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for buying your new or used car or truck
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| • |
Recommended
Type: |
Home
Equity Loan* |
| • |
Recommended
Term: |
5-10
Year FIXED-RATE repayment term* |
| • |
Recommended
Use: |
purchasing
your vehicle and other* |
Expect
5 (five) great benefits using your home equity to
finance your purchase:
| 1. |
rate:
start with a super
low, FIXED rate contingent on
the LTV value of your home and your
credit rating:
- home equity loan rates can
be as low or lower than many new and
used auto loan rates. Depending
on your LTV position and credit rating,
you can find rates near or lower than
the PRIME RATE.
- sometimes auto manufacturers advertise
rates at 0.00%. But
that rate is on vehicles they need
to dispose of. Walk into a
dealer and request 0.00% financing
on a vehicle YOU WANT and hear a different
story.
- that's why when you are in the market
for a new car or truck, get
the rate that is one of the best in
the market at terms that fit
your budget.
|
| 2. |
term:
select your choice of repayment
plans from five years or more:
- auto loans generally have a 60-72
month repayment plans— that
translates into hefty monthly payments
when you consider the price of new
cars today
- with a home equity loan, you can
set the term for a longer period of
time. This means
lower monthly payments to start. And
if circumstances allow you to pay
more each month, you can. That is
the flexibility you need to budget
your expenses.
|
| 3. |
power
shopping: have the leisure
to shop for a car with the financing
already arranged:
- once you close your equity loan,
you can shop at your leisure knowing
full well what kind of car you can
buy — no more
haggling or worrying that your auto
loan won't cover the extra
features that you would like
|
| 4. |
power
to negotiate: gain
the negotiating power to shop
for the best price with cash in hand:
- think about it, no
more haggling with the dealer.
Simply walk in, pick the car you want,
add the features YOU NEED, and negotiate
with cash in hand. Watch the
dealers roll out the red carpet.
|
| 5. |
tax
savings: reduce your borrowing
cost further with potential tax savings
for qualified home owners (home
equity interest may be tax deductible)
— see your tax advisor:
- the interest on your home equity
loan may qualify
for tax deductions. That means
additional savings in your pocket.
What auto loan
can give you that much power?
Use our tax
calculator to compare.
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|
There you have it: low rate,
choice of repayment terms, power shopping, negotiation,
and potential tax savings.
Your Home Equity Loan is a smart
way to put you behind the wheel of a new
or used car or truck.
*The
recommended product, term and use are listed as
illustrative purposes on how you might use the equity
in your home. Please note that your circumstances
may be different and that the recommended product,
term and use may not fit your particular need.
Notes: check
your credit report for debt balances
Notes: understanding
credit debt ratios
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