Does make sense to add the cost of a car to my mortgage?

I'm going to have to buy a new car and I'm trying to find the most cost effective way to do it. I was told that I should roll the price of my car into my 30 year mortgage, does that make sense to do that or is that a bad idea?Does make sense to add the cost of a car to my mortgage?
the good points:


1. lower interest rate, maybe


2. tax deductible mortgage interest





the bad:


1. you will be paying for this car long after it is dead


2. the interest amount will be large


3. bad habit to get into





if you can't afford to pay off a car during its useful life, then you should not be buying it. get a cheaper car.Does make sense to add the cost of a car to my mortgage?
Curious Guy describes home equity loans fine....but...





You say you can't afford a car? Meaning you can't afford a car payment.





You will be getting a brand new home equity loan payment instead? How you are going to pay that? You would be putting your home at risk by doing it.





As mentioned, you can't ';roll'; it into your mortgage. You can refinance the mortgage, then combine your current balance and car loan into one. It'a a good idea if your current interest rate is high, and you can find a rate a couple points lower.





But keep in mind that refinancing a home also involves some closing costs to consider. Therefore, unless you currently are paying a very high rate I don't think it's worth it.





Just gonna have to find a clunker for a couple of years.
No, you'll wind up financing the car for 30 years, 20 or so loner than you'll have it.
You can't actually roll your car into your mortgage, you need to take out a ';Equity Line of Credit'; loan against your home equity. For tax purposes you may be allowed to deduct some of your interest payments under this method - UNLESS you fall under penalty of the Alternative Minimum Tax rule. You should check with a tax advisor. With a equity line of credit you can pay it off at any time, but your interest rate typically is not fixed and thus fluctuates... note that rates are rising. You should check what deals the dealership is offering, which are based on your credit risk. Remember that you can always negotiate with the dealer on that rate, and they can adjust either the downpayment, or interest rate to get to a monthly payment that's comfortable. Make sure you compare rates based on APY, not on the rate, since APY gives you insight on the actual fully amortized rate charged, including fees associated with the rate. Last point; if you're making a trade in of your old car, this gives you tax advantages, since you reduce the taxable portion of your payment by the trade-in amount. Hope that helps.