Assuming you have the cash, us poor ordinary folks usually don't have 15 - 20 thousand in cash sitting around, but never the less....
We've used a home equity loan to pay for good buys that come up such as a truck that was offered to us for $5,000 less than current market value. We'd been looking at them and my MIL was getting rid of hers and wanted to just sell it for her pay-off amount. With the HELOC we already had set up, and had just about payed off, we just wrote a check from it to her. We decided to consider it a 4 yr. loan and made the monthly payments on that schedule, otherwise we'd be paying, seemingly, forever at the miniumum the bank wanted (only $50!)
In my opinion to use it just for interest deduction isn't worth it for ordinary folks of average means. Our car we financed at our bank, at 2% interest, it was better than the HELOC rate that is about 4.25. My other advice is to not finance something with your house that you can't pay back in the normal payback period if you were dealing through a bank, i.e., don't buy a car and pay it off over 10 years on the HELOC, likely the car will be gone or needing major repairs and you are still paying on it, and you will technically be upside down on it for a long long time. As some folks found recently, you can get upside down on your house if values drop again too!
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Today's Featured Article - Timing Your Magneto Ignition Tractor - by Chris Pratt. If you have done major engine work or restored your tractor, chances are you removed the magneto and spark plug wires and eventually reached the point where you had to put it all back together and make it run. On our first cosmetic restoration, not having a manual, we carefully marked the wires, taped the magneto in the position it came off, and were careful not to turn the engine over while we had these components off. We thought we could get by with this since the engine ran perfectly and would not need any internal work. After the cleanup and painting was done, we began reassembly and finally came to t
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