Taking away money or value from a solid asset and putting into a depreciating asset ( vehicle) and tack on interest taxable or not . Is not a good idea, unless you write the truck off as a business expense which I don't the FJ fits ( I dont think is GVWR is 6000LBS)the bill for that. And most home equity loans are variable so the interest will continue to rise, taking more money out of your pocket and out of the value of your home as time goes on.

Pay the $350 again and get another appraisal from a different company.

Just kidding I know exactly what you are going threw as I'm facing the same thing (different reason). I know it's not intentional the appraiser goes back to their office and does a comp appraisal of several properties that are in the same area and are close to the same sq footage.

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Mr. I - Man:
And most home equity loans are variable so the interest will continue to rise, taking more money out of your pocket and out of the value of your home as time goes on. </div></BLOCKQUOTE>Most maybe, but not all. The current 2nd Mortgage, and the new one (if it goes through) are both fixed for the life of the loan. Also, the new one would be at a lower rate then I am currently paying, so I would be paying less interest, on more money (more money $ wise, but less money % wise)

Ok people. I AM NOT A RETARD. Thanks

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by PhilD:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by ShaggyZr2:
I AM NOT A RETARD. </div></BLOCKQUOTE>Can we get a 2nd opinion on that

Have you looked at regular financing and maybe get a co-sign? </div></BLOCKQUOTE>My credit isnt the issue. I pay too much a month on my current mortgage to afford a $400 car payment. I could always take on a roommate so their rent covers the truck payment, but that is risky.

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by ShaggyZr2:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Mr. I - Man:
And most home equity loans are variable so the interest will continue to rise, taking more money out of your pocket and out of the value of your home as time goes on. </div></BLOCKQUOTE>Most maybe, but not all. The current 2nd Mortgage, and the new one (if it goes through) are both fixed for the life of the loan. Also, the new one would be at a lower rate then I am currently paying, so I would be paying less interest, on more money (more money $ wise, but less money % wise)

Ok people. I AM NOT A RETARD. Thanks </div></BLOCKQUOTE>

Did you tell the appraiser that your place has never been defiled by sexual intercourse? That might make it more valuable to nuns.

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by ShaggyZr2:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by PhilD:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by ShaggyZr2:
I AM NOT A RETARD. </div></BLOCKQUOTE>Can we get a 2nd opinion on that

Have you looked at regular financing and maybe get a co-sign? </div></BLOCKQUOTE>My credit isnt the issue. I pay too much a month on my current mortgage to afford a $400 car payment. I could always take on a roommate so their rent covers the truck payment, but that is risky. </div></BLOCKQUOTE>

This may not be enough but if $400 is too much, how bout $365?

http://wescom.org/rates/auto.asp

$25k loan, 7 yr, 5.99%, $365 per month

C'mon, I wanna see how a FJ does @ Moab

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by wilfred:
This may not be enough but if $400 is too much, how bout $365?

http://wescom.org/rates/auto.asp

$25k loan, 7 yr, 5.99%, $365 per month

C'mon, I wanna see how a FJ does @ Moab </div></BLOCKQUOTE>I am not a member of that credit union, and I am not sure my credit score (740) is quite good enough to qualify for their lowest rate, but that MIGHT be do-able. Would still need a few grand out of the house for a down pay (or just incase money).

Re: FJ > H2
 

So, I guess Yupterra > FJ

Re: FJ > H2
 

If disciplined taking an equity line (not equity loan) out isnt a bad way of paying for a vehicle. As long as you take the necessary steps of making the monthly payment as if it were a regular car loan. This also then enables you to deduct the interest annualy which you paid on the loan (not allowed on conventional car loans). If done properly and wisely it is simple and quite cost effective.

Re: FJ > H2
 

2007 Toyota FJ Cruiser vs. 2006 Nissan Xterra Off-Road http://www.edmunds.com/insideline/do/Drives/Comparos/articleId=115472



"If all we were going to do was haul kids and family on the freeway, then the Xterra probably would have gotten the nod..."

Quote from article taken out of context of course but still funny.:D