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      03-07-2013, 01:43 AM   #12
Niva
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Drives: soon to be X3
Join Date: Jul 2011
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Quote:
Originally Posted by BMWrules7
Quote:
Originally Posted by daninny
Ok, I'm just going to throw this out there as I don't know your personal situation. However, often times, you can refinance a loan by paying it off early without penalty. A way you can do what you are asking, I think, is if you're a homeowner.
If you can get or have a home equity line of credit, you can use that to pay off the BMW loan and then make payments as you suggest, but it would also depend on your HELOC terms. Another benefit of a HELOC is that, for now, the interest on the HELOC is tax deductible (at least in the US, not sure about Canada).
Yes, the home equity money is damn near interest free. So, why not?

It all makes perfect sense. And you can pay off the entire HE loan in advance.

But, the thought of wrapping a guilty asset like a luxury car into your house makes me throw up in my mouth a little.

It must be my generation. I am 45.
+1

Actually the idea of not paying for a car in cash makes me queasy.
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