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Is an Auto Loan or Home Equity Loan best for purchasing a car?
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TCalcTM Online Financial Calculators


Is an Auto Loan or Home Equity Loan best for purchasing a car?

This calculator helps determine if a home equity loan may be better than standard automobile financing for purchasing a car. Home equity loans often have lower interest rates than auto loans and the interest may be tax deductible.

Auto Loan Information

MonthsYears

Home Equity Loan Information


A home equity loan will save you $2,041.53 over the life of the loan.

Loan Payment Information

Auto Loan

Home Equity Loan

Monthly payments

$542.69

$522.37

Total payments

$26,049.01

$25,073.65

Tax savings

$0.00

$1,066.17

Tax adjusted total savings

$2,041.53


Calculator tips

This calculator uses monthly compounding and monthly payment frequency.

Currently:

  • Alaska, Delaware, Montana, New Hampshire, and Oregon do not tax sales of automobiles.
    If you purchase a vehicle in one of these states, enter 0% for the sales tax rate.
  • California, Hawaii, Maryland, Michigan, and Washington DC do not allow deductions for trade-ins when calculating sales tax.
    If you purchase a vehicle in one of these states, be sure to check the box under Auto Loan Information.
  • [Last updated 09/29/2008]

Calculator disclaimer

The information provided by these calculators is for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.

Presented by TimeValue Software ©2010

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