Go to Jeff Salisbury LWGate Home Page.From: Stephan Iscoe <stephan@linktosuccess.com>
Subject: RE: Home Equity loan or Auto Loan
Date: Wed, 13 May 1998 17:32:06 -0400
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Bharat Rao asked:
> Home Equity loan or Auto Loan
Aside from the fees, points, etc that you already mentioned, the
big
"gotcha's" include -
If you need to move sooner than the home value appreciates; you
could find yourself "upside-down"
on the loan payoff.
I think home equity loans are a good way to finance needed house
repairs or improvements that
add value; maybe even to pay off high interest credit card debt;
but the value of your new car
will drop by 30% or more as soon as you drive it off the lot.
I'd look for a special finance deal
on a new car. The Big 5 are all heavily discounting and many
either have "captive" finance arms
like Ford Motor Credit or GMAC, or special arrangements with
lenders and can give really great
deals on models they want to move fast (all of them, now!) -I've
seen deals thru local credit unions
as low as 1.9%.
Best to You,
Stephan Iscoe
Ann Arbor, MI
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