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Home Equity Loans and Mortgage Refinancing Mount Pleasant 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
World Finance Corporation of Mt Pleasant
(843) 881-9934
Mount Pleasant, SC
Check Into Cash
(843) 388-0891
730 Coleman Blvd Unit K
Mount Pleasant, SC
Commonwealth Finance
(843) 881-0184
1303 Ben Sawyer Blvd
Mount Pleasant, SC
First Citizens
(843) 216-2101
903 Johnnie Dodds Blvd
Mount Pleasant, SC
(803) 369-8110
Columbia, SC
Regions Bank
(843) 971-1291
1210 Ben Sawyer Blvd
Mount Pleasant, SC
Title Max
(843) 856-1878
611 Johnnie Dodds Blvd
Mount Pleasant, SC
Bank of America
(843) 723-6890
710 Coleman Blvd
Mount Pleasant, SC
Advance America Cash Advance
(843) 971-4092
1220 Ben Sawyer Blvd
Mount Pleasant, 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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