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

If you’re looking to buy a car, the most traditional route is an auto loan, but it’s also possible to finance your vehicle using a home equity loan. To determine if using a home equity loan to buy a car is the best option for you, you need to know how to use a home equity loan for car purchases and when a home equity loan might be a better solution than a standard auto loan. The terms of these two loans are vastly different, so it’s not as simple as choosing the loan with the lower rate.



a car parked in front of a house: Red car parked in front of a suburban home


© Imagenet/Shutterstock
Red car parked in front of a suburban home

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Can you use home equity for anything you want?

There are typically very few limits on how you can use

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