Oct
10

Is there a loan I can get for a car using my house that I own outright as collateral?

By
homeowner loan

Or another loan I can use to buy a 14000 dollar car. My credit isnt very good, so I was wondering if being a homeowner could help me…

Real Estate Professionals
Categories : homeowner loan

1 Comments

1

Good news: Owning your home outright makes you a better credit risk, making you eligible for more favorable loan terms.
Bad news: You say your credit isn’t very good.

Using a mortgage or home equity loan to buy a depreciating asset may not be a good idea.
Be VERY, VERY careful, since you would be putting the house that you own outright, at risk.

Leave a Comment

You must be logged in to post a comment.

Pages