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can you use a home equity loan to buy a car

It is vitally important that you take into account the remaining duration of each loan when using your home loan to pay off your car loan. Yes the home loan interest rate is lower, but remember a car is generally financed over 54 months, sometimes 60, whereas a home loan is generally financed over 20 years.

You can use a home equity loan for any legal purpose so you do not have to provide your lender with any information about the RV you intend to buy. You can sell your RV without having to repay the.

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3. For some people, using a home equity loan rather than a car loan can save money on buying a car. The advantages to using a home equity loan for your car purchase are a potentially lower interest rate, since your home is likely better collateral than a vehicle that could rapidly depreciate, and some or all of the interest may be tax deductible.

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This calculator helps you to determine whether using an auto loan or a home equity loan is the better choice for you when buying a car. Interest on home equity loans may be deducted from your federal income taxes, resulting in a lower effective interest rate. However, closing costs and after-tax interest rates also factor into the equation.

Another pro for using a home equity loan to buy a car is that interest on these loans is tax-deductible. Regardless of whether you use funds for home improvements, debt consolidation or a car purchase, you can write off the interest payments and save on your taxes.

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How to Use a HELOC to Buy a Car. Using a home equity line of credit (HELOC) to buy a car is easy, though it might not be the best idea. You can generally borrow up to 85% of your home’s value and use the money to buy the car outright..

Can You Use Investment Property Equity to Buy More Property? Using the home equity you have built up in your house after many years of making payments, you can finance a new or used vehicle. 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 completely and avoid a car payment altogether.