Include Auto Loan in Home Loan
The financing of a home loan can make it possible to include a project related to works, it is however not possible to include a purchase of vehicle in the contract of credit to the habitat.
Real estate credit: principle and limits
The home loan is a financing which can relate to an acquisition and / or works in a real estate whose amount must be at least 75,000 dollars. This loan can be obtained for a maximum duration of 30 years, or even over a period of 35 years by using a mortgage institution. It is possible to include in the mortgage and at the time of subscription, an amount reserved for works. It is simply necessary that these works are inseparable from the real estate (creation of a terrace, extension, etc.). Otherwise, the bank will offer a personal loan.
The idea of including a car purchase is justified, for borrowers, by the desire to take advantage of the interest rate, particularly attractive, offered via mortgage. Simply, the legislation does not provide for the possibility of including in a single mortgage contract a car purchase that has no connection with the building. It is however possible to finance a vehicle purchase as part of a real estate loan consolidation operation.
Combine car credit and mortgage
A borrower who has already taken out a mortgage and wants to finance the purchase of a car with a car loan can use credit consolidation. In fact, it is possible to redeem the mortgage (and possibly other loans in progress) and add an additional amount to the transaction to finance the purchase of a vehicle. The credit consolidation operation makes it possible to bring together several loans of different natures within a single contract, the borrower can also readjust the repayment conditions according to his needs. He can decide to preserve an equivalent monthly paymentto that of his mortgage or reduce the maturities.
The implementation of this financing requires filing a request for credit consolidation by providing all the details on the amounts of outstanding credits remaining to be reimbursed and the amount of the new project to be financed. The interest of this solution is to preserve the balance within the finances of the home, while allowing it to concretize its project of car purchase. A solvency study will be carried out, as will the assessment of the repayment capacity which will make it possible to define the amount of the new due date.
Assess the feasibility of funding
It is possible to proceed free of charge and without commitment to a real estate loan consolidation operation with a project to finance a new vehicle. As a brokerage center, we offer to support borrowers in their various financing projects, whether through the grouping of credits or through a conventional consumer loan. Different solutions can be envisaged depending on the situation of the borrower and his projects, the request for information does not engage in anything.