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 - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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