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Metro273 · 01-13-2008, 11:16 PM

I recently took out a home equity loan to pay off some bills and do some home improvements and my wife and I had some cash left over to pay off my Box and her '05 Sentra!
So my Box will be paid off 2 years early...

Now to see if a can afford to get a pre-owned Tahoe...

TorchedPerfection86 · 01-14-2008, 02:26 PM

Congrats on payin it off early

But a Tahoe??? Chevy's are POS especially pre-owned ones....very risky...stay with a jap car...they will run forever if you maintain them properly...a used toyota truck or something...but not a GM product.

stew32 · 01-15-2008, 02:09 AM

Congrats! Toyota financing annoyed me with their absurd 6.something % "low" rate so I paid off my box early too!

In general though... you're not supposed to use home equity to pay off a car or other bills. The rate may be lower on a refi or home equity and you can write off interest on you taxes BUT you turn those purchases into a much longer loan while using your home as collateral.

Metro273 · 01-15-2008, 03:00 AM

Quote:

Originally Posted by TorchedPerfection86

Congrats on payin it off early

But a Tahoe??? Chevy's are POS especially pre-owned ones....very risky...stay with a jap car...they will run forever if you maintain them properly...a used toyota truck or something...but not a GM product.

The reason I say Tahoe is cause the parts are cheaper than parts for what I really want...Nissan Armada!...

BilboardxB · 01-15-2008, 04:05 AM

haha congrats, i wish i had my xB paid off, you can always show some love to me with some extra cash :D college and car payments are hurting me.

D_M_A_N · 01-15-2008, 04:45 AM

you would have come out cheaper sticking with the loan you had on the car.
Now you have to pay the remainder of the balance of your car + interest for the next 15-30 years, or however many years you have left on your house note.
unless you did a short term loan

I'm not trying to be a buzz kill. Hopefully you figured something out that let you come out ahead.