using home equity to buy a car

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The interest rate on a Home Equity Line Of Credit (HELOC) is lower than what you would pay for a traditional car loan, and if you have enough equity built up, you could even pay off your vehicle.

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Using your home loan features or refinancing to a new lender could be a good way to help purchase a new car, but make sure that you carefully consider the risks and costs associated with the.

The theory behind buying a vehicle using HELOC is that you will circumvent the interest rate of an auto loan. It makes sense if you are wealthy or disciplined, but there is risk involved. First of all, if you buy the car with cash, you own it. A car is a depreciating asset and it loses value quickly in today’s market.

Interest rates will likely remain low, and investors will continue to need equity investments to generate an adequate yield.

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Due to this, using equity to buy a vehicle can seem more attractive to buyers in the short term. However, purchasers should consider the amount of interest payable over the lifetime of the mortgage, which is a much longer time than a short-term car loan.

Pros of Using a Home Equity Loan for a Car Purchase 1. Flexibility to pay off the car over a longer term. 2. Interest on a home equity loan is tax-deductible.

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Additionally, adding the car loan amount to your line of credit balance decreases the amount of equity available in your home and could be a problem should you need to sell your home unexpectedly.