YourEquity.com

Loan Summary and Benefits

SUMMARY You've been dreaming of the new car or truck for a long time. A home equity loan can make it happen. You can expect 5 (five) great benefits: You may want to consolidate. Use the equity in your home to combine all of your existing accounts into one single payment that is manageable and affordable. You can consolidate: super low rate choice of terms power shopping power to negotiate potential tax savings

 

your Equity Loan as an "Auto Buyer" It is a smart way to finance your new car or truck. Your home equity gives you the power of "cash-in-hand" to negotiate best deal. Plus, you can select the term depending on your budget needs. Don't forget that the interest charges on your home equity loan may be deducted from your taxes if you qualify. Consult your tax advisor for information.

 

BENEFITS get a fixed-rate home equity loan: select a repayment term that fits your budget — calculate your repayment options flexible repayment plans: find repayment plans that can be from 5-10-20 years, giving you the choice of low monthly payments to start payment flexibility: request to pay the minimum monthly payments or any additional amount at anytime without penality tax benefits: deduct interest charges from your taxes if you qualify — view your effective tax rate savings competitive rates: get competitive rates that are as low or lower than many auto loan programs benefits can vary: benefits may vary by lending institution: view our summary notes of product features and terms

 

apply online Start your Home Equity application online

Smart Financing Guide

Expect 5 (five) great benefits:

1. RATE:
   start with a super low, FIXED rate contingent on the LTV value of your home and your credit rating
   • home equity loan rates can be as low or lower than many new and used auto loan rates. Depending on your LTV position and credit rating, you can find rates near or lower than the PRIME RATE.
     
     
   • sometimes auto manufacturers advertise rates at 0.00%. But that rate is on vehicles they need to dispose of. Walk into a dealer and request 0.00% financing on a vehicle YOU WANT and hear a different story.
     
     
   • that's why when you are in the market for a new car or truck, get the rate that is one of the best in the market at terms that fit your budget.
     
     
     
2. TERM:
   select your choice of repayment plans from five years or more
   
   
• auto loans generally have a 60-72 month repayment plans— that translates into hefty monthly payments when you consider the price of new cars today
  
  
• with a home equity loan, you can set the term for a longer period of time. This means lower monthly payments to start. And if circumstances allow you to pay more each month, you can. That is the flexibility you need to budget your expenses.
  
  
  
3. POWER SHOPPING:
   have the leisure to shop for a car with the financing already arranged
   
   
• once you close your equity loan, you can shop at your leisure knowing full well what kind of car you can buy — no more haggling or worrying that your auto loan won't cover the extra features that you would like.
  
  
  
4. POWER TO NEGOTIATE: 
   gain the negotiating power to shop for the best price with cash in hand
   
   
   • think about it, no more haggling with the dealer. Simply walk in, pick the car you want, add the features YOU NEED, and negotiate with cash in hand. Watch the dealers roll out the red carpet.
     
     
     
5. TAX SAVINGS:
   reduce your borrowing cost further with potential tax savings for qualified home owners
   
   home equity interest may be tax deductible— see your tax advisor for information about deducting home equity interest
   
   
   • the interest on your home equity loan may qualify for tax deductions. That means additional savings in your pocket.
     
     What auto loan can give you that much power? Use our tax calculator to compare.
   
   

There you have it: low rate, choice of repayment terms, power shopping, negotiation, and potential tax savings.

Your Home Equity Loan is a smart way to put you behind the wheel of a new or used car or truck.

Apply now for a Home Equity Loan to use as your personal "Auto Buyer"

How to Use Stories:  Best Financing for Your Auto

Compare these options:

Option 1:
Finance your car or truck with an auto loan from a lending institution

That means you must have your new car or truck already selected. And if you have your car picked out, you probably didn't have the purchasing power of cash when you negotiated price.

Your repayment terms will be limited (generally 5-7 years to repay your loan). Plus the interest you pay on your auto loan will not be tax deductible.

Option 2:
Finance your purchase with the dealer.

You might get a quicker decision, but part of the dealer's price includes their cost to find financing for you. Did you know that dealers add anywhere from 1-2% to the loan rate as a finder's fee from the banks. Why pay that penalty?

