should I buy a car with a home equity loan?
Written By: admin on June 19, 2009
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Should I buy a car with a standard loan or with a home equity loan?
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No, you shouldn't. You also shouldn't take out a loan on a car, and you definately should not buy a new car, unless you are extremely wealthy and can afford to pay cash. Cars are a depreciating asset: they go down in value like a rock. Something in the neighborhood of 20% to 30% of the value of a new car is lost in the first year, and it starts as soon as you drive the car off the car lot.
Your best bet is to save up some money and buy a cheap, dependable car. $2000 can get you a decent car, $3000 would be better. Trust me, ancient cars can be very dependable, and excellent deals are out there. You're not going to be driving a $3000 car for the rest of your life; save more money, and pay cash to go up to a nicer car later on. But, if you NEED a car and you are really in a fix, pay cash. You'll come out ahead in the long run.