Just Announced 0% For 72 Months
06-22-2006, 04:30 PM
#21
Burning Brakes
Ya, I remember that!
Originally Posted by MORK-SPEED
I Remember New Convertibles Being Sold By My Local Dealer For $36499 They Sold A Ton Of Corvettes That Sept Oct Didnt Make Much Money But Sold The Cars
06-23-2006, 01:22 AM
#22
Melting Slicks
Originally Posted by MJU1983
A little tip.
If you are planning on financing, why not take out a home equity loan?
I work for Citi doing wholesale lending, and we offer 5, 10, 15, 20, and 30 year terms. Fixed rate of 7.44% and can write the interest off on your taxes.
Something to think about. Some brokers I tell about the 5 year term have never thought about it for this use.
If you are planning on financing, why not take out a home equity loan?
I work for Citi doing wholesale lending, and we offer 5, 10, 15, 20, and 30 year terms. Fixed rate of 7.44% and can write the interest off on your taxes.
Something to think about. Some brokers I tell about the 5 year term have never thought about it for this use.
Hahaha, eventhough this is universally done, it is not correct Tax Advising information.
Technically, if you take out a home equity to make home improvements that is tax deductible....but we all still write it off. Hopefully you don't get audited and have to prove with reciepts that the money was used to make home improvements.
06-23-2006, 08:15 PM
#23
Burning Brakes
Member Since: Apr 2000
Location: Land of Tax it all Deval
Posts: 835
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Originally Posted by Miguels
Hahaha, eventhough this is universally done, it is not correct Tax Advising information.
Technically, if you take out a home equity to make home improvements that is tax deductible....but we all still write it off. Hopefully you don't get audited and have to prove with reciepts that the money was used to make home improvements.
Technically, if you take out a home equity to make home improvements that is tax deductible....but we all still write it off. Hopefully you don't get audited and have to prove with reciepts that the money was used to make home improvements.
That is true. If you can't make the payment they can take the car and your house
06-23-2006, 08:41 PM
#24
Originally Posted by ALL ST@R
With Citi, there are no closing costs/fees...FYI
The CITI Loan Interest rate as with ALL Home Equily Lines of Credit are tied to the Prime Rate. As the prime rate goes up, as it is now, so does your interest rate.
Right now I can finance through e-Loan at 6.15%, 5 years or go with a HELOC with CITI that starts out Prime Rate MINUS 2.2% for 6 months, then adjusts up to Prime Rate MINUS 1.0% for the remainder.
For the majority of my loan I will be paying 1% and perhaps up to 2% higher interest rate on the HELOC, which would eat up all my income tax savings.
So the HELOC may be a good plan for some, but not for others. It really depends on each individual, but definitely worth looking at.
