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Home Equity Loans and Mortgage Refinancing Bossier City LA

Home equity loans and home line of credit loans are often a good way to finance the purchase of a car. Refinancing your mortgage is another option. However, understand the benefits and the risks before making a decision.

Crescent Bank Trust
(800) 264-4381
1000 Veterans Blvd Suite 100
Metairie, LA
 
home health2000
(smi) tty-1000
blvd ave
lake charles, LA
 
American Auto Finance
(337) 988-1960
6904 Johnston Street
Lafayette, LA
 
First Louisiana Bank
(318) 213-5800
2790 Airline Dr
Bossier City, LA
 
Payday Money
(318) 746-6442
1352 Airline Dr
Bossier City, LA
 
AutoLoansInLouisiana.Com
Baton Rouge, LA
 
Alpha Automobile Sales, LLC
(337) 988-1960
6904 Johnston Street
Lafayette, LA
 
Mr Thrifty Express Loans
(318) 212-0041
5505 E Texas St
Bossier City, LA
 
Cash Tree
(318) 741-0600
4100 Barksdale Blvd Ste 109
Bossier City, LA
 
Fast Auto and Payday Loans Inc
(318) 752-0533
2001 E Texas St
Bossier City, LA
 

Home Equity Loans and Mortgage Refinancing

Looking for a source of cash to pay for a new car? Use the equity you already have in your home. Home equity loans and mortgage refinancing are often good solutions for people who need money to purchase a car. However, to use this type of loan for a car purchase, you should have good financial discipline and a stable lifestyle — and understand how such loans work.

Two different kinds of home equity loans - which is better?
A home equity loan is a conventional loan in which you borrow against your net financial interest, or equity, in your home. Such loans are for a fixed amount, have a fixed interest rate and a fixed term. The loan is paid down with monthly payments that cover both principal reduction and interest expense. The primary difference between this type of loan and a traditional car loan is that your home is the collateral, not your car. Should you default, your home could be at risk.

In comparison, a home equity line of credit (HELOC) is a variable-rate loan that is set up for a specified maximum draw amount. You can use (draw) any or all of that amount over a specified period of time, usually 5 to 10 years. There is also a specified repayment period, usually 10 to 20 years. Typically, a borrower only pays interest during the draw period, but must pay both principal and interest afterwards. Up front costs are typically fairly low. Interest rates are tied to the prime rate which can vary day to day. In this sense, HELOCs are like a...

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