Is a home equity loan for a semi worth it?

Posted on March 28, 2010 by admin
toohotnky asked:


My husband wants to buy a semi. If we took out a home equity line of credit, our payment would be small. Alot smaller than financing the truck. I am not 100% comfortable with using my home for anything. Does anyone know which would be better?

MOHAMMED
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4 Responses to Is a home equity loan for a semi worth it?

  1. Suzanne S says:
    March 30, 2010 at 9:28 am

    ARMAND

    Has he thought about this. Buying a semi? Have you fiigured the money he will need to bring in to make the payment on the truck, fuel and maintence. My husband has talk to drivers who have done this and they are broke after the truck payment, fuel, maintence and basic needs on the road. Good Luck

  2. yo says:
    March 31, 2010 at 12:42 am

    EDWARD

    I would, trying to get financing for semi will be more difficult depending on your credit history. If you get an equity line of credit is like a big credit car that can be paid back at a longer term. Find out about a semi truck loan and weight both options. You can double pay the equity line and finish faster but a set payment on a semi would be high and the stress of paying can keep you from sleeping and might have to work extra . . . less time for the family

  3. Luke 6:37 says:
    April 1, 2010 at 1:53 pm

    COREY

    Yeah, the problem is that if something happens and you can’t pay for the truck or if something happens to it, then your home is at risk. If you finance the truck then only the truck is at risk. I would finance the truck and not put up my home as collateral. I guess worst case you can live in the truck because you will have that. I assume you would rather have a home over the truck if it came down to it.

  4. godged says:
    April 1, 2010 at 10:50 pm

    KURTIS

    There may be some tax advantages to this, ask your accountant. But I think I’d rather see you in a home equity loan rather than a line of credit.

    But in the perfect world, I wouldn’t want to see you put your house up for collaterol on this purchase. If you have a vehicle loan and something happens, the lender repops the vehicle. If you use your house and something happens, the lender takes the house.