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Home Equity Loans and Mortgage Refinancing Chipley FL

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.

Nicholas Financial
(727) 726-0763
2454 McMullen Booth Road - Bldg C
Clearwater, FL
 
Service Finance
(866) 336-1504
1956 NE 5th Avenue Suite 8
Boca Raton, FL
 
Mid-Atlantic Finance
(800) 793-9661
15500 Lightwave Drive Suite 201
Clearwater, FL
 
AutoLoanInFlorida.com
(850) 332-0258
Tallahassee, FL
 
Equity Auto Finance
(800) 683-1095
2718 W. Oakland Park Bulevard
Fort Lauderdale, FL
 
Mark One Financial LLC
(877) 862-4240
PO Box 17038
Jacksonville, FL
 
AFS Acceptance LLC
(877) 223-3254
101 NE 3rd Avenue Suite 2000
Fort Lauderdale, FL
 
Auto Credit of Florida
(904) 387-9800
4545-3 Shirley Ave
Jacksonville, FL
 
Lydia Cladek, Inc
(888) 386-2514
108 SeaGrove Main Street
St. Augustine, FL
 
Southern Automotive Finance - SAFCo
(800) 215-9406
2901 W Oakland Park Bulevard A23
Fort Lauderdale, FL
 

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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