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 lets you borrow money using the value you’ve built up in your home. People often use it for big expenses like home repairs—but you can also use it to buy a car. There are pros and cons to this. Home equity loans may have lower interest rates and flexible repayment options, but they use your home as collateral. Auto loans are typically easier to get, have shorter terms, and don’t put your home at risk. Use our calculator to compare your options and determine which financing method best suits your needs.

Should I use a home equity loan to buy a car?