The actual cash value of the car paid by auto insurance may not be adequate to pay the lease payoff balance and early-termination penalties. For qualifying purposes, the income of the borrower before taxes or expenses are deducted. Repayment is secured by the equity in your home. Often used for home improvements, major purchases or expenses, and debt consolidation. Home Equity Loan A fixed or adjustable rate loan obtained for a variety of purposes, secured by the equity in your home.
Interest paid is usually tax -deductible.
Often used for vehicle purchases, home improvement or freeing of equity for investment in other real estate or investments. Recommended by many to replace or substitute for consumer loans whose interest is not tax-deductible, such as auto or boat loans, credit card debt, medical debt, and education loans. This price may not reflect the dealer's final cost due to rebates, allowances, discounts, and incentive awards the dealer may receive. The periodic charge, expressed as a percentage, for use of credit. Lien A claim against a vehicle by another party which utilizes the vehicle as security for repayment of a loan or other claim.