What would you use a HELOC for? ---a Car?---- (million, credit)

[Thinking-man]

Originally Posted by LISSailor

I would absolutley use a HELOC over a traditional car loan. There are many advantages including tax-deductible interest and flexible terms.

If you have plenty of equity in your home, then why not use some of it to finance the car instead of using a traditional loan?

Whether it's prudent to buy an $80k car is only something you can determine.

Thank you.
Yes, that's how i see it as of right now.
i just learned a few minutes ago what you mentioned about the interest on a HELOC being tax deductible (if i itemize, which i do). interest amount won't be high...but still.

I really can't find a negative in using the HELOC...still searching though.

[City Guy997S]

just lease the car.....forget buying it

[Thinking-man]

Originally Posted by City Guy997S

just lease the car.....forget buying it

i've done the analysis; leasing is the worst option in my scenario.

[Electrician4you]

There is no way I would borrow against my investments/assets to buy a car. If it's 80k wait a few years you'll buy it for 40k

[Thinking-man]

Originally Posted by Electrician4you

There is no way I would borrow against my investments/assets to buy a car. If it's 80k wait a few years you'll buy it for 40k

Yes, an 80k car isn't for everyone.

[aus1ander]

Originally Posted by LISSailor

I would absolutley use a HELOC over a traditional car loan. There are many advantages including tax-deductible interest and flexible terms.

If you default on a car loan, they repossess your car. If you default on your HELOC, they may foreclose on your house. I personally would never risk my home over a depreciating asset.

[City Guy997S]

Originally Posted by Thinking-man

i've done the analysis; leasing is the worst option in my scenario.

actually the HELOC is!

Just get a low rate car loan......don't risk a house for a used car (which it will be 10 seconds after you drive over the curb).

[Thinking-man]

Originally Posted by City Guy997S

actually the HELOC is!

Just get a low rate car loan......don't risk a house for a used car (which it will be 10 seconds after you drive over the curb).

keep hitting yourself in the head It's sure to get your message across.
Or, instead, you could provide some factual insight.

[Lowexpectations]

Facts have been posted but as usual with your threads you are only really interested in those who agree with you or support your opinion

[SoCal25]

I'd pay cash like all real ballers do. Seriously though, I'd rather a loan be unsecured or secured by a depreciating asset that I don't live in. If 2008 taught us anything, it's that things can't get way worse than you imagine over a single weekend.