Home >> Life Events >> Buying a Car >> Auto Loan or Home Equity Loan?

Auto Loan or Home Equity LOAN

If you own a home, it might pay to purchase your next vehicle with a home equity loan instead of a standard auto loan. Home equity loans offer tax advantages that auto loans cannot. If you're at stage in your life where you need more deductions on your income tax return, this may be the answer you're looking for. (Check with your tax advisor.)

Sometimes home equity rates can be slightly higher than auto loan rates, but if you're eligible for tax advantages, you can end up paying less by choosing the home equity option.

It's worth looking into.

Randolph-Brooks Home Equity Loans