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Using house equity to finance a car purchase
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nicol1980
Posts: 16 Forumite
Hey guys,
I was wondering if anyone could tell me if its wise to buy a car with extra money borrowed from a mortgage. I currently have some equity sitting in my second house and was thinking of borrowing some of it to pay for the car with the view to increasing my mortgage payment to the amount i currently pay for my mortgage and current car payment. This i was hoping would pay the difference over say 4 years of the extra i had borrowed and then revert back to my original payments.
Any input would be appreciated.
I was wondering if anyone could tell me if its wise to buy a car with extra money borrowed from a mortgage. I currently have some equity sitting in my second house and was thinking of borrowing some of it to pay for the car with the view to increasing my mortgage payment to the amount i currently pay for my mortgage and current car payment. This i was hoping would pay the difference over say 4 years of the extra i had borrowed and then revert back to my original payments.
Any input would be appreciated.
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