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Should I use a home equity loan or an auto loan?


This tool helps you determine if an auto loan or home equity loan is the cheaper source of financing to pay for a car or other vehicle.

The calculation includes any tax savings that you receive as a result of borrowing with a home equity loan. This is because the interest on home equity debt generally can be deducted from your income taxes, lowering the effective interest rate. The auto loan is assumed to offer no tax benefits.

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