Why
a Home Equity is Smart Auto Financing
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.
|
