HOME Equity Loan Information - A Consumer Guide To Home Equity

Home Equity Loan - Case Studies

Should you use the equity in your home to buy a car?

Should you use the equity in your home to buy a car?Christine wants a new car but she has no savings. Should she use a home equity loan to buy a new car?

Analysis: Christine should not use a home equity loan to buy a new car. Cars and luxury items are depreciating investments. It is not the smart to reduce the equity you have in your home to buy a car, a boat or another luxury item. Save until you can afford it.

More Related Information On...
reducing equity/ownership - see Advantages & disadvantages of a home equity loan
good and bad uses of a home equity loan - see Uses of a home equity loan
other ways to borrow money - see Other ways to borrow money

More Case Studies:

  • Using home equity for debt consolidation: Tony wants to use the equity he has in his home for debt consolidation but he is unclear about the advantages and disadvantages of doing this. If borrowing from his equity is suitable for his situation, what type of loan should he get?
  • Using a home equity loan for home improvements: Charlene and Russell are considering borrowing from their home equity to make home improvements. They have a rough estimate of costs and they plan on doing the work over the next year. What type of loan is right for them?
  • Cash-out refinancing? John wants to borrow from the equity he has in his home but he is not sure if he should get a home equity loan or cash-out refinance?
  • Ramifications of accepting a loan offer. Milton is thinking of accepting a home equity loan loan offer. How will this affect future selling, future home equity borrowing and what will be the tax implications?

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