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Home Equity Loans and Mortgage Refinancing Mastic NY

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.

Dependable Credit
(914) 964-9100
285 Saw Mill River Road
Yonkers, NY
 
Welton Motor Sales Inc.
(315) 363-3100
240 Genesee St
Oneida, NY
 
New Paltz Auto Sales
(845) 255-2277
91 North Chestnut Street
New Paltz, NY
 
Midas
(845) 255-6225
242 Main Street
New Paltz, NY
 
Chestnut Petroleum Distributor, Inc.
(845) 256-0162
536 Main Street
New Paltz, NY
 
AutoLoansInNewYork.com
(518) 300-1011
Albany, NY
 
Tom's Repair Shop, Inc
(845) 255-1288
101 South Putt Corners Road
New Paltz, NY
 
Credit Car Loan Now
(315) 235-8369
5056 Commercial Dr
Yorkville, NY
 
Joey's of New Paltz
(845) 255-5666
87 North Chestnut Street
New Paltz, NY
 
Hans Auto Service
(845) 255-8130
251 Route 32 North
New Paltz, NY
 

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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