Back in the mid-90's, I remember having a conversation with a friend about how I would pay for a Subaru Outback I wanted to buy. I told my friend I was planning to take out a home equity loan to finance the car. After swigging a sip of his Fat Tire beer, my friend spit out the next sip while yelling, "What! Are you nuts?"
CNW Marketing says last year almost 800,000 vehicle purchases were financed with home equity loans (up from 625,000 back in '95). That means almost 5% of all the car sales this year were home equity loan financed. That's an all-time high.
Is that bad?
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