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| *Loan,banking and credit>>>credit line |
Is it a good idea to use a line of credit to purchase a vehicle? |
Is it a good idea to use a line of credit to purchase a vehicle? 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. 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 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. 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. 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. Sure, as long as the interest rate is good, the terms are favorable and you are not referring to a home equity loan. no the interest rate will kill you and the minimum payments will go on forever |
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