Timeline for Using HELOC for vehicle purchase: can this be done wisely?
Current License: CC BY-SA 3.0
15 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Apr 5, 2018 at 11:27 | comment | added | Pete B. | It seems like a lot of work, for a very unlikely scenario to play out, to "make" a small amount of money. A far more profitable play would be to focus on your career. | |
| Apr 5, 2018 at 3:25 | answer | added | xirt | timeline score: 0 | |
| Apr 5, 2018 at 0:41 | vote | accept | loady toad | ||
| Apr 5, 2018 at 0:37 | answer | added | Hart CO | timeline score: 3 | |
| Apr 5, 2018 at 0:17 | comment | added | Harper - Reinstate Monica | Take a HELOC on the fuel. LoL I can rag on 'burbans coz I own one. Seriously though, this violates Harper's Rule of don't owe money on a car that's out of warranty... | |
| Apr 4, 2018 at 23:42 | comment | added | loady toad | @HartCO Washington state | |
| Apr 4, 2018 at 23:41 | comment | added | Hart CO | What state do you live in? | |
| Apr 4, 2018 at 23:03 | comment | added | loady toad | @quid ah ok. good to know. for the sake of argument, if the value of a vehicle was indeed that much higher, what would you think of buying via this HELOC method? | |
| Apr 4, 2018 at 22:43 | comment | added | quid | I'm not sure that I'd assume I'm getting a well below market price because KBB says the value is higher... | |
| Apr 4, 2018 at 22:42 | comment | added | loady toad | @quid Yes, i have a car lined up to purchase for 10k but it is around 13.2k on Kelly Blue Book. i was thinking to just pay interest in order to keep my monthly payment super low until it blue books for around 10k, at which time i'd either sell it and pay off the HELOC or start making payment against the principal as well in order to keep pace with further depreciation. this would allow me to put whatever i would be paying towards the principal into a savings/investment account instead. I'm leaning towards selling when the market value reaches what i paid for it. | |
| Apr 4, 2018 at 22:28 | comment | added | quid | Pretty sure you can do better than 4.5% on a regular car loan... I'm not sure what you mean by "when the market value reaches what I paid for it?" are you indicating you'll get an unusually below market price for the car? | |
| Apr 4, 2018 at 21:13 | comment | added | loady toad | @HartCo HELOC interest rate is 4.5% | |
| Apr 4, 2018 at 21:11 | review | First posts | |||
| Apr 4, 2018 at 21:15 | |||||
| Apr 4, 2018 at 21:10 | comment | added | Hart CO | What's the interest rate on your HELOC? | |
| Apr 4, 2018 at 21:07 | history | asked | loady toad | CC BY-SA 3.0 |