Loan Advice

[Jane Doe]

Howdy,

Need some advice please. I want to get a new car I have mortgage with the ANZ Bank. To get this car I assume I can refinance so the car loan just goes on to the mortgage? Or do I have to get a seperate loan? Any advice would be much appreciated.

 

[azreal]

Get a separate loan.

If you add the car onto your Mortgage, you will be still paying for your car many years after it has gone and the amount it will cost you overall will be MASSIVE.

Your monthly car repayment will be smaller if you added it to the mortgage but it is not worth it in the long run.

Apply for a personal loan from your bank.

Do the math before you even think about adding a car to your mortgage.

 

[Frodo]

Yep, do the maths, but if the mortgage interest rate is lower than the separate loan then just increase your mortgage payments by the difference.

I'd also expect fewer fees in using a mortgage.