Wow, I get a loan and they won’t even take my car? Where do I sign up?
If you’re looking to buy a new car and you’re thinking of financing your purchase with a home equity loan, check out Bankrate’s handy calculator before you make a decision. It let’s you plug in the interest rates and durations of your car loan and your home equity loan, then it tells you which loan will save you the most money.
Since a home equity loan is typically a longer duration loan than a car loan, your monthly payments will be lower, but a car loan usually has a lower interest rate. In general, a home equity loan will be cheaper than a standard car loan if you’re making extra monthly payments and if you write off the interest on your taxes. If you don’t plan on doing either of those things, then a regular car loan will end up being cheaper. Check out the calculator to see for yourself.
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