Many homes are wondering whether it is possible to combine a car loan and a mortgage. The answer is yes!
Make a car loan redemption, it is possible by combining it with other loans in progress. For example, the car loan can be integrated into a global loan pool and repaid at the same time as a home loan. How to set up this operation? Explanations.
The car loan provides the necessary financing for the purchase of a new or used car. In case of loss of employment, health problem or separation, it may be difficult for the borrower to assume this financial burden in addition to other credits in progress. The grouping of loans including the car loan makes it possible to rebalance its budget. It is possible to set up this transaction with your current bank or another bank offering more advantageous terms.
In addition to reducing the amount of monthly payments, the purchase of credit including the car loan allows you to benefit from a more advantageous loan rate and to save on the total cost of credit. This option is also an opportunity to see more clearly in his finances. Indeed, the borrower will have to pay more than one monthly payment.
The pooling of credits is not just for households facing financial difficulties. This operation is accessible to all borrowers who see an interest.
The operation of auto loan buyback is relatively simple. The borrower must start by asking a specialized financial institution to study the application and analyze the feasibility of the project. This intermediary will then propose several offers based on the needs of the applicant. It is thus possible to combine a car loan and a mortgage. As long as the loans and credits are pooled, the new lender repays the old creditors and sets up a new credit with a single term, a negotiated rate and a reduced monthly payment. The organization specialized in the repurchase of credit is in charge to complete all the steps. The borrower must only provide the required supporting documents.
If the combination of a car loan and a home loan is possible, it must nevertheless ensure that all conditions are met to allow the release of funds. All that is needed is a simulated online car buyout by completing a form in less than 2 minutes. In particular, you will be asked to specify the nature of the credits involved in the operation as well as their amount. An advisor will review your request and look for the best financing offers available. This completely free and non-binding approach allows you to determine the feasibility of your project.
While most banks offer a car loan buyback offer, the conditions are not the same, hence the importance of comparing offers.