PeopleFirst.com for car loan or using one's Home equity?
08-04-2002, 05:23 PM
#2
Instructor
Home equity loans are better than conventional loans b.c you can write off the interest on your taxes. Not an alternative if the car is the collateral for the loan. Also, you can probably find a lower rate on an equity line than you can on financing a car over ten years old.
08-05-2002, 11:50 AM
#5
Track Day
Join Date: Jan 2002
Location: Glyndon MD USA
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Maybe OT but it comes up often.
I don't think you can automatically deduct the interest on every home-equity loan, although I suppose your chances of geting caught aren't very high. It depends on what you use the money for. It's OK I think if you put the money into the house, but after that the rules are more complicated. Pulling equity out of your house to buy a Porsche probably won't endear you to the IRS. As they say, check with your tax advisor.
I don't think you can automatically deduct the interest on every home-equity loan, although I suppose your chances of geting caught aren't very high. It depends on what you use the money for. It's OK I think if you put the money into the house, but after that the rules are more complicated. Pulling equity out of your house to buy a Porsche probably won't endear you to the IRS. As they say, check with your tax advisor.
