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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.

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Auto Loan Information

term in months or years

Home Equity Loan Information


Calculator Results

A home equity loan will save you $1,845.32 over the life of the loan.

Loan Payment Information

Auto Loan

Home Equity Loan

Monthly payments

$490.51

$472.15

Total payments

$23,544.63

$22,662.97

Tax savings

$0.00

$963.66

Tax adjusted total savings

$1,845.32


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This calculator uses monthly compounding and monthly payment frequency.

Currently:

  • Some states do not tax the sales of automobiles.
    If you purchase a vehicle in one of these states, enter 0% for the sales tax rate.
  • Some states 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.

Calculator disclaimer This link will trigger a popup message.

The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. 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.

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Looking to buy or refinance a vehicle? Consider the following available loan products:

  • Vehicle Loans
  • Vehicle Loan Refinancing
  • Home Equity Line of Credit

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