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Auto Loan vs Home Equity Loan |
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Home equity loans often have lower interest rates than auto loans and the interest may be tax deductible. Two good reasons to take a look at home equity loans to finance your automobile purchase. Please note. Your auto loan calculations INSTANTLY appear in the table below; a new screen does NOT open when you insert data and hit enter. Number of months for the auto loan.
The amount, before taxes and fees, that you are paying for this auto.
Annual percentage rate for the auto loan.
Check this to have your total down payment be a specific cash amount. This money will be used for fees and your down payment.
Check this to put a percent of the purchase price as your cash down. This money will be used for fees and your down payment.
Total dollar amount given to your for your auto trade-in.
Total loan balance still outstanding on the trade-in.
Fee charged for title transfer. Also include any other fees that may be due at delivery.
Sales tax percentage rate charged on this purchase.
Annual percentage rate for the home equity loan.
Any additional costs to the home equity loan. This should include any appraiser fees, points paid or other misc. fees.
Your state and federal marginal income tax rates. These rates are used to determine the tax savings associated with a home equity loan.
If you live in a state where your sales tax is calculated on your full purchase price check this box. If this box is unchecked sales tax is calculated on the purchase price less trade in. Currently California, the District of Columbia, Hawaii, Maryland, Michigan allow no deductions for trade-ins when calculating sales tax. In addition, Alaska, Delaware, Montana, New Hampshire, and Oregon have no sales tax on autos.
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