Is a home equity loan for a semi worth it?

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

1. Luke 6:37 on: 15 November 2009 at 1:20 pm

   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 place 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.
2. Suzanne S on: 15 November 2009 at 1:20 pm

   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. Excellent Luck
3. yo on: 15 November 2009 at 1:20 pm

   I would, trying to get financing for semi will be more hard depending on your credit history. If you get an equity line of credit is like a huge 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 end quicker 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
4. godged on: 15 November 2009 at 1:20 pm

   There may be some tax advantages to this, question your accountant. But I reckon 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 place your house up for collaterol on this buy. 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.