Financing Your Next Car: Auto Loan vs. Home Equity Loan Calculator
Did you know you can use a home equity loan to buy a car? A home equity loan allows you to leverage the equity in your home for other large expenses such as home remodels or vehicles. Of course, there are pros and cons to using a home equity loan vs. an auto loan to finance your purchase. Home equity loans offer flexibility to shorten or lengthen the term and any interest paid on the loan is generally tax-deductible. Interest paid on auto loans is not tax-deductible however, the rate on auto loans offers more stability than the variable rate on a home equity loan. Use our auto loan vs. home equity loan calculator to see if you should use a home equity loan to buy a car.
Should I use a home equity loan to buy a car?
Next Steps
Learn more about Fifth Third Bank’s equity lines and loans and auto financing, and explore Fifth Third’s other car financing calculators to determine what vehicle you can afford and whether you should buy a new or used vehicle. When you’re ready, schedule an appointment.
Additional Resources
Determine your maximum vehicle price and loan amount.
Find out how much your car loan payment will be.
Decide if leasing is preferable to borrowing to acquire a vehicle.