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 - Usin Your Implements: Bucket Loader - by Curtis Von Fange. Introduction: Dad was raised during the depression years of the thirties. As a kid he worked part time on a farm in Kansas doing many of the manual chores. Some of the more successful farmers of that day had a new time saving device called a tractor. It increased the farm productivity and, in general, made life easier because more work could be done with this 'mechanical beast'. My dad dreamed that some day he would have his own tractor with every implement he could get. When he rea
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