Not particularly. Compare the interest rates versus the risk. The line of credit is secured by your home. Also, the line of credit may not be a fixed rate, so it could go up.
2006-10-16 13:22:25
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answer #1
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answered by Plasmapuppy 7
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Generally no, because most people do not have the discipline to pay the line down faster than the car depreciates. You'll make the minimum payment under the line, and in 4-5 years the car is worth a couple of grand, and you'll still owe a ton on the line. Rates are good. Just buy the car and finance it through some of the dealer offerings or your local bank.
2006-10-16 13:24:57
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answer #2
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answered by gmpcmiller64 2
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if you taking car loan you have installments payment for 3-6 years. if you use equity line of credit and pay back - you deduct interest from your tax return. the worst that can happen is you don't pay back your equity line of credit and later you refinance your house and roll this amount with new mortgage and end up paying this car loan for over 30 years.
2006-10-17 06:05:00
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answer #3
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answered by bianca 4
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A line of credit? I imagine that the interest would be the biggest deterrent. So no, not a wise financial move.
2006-10-16 15:07:14
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answer #4
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answered by wheresheleaves 2
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1st in no way ever purchase ahouse with some u are no longer married to. in no way ever sister bro mom dad cousins. u and that they pass away u open for legal nightmares and considerable financial losses. as for paying on a automobile fro 30 yrs whilst u'll get rid of it in 10 does that make experience to u.? purchase the e book 'domicile identifying to purchase for dummies' so u can comprehend the legal issues u are attempting to get.
2016-10-19 12:46:52
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answer #5
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answered by ? 4
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NOT unless you can't avoid it. You SHOULD, buy a car with CASH. But, if you don't have a credit HISTORY, it would give you a credit HISTORY if you wanted to buy a house later in life.
2006-10-16 13:24:02
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answer #6
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answered by thewordofgodisjesus 5
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Sure, as long as the interest rate is good, the terms are favorable and you are not referring to a home equity loan.
2006-10-16 13:26:23
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answer #7
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answered by Anonymous
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Nope, go to a bank and get a traditional car loan, but sounds to me like your going to do it anyway. Your part of the "I want it now" Generation.
2006-10-16 13:22:45
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answer #8
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answered by Anonymous
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if the interest rate is better than what you can get.....
...it's ALL about the interest rate, if you plan to finance the vehicle...
2006-10-16 13:55:01
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answer #9
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answered by Charlie Bravo 6
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if its your least expensive option....most new car manufacturers have zero interest loan programs...that would be about the best borrowing rate you could get
2006-10-16 13:22:42
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answer #10
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answered by Rix T 2
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