Should You Use A Home Equity Loan To Pay Off Your Vehicle?
Buying new vehicles can mean undergoing a tremendous financial hit when it comes to depreciation, with new cars losing an average of 11 percent of their MSRP value as soon as they're driven off the dealership lot. This can make it difficult to trade in your now gently-used vehicle for a newer one without bringing a large sum to the table. If you'd like to pay off your existing auto loan so that you can sell your vehicle for another one (or simply want to eliminate what can often be a high-interest short term loan), should you seek credit from your home?