As homeowners, we know the tax benefits of home ownership, but did you know that your home can save you money on your car loan? That’s right, the American Dream may be better than you thought.
Using our auto equity loan option, California homeowners can get all the tax advantages of a mortgage loan with the rate and terms of our auto loan. Basically, you can write-off the interest you pay on your auto loan.
Using our auto equity option, your loan is secured by your residence which may allow your finance charges to be up to 100% tax deductible. We simply place what is called a “courtesy lien” on your home, which can be removed at any time. Your tax advisor can help you determine your eligibility and explain IRS reporting requirements.
Here’s an example of the potential savings:
The estimated tax savings in the above example can effectively reduce the auto loan rate from 2.99% APR to 2.06% APR.
The auto equity loan is an excellent program often overlooked by even our most savvy members. It’s fast and easy to start saving money today.
With a phone call and a few minutes, we can convert your loan without a lot of paperwork. Call our Loan By Phone Center at (888) 858-6878.
Please consult your tax advisor for program details. Example assumes a combined Federal and State income tax rate of 32%. Representative example: Pay $15.19 per $1,000 borrowed for 72 months at 2.99% APR with up to 100% financing. Rates subject to change. Visit our Rates page for current offers. There is a $200 fee to establish an auto equity loan.