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I have look and ask different people but come up with conflicting answers
Talking strictly financial considerations is it better to say get a car loan say for 5 years for about 25k or use a home equity loan and just pay that off.
I have the home equity loan available already up to 75K and any payments on that the interest is tax deductible but the rate would be slightly higher. Say 7% vs 4% for a car loan.
So I guess the question is does the tax advantage of paying on a Home Equity loan make up for the difference in (i.e. lower rate) for a car loan?
Talking strictly financial considerations is it better to say get a car loan say for 5 years for about 25k or use a home equity loan and just pay that off.
I have the home equity loan available already up to 75K and any payments on that the interest is tax deductible but the rate would be slightly higher. Say 7% vs 4% for a car loan.
So I guess the question is does the tax advantage of paying on a Home Equity loan make up for the difference in (i.e. lower rate) for a car loan?