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Can I use my home loan to buy a car?
We’re a little tight on money right now, but we need a second car for my partner’s new commute. Can I use my home loan to buy a car?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can use your home loan to buy a car. Now, whether it’s worth it or not will be up to you and your partner’s discretion. It can be a much more risky way to purchase a car than using a traditional
auto loan
. If you can’t make the auto loan payment, not only will you lose your car, but your lender can foreclose your house. Also keep in mind that cars depreciate, and the long-term nature of the home loan means you’ll be paying way too much money for the value of the car.
With all of that said, there are some benefits, like flexible terms and potentially lower interest rates.
While you can use your home’s equity to buy a car, whether you should or not is a personal decision and one that should be made with care. If you do decide to go through with it though and want some help saving money on your new car’s insurance,
Jerry
is here to help. Once you download Jerry, just answer a handful of questions that will take you roughly 45 seconds to complete and you’ll immediately get car insurance quotes for coverage similar to your current plan. Jerry customers save an average of $879 a year. View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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