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Dealership financing vs. Line of Credit
Here are the TOP SIX reasons why you shouldn't use your LINE OF CREDIT to pay for a vehicle!
1. Floating interest rate - fluctuates with prime rate.
2. The bank has the right to withdraw money from your account to pay for your line of credit.
3. Secured lines of credit use your home as collateral. Default of payment for any reason allows the bank to take your home.
4.The bank may require the total balance of your line of credit paid in full if you die, become insolvent or bankrupt.
5. If the bank sees any increase in risk to the security they can demand full payment.
6. Home insurance costs may be higher due to the additional line of credit.
2. The bank has the right to withdraw money from your account to pay for your line of credit.
3. Secured lines of credit use your home as collateral. Default of payment for any reason allows the bank to take your home.
4.The bank may require the total balance of your line of credit paid in full if you die, become insolvent or bankrupt.
5. If the bank sees any increase in risk to the security they can demand full payment.
6. Home insurance costs may be higher due to the additional line of credit.
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601 Albert Street
REGINA,
SK
S4R 2P4