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Home Equity vs.Auto Loan

Home equity loans often have lower interest rates than auto loans and the interest may be tax deductible -- two good reasons to take a look at home equity loans to finance your automobile purchase.

Auto Loan vs. Home Equity Loan

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**GRAPH**

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Auto Loan vs. Home Equity Loan Results
 Auto LoanHome Equity Loan
Loan amount LOAN_AMOUNTHOME_EQUITY_LOAN_AMOUNT
Monthly payment MONTHLY_PAYMENTHOME_EQUITY_MONTHLY_PAYMENT
Interest rate INTEREST_RATEHOME_EQUITY_RATE
Term TERM monthsTERM months
Income tax savings
(Over the term of the loan)
$0HOME_EQUITY_TAX_SAVINGS
Total interest paid AUTO_LOAN_TOTAL_INTERESTHOME_EQUITY_TOTAL_INTEREST
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Auto Purchase Summary
Total purchase price (before tax):AUTO_SALE_PRICE
Sales tax*:SALES_TAX
 *Currently California, the District of Columbia, Hawaii, Maryland and Michigan allow no deductions for trade-ins when calculating sales tax. If you live in one of these states make sure to check the box 'No sales tax deduction for trade-in' on the main calculator page.
Fees:TITLE_TRANSFER_FEE
Total sales price (after tax & fees):TOTAL_SALE_PRICE
Total down payment**:TOTAL_DOWN
 **Your total down payment is calculated as your cash down payment of CASH_DOWN plus your trade-in allowance of TRADE_ALLOWANCE minus the AMOUNT_OWED_ON_TRADE loan balance outstanding on your trade-in vehicle.
Loan amount:LOAN_AMOUNT

Payment schedule

**REPEATING GROUP**






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Definitions

Term
Number of months for the auto loan.

Purchase price
The amount, before taxes and fees that you are paying for this auto.

Auto loan interest rate (APR)
Annual percentage rate for the auto loan.

Cash down
This is the money you have available to be used for fees and your down payment.

Trade allowance
Total dollar amount given to you for your auto trade-in.

Amount owed on trade
Total loan balance still outstanding on the trade-in.

Fees
Fee charged for title transfer. Also include any other fees that may be due at delivery.

Sales tax rate
Sales tax percentage rate charged on this purchase.

Home equity interest rate (APR)
Annual percentage rate for the home equity loan.

Home equity closing costs
Any additional costs to the home equity loan. This should include any appraiser fees, points paid or other miscellaneous fees.

State and Federal tax rates
Your state and federal marginal income tax rates. These rates are used to determine the tax savings associated with a home equity loan.

No sales tax deduction for trade-in
If you live in a state where your sales tax is calculated on your full purchase price, check this box. If this box is unchecked, sales tax is calculated on the purchase price less trade in. Currently California, the District of Columbia, Hawaii, Maryland, Michigan allow no deductions for trade-ins when calculating sales tax. In addition, Alaska, Delaware, Montana, New Hampshire, and Oregon have no sales tax on autos.



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