Quote:
Originally Posted by 1795
If you are set on taking out a loan, and it is the only way to have your dream of owning a cobra replica, then the best bet would be to take out a home equity loan if there is enough equity in your home. At least you will be able to write off the interest. I don't see too many lenders risking a loan on a pile of stuff that needs to be assembled before they can get their money back if you default.
It is a risk and if you do not complete it you will still have that monthly payment to remind you of it.
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As I said, I know of no bank that will loan on a kit - they know that too many of these projects are never completed and since there is no title for security won't do a secured loan. If you have credit good enough to get a 50K unsecured loan then you don't need the loan.
Technically the interest on a home equity loan is tax deductible only if the proceeds are used for home improvements.