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I've had a HELOC on my primary (doesn't expire) that I've used for years to purchase other houses, land, my 911, etc. as I didn't want to use/liquidate other assets at the time. Paying off the HELOC asap (within a couple of years) was always part of my logic, and technically, I don't "think" you can deduct from taxes if it's for a vehicle purchase...but who's gonna know? I pay it (HELOC) down so rapidly, it's kind of a non issue anyways imo. I'm a "debt free" kind of person (been that way for years), but simply use the HELOC as a "tool"....YMMV.
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