use home equity to buy car

use home equity to buy car

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Homeowners sometimes use home equity to pay off other personal debts such as a car loan or a credit card. This can be dangerous, however, if the homeowner runs up the credit cards again after.

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Why You Should Not Use Home Equity to Pay Off Debt "If the money is being used to pay down credit cards or buy a car, then think twice about doing it at all. Those kinds of debts should be paid off in. A home equity loan or home equity line of credit (HELOC) allow you to borrow against your ownership stake in your home.

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One of our Best and Brightest wrote an insightful comment on how NOT to buy a car in another thread. I asked flashpoint to expand on his advice for your edification.. If you purchase a car using your Home Equity Line of Credit (HELOC), it only makes sense to do so if:

RE Use home equity loan to pay for a car that’s needed? I’ve read other replies, and know the consensus on home equity loans and buying a car. However, we’re looking for another used vehicle as we just sold our other one, and it’s a matter of a requirement purchase than a luxury purchase.

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