Does anyone do this to pay less interest and then deduct? I figure you wouldn't have to finance through the dealer. Would it not cost less in the long run.
My Dad is one of the tightest people on earth.
He does this. Tax reasons.
*** The important detail is that you should pay it as if it is a short term loan. Never pay it by the required payments. Find out what the payments would have been thru the dealership (or whereever) and pay your HELOC the same. Win/Win
I did that; wrote a check from HELOC and bought my Volvo X-country.
You might pay the same as you would pay the dealer and save money. But I didn't probably make the same payment because I bought rental properties with the rest of the HELOC money.
Quote:
On 2004-10-29 16:47, ahmedmu wrote:
>>Yeah, I would definately make big payments. Do you know how much paperwork is involved. I have to justify the effort.
There is more paper work using HELOC?
HELOC's require almost no paperwork at all.
[addsig]
Shop around by phone/internet BUT do not apply.
It depends on your equity, scores, etc etc. Might not be any difference from applying for car loan if the value of the home can be determined w/out appraisal.
Would it be a good idea to start with my mortgage lender since they have my info. They have been sending me offers every week. Or would it be worth look ing for lower rates? Thanks
I tend to first look at my lenders sites to see what they are advertising to the public.
Then I call and talk to somebody per me being a good customer.
Then I shop around, including my credit union and anybody else I do business with.
I also might go back to one of 'my companies' and ask them to match an offer from a competitor. They might.
My Dad is one of the tightest people on earth.
He does this. Tax reasons.
*** The important detail is that you should pay it as if it is a short term loan. Never pay it by the required payments. Find out what the payments would have been thru the dealership (or whereever) and pay your HELOC the same. Win/Win
Yeah, I would definately make big payments. Do you know how much paperwork is involved. I have to justify the effort.
I did that; wrote a check from HELOC and bought my Volvo X-country.
You might pay the same as you would pay the dealer and save money. But I didn't probably make the same payment because I bought rental properties with the rest of the HELOC money.
>>Yeah, I would definately make big payments. Do you know how much paperwork is involved. I have to justify the effort.
There is more paper work using HELOC?
Quote:
On 2004-10-29 16:47, ahmedmu wrote:
>>Yeah, I would definately make big payments. Do you know how much paperwork is involved. I have to justify the effort.
There is more paper work using HELOC?
HELOC's require almost no paperwork at all.
[addsig]
Shop around by phone/internet BUT do not apply.
It depends on your equity, scores, etc etc. Might not be any difference from applying for car loan if the value of the home can be determined w/out appraisal.
Would it be a good idea to start with my mortgage lender since they have my info. They have been sending me offers every week. Or would it be worth look ing for lower rates? Thanks
I tend to first look at my lenders sites to see what they are advertising to the public.
Then I call and talk to somebody per me being a good customer.
Then I shop around, including my credit union and anybody else I do business with.
I also might go back to one of 'my companies' and ask them to match an offer from a competitor. They might.
I think its a great idea to do this especially if you take advantage of the SUV Tax Break..
Best Regards,
Jeff Adam
[addsig]