Paying for a car over 30 years means you will pay significantly more in total interest , even if the rate is lower.

When you "cash-out" refinance, you replace your current mortgage with a new, larger loan. You receive the difference in , which you then use to buy the car.

Before tapping into your home equity, compare these options:

A comparison of over 5 years vs. 30 years

Shorter terms (4–6 years) ensure you aren't paying for the car long after it's been traded in.