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Home Equity Loans and Mortgage Refinancing Conway SC

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.

American Credit Acceptance
(866) 441-0251
340 East Main Street Suite 500
Spartanburg, SC
Wells Fargo Financial Accptnce
(843) 347-2006
2262 E Highway 501
Conway, SC
Check Loans of Sc
(843) 381-8407
1818 Main St
Conway, SC
Approved Cash Advance #412
(843) 365-3956
110 El Bethel Rd
Conway, SC
Advance America Cash Advance
(843) 347-2950
2282 E Highway 501
Conway, SC
(803) 369-8110
Columbia, SC
Automoney of Conway
(843) 248-2860
1328 Cottage Ln
Conway, SC
National Finance Company
(843) 248-5210
2615 Main St
Conway, SC
Bencharge Credit Service of South Carolina
(843) 248-4221
610 Church St
Conway, SC
North American Title Loans
(843) 347-2010
1500 E Highway 501
Conway, SC

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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