Should I Refinance My Mortgage to Pay Off My Auto Loan?

An auto loan is typically the second highest monthly payment after your mortgage, so it is common to want to get rid of it. Many homeowners with built-up equity in their properties ask, Does it make sense to roll my auto loa into my mortgage? There are some specific things you need to look at to determine if this strategy makes sense for you, and in this lesson I will break it all down.

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[EarlBalentine]

I can see if you were paying on the loan for 30 years that the portion of the car debt would have a lot of interest and there-fore you would be paying a lot for the the car. Assuming I only lived in a house one time for 9 years and other house for less than 5 years (14 houses do far) and refinance the house once or twice during the short time I lived in them. I see the adding your car loan to your mortgage is really short term and making it more sense to add your car to your loan.

[Fisabila]

I’m wondering if cash out for me is a good idea. I have $13k left on a car that had an accident and cannot even sell now to close the loan. My interest rate for my home is 4.717 and I’m thinking if I refinance and cash out to pay off my car I can end up paying lower than what I’m paying now and have no car payment? Who can advise me on this? Tia