2011 Mustang Financing

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Apr 2, 2010 | 08:24 PM

#21

Ltngdrvr

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Joined: February 18, 2010

Posts: 4,990

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From: S.E. Texas

You almost for sure could have got as good a rate on a note on the car though.

Apr 2, 2010 | 08:24 PM

#22

~~eci~~

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Joined: August 16, 2006

Posts: 1,633

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Quote:

Originally Posted by elvism

home equity line almost always has better rate then a car loan..plus its there is a tax deductible end of the year on interest paid...your right on the house on the line..only if you default on payments.. I dont plan on it.

It is illegal to writeoff home equity line interest unless the money was used to improve your primary residence.

Apr 2, 2010 | 09:24 PM

#23

pony racer

Mach 1 Member

Joined: March 21, 2010

Posts: 724

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From: Bridgeport, Ct

Quote:

Originally Posted by eci

It is illegal to writeoff home equity line interest unless the money was used to improve your primary residence.

he is improving it.. he's parking a mustang inthe driveway

Apr 2, 2010 | 09:53 PM

#24

Ltngdrvr

GTR Member

Joined: February 18, 2010

Posts: 4,990

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From: S.E. Texas

Quote:

Originally Posted by pony racer

he is improving it.. he's parking a mustang inthe driveway

Hell of an improvement in my book!

Apr 3, 2010 | 06:31 AM

#25

elvism

Cobra Member

Joined: November 13, 2004

Posts: 1,036

Likes: 1

From: jersey

google : using a home equity loan to purchase a car

and read advantages/ disadvantages...

Apr 3, 2010 | 01:18 PM

#26

Dave07997S

Mach 1 Member

Joined: September 23, 2008

Posts: 879

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Quote:

Originally Posted by eci

It is illegal to writeoff home equity line interest unless the money was used to improve your primary residence.

Or use it for purchase money...but you are correct.

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