SHOULD I USE HOME EQUITY INSTEAD OF AN AUTO LOAN?

When you think of buying a car, the first financing option that likely comes to mind is an auto loan. However, if you are a homeowner, you may also wish to consider a home equity loan. A home equity loan uses the equity you've built in your home as collateral. Use the calculator below to compare auto and home equity loans to see which one will save you more.

Good to Know: While the interest on most home equity loans can be deducted from your federal income taxes*, keep in mind that you do have to pay closing costs.
*Consult a tax advisor