Can I get a loan to purchase my car, home, and other investments simultaneously with one loan?
Posted by admin on 9 Feb 2008 12:34 pm. Filed under Personal Finance.
DIONNE K asked:
I want to make all my big purchases at the same time- house-car-personal investments all at the same time. I have about 100,000 saved and would like to borrow 300,000 to purchase my home, car and personal investment purchase make abou 58,000 a year but I figure the money could put me right where I need to be totally. Is ther any way I can achive this? I live in Indiana.
I want to make all my big purchases at the same time- house-car-personal investments all at the same time. I have about 100,000 saved and would like to borrow 300,000 to purchase my home, car and personal investment purchase make abou 58,000 a year but I figure the money could put me right where I need to be totally. Is ther any way I can achive this? I live in Indiana.
On February 11th, 2008 at 5:55 am
Yes, you can. However, it might be better to get them separately because, for example, you probably would not want to pay off your car over thirty years which is what you would do using your scenario. Find a local credit union and discuss your situation with them.
Good luck.
On February 12th, 2008 at 8:24 am
You have $100,000 saved and you don’t have a car? First, a home is purchased with a mortgage. Cars are not. Investments are not purchases – they are investments. And you already have $100,000. You need a mortgage to buy your house, visit the bank where you have your $100,000 saved and talk to someone in their mortgage department. You would be better off paying cash for a car. Of course this means a realistic car – $15-20,000. You already have your investments started. SO – pay cash for the car, get a mortgage for the home, and the rest of your $100,000 goes into investments. On the 58,000 you earn you add to your investments and pay your mortgage, and you never have a car loan.