Also make sure you read the fine print before you sign. Some auto loans penalize you if you pay off your loan early.

Your repayment terms are limited (generally 5-7 years). And the interest you pay is not tax deductible.

Option 3:
Finance your purchase with an approved check from an online lending aggregator.

Nice option. You will have your check in hand when you walk into the dealer. It's like have the power of cash to negotiate your best deal.

But wait, these checks only allow a purchase up to a certain amount. If you find a better car that is more than the amount written on the check, you are out of luck.

Plus, your term is limited (generally 5-7 years), and the interest you pay is not tax deductible.

How About the BEST Option:
Use a Home Equity Loan for "Auto Buying"

You can use the equity in your home to finance your new car or truck. You can apply and get approved for your equity loan before you go shopping.

Walk in and negotiate the best price right then and there. Use the power of cash to get add-ons and the best deal.

Your Home Equity Loan comes with extended repayment plans that you like. Select a plan that fits your budget — a short term to payoff your loan quickly; or a longer term to reduce your monthly payments. It's up to you.

And with most home equity loans, you can payoff the loan amount at any time.

Another Great Benefit

Your home equity loan can save you even more money since your equity loan is secured by a mortgage lien on your home.

The interest charged each month is considered mortgage interest and is tax deductible for some taxpayers. Speak with your tax advisor to see if you qualify for the mortgage tax deduction.

Competitive rates. Extended repayment terms. Tax savings. 

Now that's smart financial management.

Apply now for a Home Equity Loan to use as your personal "Auto Buyer"

How to Use Stories:  Tailor a Repayment Plan

Tailor a payment plan that fits your budget

Most bank auto and dealer financing loans give you 3 or 4 repayment plans:

1. up to 4- years.
2. up to 5- years.
3. up to 6- years.

Not much flexibility considering the high price of new cars and trucks.

What if you want to lower your monthly payment by paying your loan back in 7, 8 or 10 years or more?

You can with the "Auto Buying" home equity loan. You select the repayment term with your lending institution.

Many home equity lenders offer repayment plans from 12 to 240 months (1-20 years). That means if you want to repay your loan quickly, choose 12 or 18 months.  If you need 10 years to repay, choose 120 months. You decide.

See our example:

Auto Loan Home Equity Loan Auto Price 25,000 25,000 Term 6 Years 10 Years Rate * 8.00% 8.00%       Payment $438.33 $303.32

When circumstances allow, you can pay more than the minimum monthly payment to reduce your loan fast. But when finances get tight, it's nice to have a lower monthly payment to manage through tough times.

That is the flexibility you need.

Use our comparison calculator to compare repayment plans.

*Please note: The APR shown above are the same to illustrate the difference in payment amount. These are not actual rates. In most cases, depending on your LTV position, your equity loan may come with a lower rate than interest rates on new auto loans. Check rates to compare

Apply now for a Home Equity Loan to use as your personal "Auto Buyer"

 

How to Use Stories:  Plan for the Unexpected

Plan for the unexpected - and the expected

You may want the flexibility of a credit line that lets you buy a new car or truck now, then add a garage later on if you like.

You never know when you might need extra cash.

With an "Auto Buying" Credit Line, you can finance your new car or truck now. And then later, if you need:

• build an addition to your house
• consolidate your loan balances
• send your kids to college
• start a new home business
• other: ________________

So if you need that kind of flexibility,
look into a home equity line of credit. Use it to purchase your new car or truck now, and then use it again for:

• future home improvement projects
• future college funding expenses
• future emergencies that require consolidation

 

Apply now for your personal Home Equity Line to use for "Auto Buying" and other life-event needs

Note: The recommended product, term and use are listed as illustrative purposes on how you might use the equity in your home. Please note that your circumstances may be different and that the recommended product, term and use may not fit your particular need.

YourEquity.com is not a lender. Therefore, we cannot quote rates or guarantee best terms. We refer applicants interested in getting a lending quote to Secure Rights, a licensed mortgage broker representing multiple home equity lenders.