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Home Equity Loans and Mortgage Refinancing Carson City NV

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.

AutoLoansInNevada.Com
Carson City, NV
 
Western Funding Inc.
(702) 434-1990
3915 E. Patrick Lane
Las Vegas, NV
 
Princeton Auto Sales
(702) 924-2400
3105 E Sahara
Las Vegas, NV
 
Advance Auto Title Loan
(702) 307-9595
2510 E Lake Mead Blvd
North Las Vegas, NV
 
Snowy Peak Enterprises
(775) 841-4701
2533 N Carson St
Carson City, NV
 
AutoLoansInNevada.Com
Carson City, NV
 
American Auto Loan
(775) 677-2000
240 Doubleback Rd
Reno, NV
 
Cars Vegas LLC
(702) 649-5226
2 N Losee Rd Ste H
N Las Vegas, NV
 
American General Financial Services
(775) 883-8877
3827 S Carson St
Carson City, NV
 
US Auto Title Loan
(775) 882-0404
640 E John St
Carson City, NV
 

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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