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Auto Loan vs. A Home Equity Line of Credit in Pittsburgh and Cleveland

Auto Loan vs. A Home Equity Line of Credit:
Sam and Debbie dig into their options for buying a new car.
After shopping around for a while, Sam and Debbie found the new car they wanted to buy. They visited their local Dollar Bank branch to figure out the best way to finance it. Sam and Debbie had lived in their home for eight years, and it was valued at $75,000 with $40,000 remaining on their loan.

Their Dollar Bank representative suggested they consider a home equity line of credit for $20,000. A Home Equity Line of Credit is a secured credit line typically offering higher borrowing amounts or lower interest rates, as well as the flexibility of borrowing again and again without reapplying. It works like a checking account, so Sam and Debbie can write checks accessing their credit line. They'll even benefit from the tax advantages offered by a Home Equity Line of Credit.

* The scenarios shown above are for explanatory and informational purposes only and do not necessarily reflect terms and conditions being offered by Dollar Bank. All loan applications are subject to Bank underwriting and credit standards and specific loan product guidelines. Consult your tax advisor regarding the deductibility of interest.

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