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Home Equity Loans and Mortgage Refinancing North Charleston 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.

AutoLoansInSouthCarolina.com
(803) 369-8110
Columbia, SC
 
Bank of America
(843) 720-4945
7420 Rivers Ave
North Charleston, SC
 
All American
(843) 747-3687
6050 Rivers Ave
North Charleston, SC
 
Colonial Finance Co
(843) 554-1252
2000 McMillan Ave
North Charleston, SC
 
Quick Credit Corp
(843) 566-0029
2000 McMillan Ave
North Charleston, SC
 
American Credit Acceptance
(866) 441-0251
340 East Main Street Suite 500
Spartanburg, SC
 
First Citizens
(843) 747-1180
3356 Rivers Ave
North Charleston, SC
 
Ez Check Cashing
(843) 760-0031
6877 Dorchester Rd Ste 10
North Charleston, SC
 
Southtrust Mortgage
(843) 553-6526
2193 Ashley Phosphate Rd
North Charleston, SC
 
Advance America Cash Advance
(843) 552-9630
5101 Ashley Phosphate Rd Ste 115
North Charleston, 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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