Should I use a home equity loan instead of a vehicle loan?
This tool helps you determine which loan saves you more by comparing the terms of a home equity and auto loan. The interest on most home equity loans can be deducted from your federal income taxes. This results in a lower effective interest rate. However, you still need to compare closing costs and the after-tax interest rates of the two loans to decide which loan is cheaper.
Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
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