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Can I use a home equity loan to buy a car?

If you're thinking about buying a car, consider financing it with a home equity loan. Interest rates may be lower and the interest may be tax deductible1. If you are considering this option, remember that there will be a lien on your home.

To find out which type of loan is best for you, use this simple calculator.

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Home Equity Loan1

 
 
 
 
 

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800-445-5833

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800-445-5833

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  1. Second Lien Home Equity Loan - 7.23% fixed Annual Percentage Rate is available for 30-year second position home equity installment loan with loan-to-value of 70% or less than 80% or less depending on market. Higher rates apply for higher LTV or other loan amount. Automatic payments from a U.S. Bank Package required. Loan payment example: on a $40,000 loan for 360 months at 7.23% interest rate, monthly payments would be $272.33. Payment example does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included and an initial customer deposit may be required if an escrow account for these items is established. APR is 7.23%. Customer pays no closing costs, except escrow related funding costs. Offer is subject to normal credit qualifications. Rates are subject to change. Property insurance is required. Consult your tax advisor regarding the deductibility of interest. Home Equity loans and lines of credit are offered through U.S. Bank National Association. ©2012 U.S. Bancorp, U.S. Bank. Member FDIC.

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