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Re: Car loan into mortgage?

Postby RedVEVO » October 21st, 2019, 10:50 pm

^^

30 year loan on a car ?

Only in Trinidad & Tobago .

pugboy
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Re: Car loan into mortgage?

Postby pugboy » October 21st, 2019, 11:06 pm

Yeah boy, you wouldn’t be able to sleep in the car when they take the house.

88sins wrote:
ronsin1 wrote:I would assume you want one installment for the month

Pros:- one installment better based on budget

Con:- if you use the mortgage and consolidate the car loan into the the remain balance it will be charged over the period of the mortgage

THIS
you gonna pay for that car 3x




and, if things get rough & you are forced to default, you lose both at the same time.

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jm3
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Re: Car loan into mortgage?

Postby jm3 » October 21st, 2019, 11:35 pm

i recently went to get a mortgage preapproved i only have a small amount remaining to pay off on my vehicle and i am going to be taking the mortgage on my own.
the banks stance is as long as i still need to make a monthly payment on my vehicle i cannot get the full amount i would qualify for a mortgage so choice is to pay off vehicle early or wait a few months until its paid off.

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88sins
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Re: Car loan into mortgage?

Postby 88sins » October 22nd, 2019, 9:33 am

jm3 wrote:i recently went to get a mortgage preapproved i only have a small amount remaining to pay off on my vehicle and i am going to be taking the mortgage on my own.
the banks stance is as long as i still need to make a monthly payment on my vehicle i cannot get the full amount i would qualify for a mortgage so choice is to pay off vehicle early or wait a few months until its paid off.

hurry bird don't build good nest. Nothing wrong with taking your time and thinking through your options and putting things in place first.
my advice is cool yuh jets and wait till the car loan paid off, and (if at all possible) wait a little more. deduct the installment you usually make for the car & save it for 6 months to a year, THEN go for the mortgage if its still a viable option & the arrangement is still in place or you can get something else. That is if you are not currently renting. If you renting, get outta dat money pit as quick as possible.

That way, you have the option to borrow a little less thus pay back less monthly & overall, or keep it as a cushion jic, or use it for something else.

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thelem-again
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Re: Car loan into mortgage?

Postby thelem-again » October 22nd, 2019, 11:55 am

This reminds me of when I hear persons say that their financial institution is offering to give them an additional loan to cover furnishing their house with furniture and appliances.

They get excited of the prospect that they would be able to move into their new home with brand new appliances, when the truth is you'd essentially be paying for those appliances and furniture that would last probably 10 years, for roughly 30 years and with a higher monthly installment. Remember that is what those financial institutions are in the business of. Lending and making you think you need to borrow. Despite how much headache they may give and seem to give for a loan.

So take the time and pay off for the car loan and apply for your mortgage after. The aim is to get out of financial debt. Not be further entrapped by it.

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88sins
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Re: Car loan into mortgage?

Postby 88sins » October 22nd, 2019, 3:22 pm

thelem-again wrote:This reminds me of when I hear persons say that their financial institution is offering to give them an additional loan to cover furnishing their house with furniture and appliances.

They get excited of the prospect that they would be able to move into their new home with brand new appliances, when the truth is you'd essentially be paying for those appliances and furniture that would last probably 10 years, for roughly 30 years and with a higher monthly installment. Remember that is what those financial institutions are in the business of. Lending and making you think you need to borrow. Despite how much headache they may give and seem to give for a loan.

So take the time and pay off for the car loan and apply for your mortgage after. The aim is to get out of financial debt. Not be further entrapped by it.


this man gets it

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ronsin1
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Re: Car loan into mortgage?

Postby ronsin1 » October 28th, 2019, 3:27 pm

Got screwed with a loan and a credit card decided to pay off the cc and then focus on the loan once majority of the card was paid off

These idiots decided to call me for a debt consolidation loan 10%

I told them no because I had one more year of the loan and I could pay off the cc now if I wanted


They will try all how to get you to take that loan
thelem-again wrote:This reminds me of when I hear persons say that their financial institution is offering to give them an additional loan to cover furnishing their house with furniture and appliances.

They get excited of the prospect that they would be able to move into their new home with brand new appliances, when the truth is you'd essentially be paying for those appliances and furniture that would last probably 10 years, for roughly 30 years and with a higher monthly installment. Remember that is what those financial institutions are in the business of. Lending and making you think you need to borrow. Despite how much headache they may give and seem to give for a loan.

So take the time and pay off for the car loan and apply for your mortgage after. The aim is to get out of financial debt. Not be further entrapped by it.

Phone Surgeon
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Re: Car loan into mortgage?

Postby Phone Surgeon » October 28th, 2019, 7:11 pm

i does wonder about why people does borrow for certain things, the thing is the banks and diff financial institutions does make it so easy

right now i offering financing on phones through a local company

it have men with monthly salary of 15k coming to take out financing on a 3k phone for 18 months

people with salary of 5k coming to APPLY (and get blank) for 12k phones for 18 months

people who KNOW their last fridge and stove from ****** get seized and still coming to apply and insisting their credit good and they have no credit issues.....

Kenjo
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Re: Car loan into mortgage?

Postby Kenjo » October 28th, 2019, 8:32 pm

Phone Surgeon wrote:i does wonder about why people does borrow for certain things, the thing is the banks and diff financial institutions does make it so easy

right now i offering financing on phones through a local company

it have men with monthly salary of 15k coming to take out financing on a 3k phone for 18 months

people with salary of 5k coming to APPLY (and get blank) for 12k phones for 18 months

people who KNOW their last fridge and stove from ****** get seized and still coming to apply and insisting their credit good and they have no credit issues.....

How prevalent is that iPhone for 18 months on terms and exactly what insurance coverage if the phone is stolen or damaged ?

Phone Surgeon
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Re: Car loan into mortgage?

Postby Phone Surgeon » October 28th, 2019, 8:59 pm

Insurance coverage? As far as I know you hadda pay no matter what. If you refuse to pay it will come out of your salary

Kenjo
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Re: Car loan into mortgage?

Postby Kenjo » October 28th, 2019, 9:30 pm

Unless the person has the foresight to say they are building up a credit rating with the $5000 salary but highly unlikely

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