Personal loan/ mortgage ?

[DanaWakefield]

I need to buy a car and have been planning about this for some time now. Right now, I will not have the full amount , but soon I will make it because I have some finance accumulated in a property. I found out Prudent Finance Services in Toronto, after a detailed search. I heard they provide mortgage services as well as provide auto and home equity loans. As I can repay the amount within a short span of time,I guess opting Mortgage is enough. Or is it really safe that I take a personal / auto loan? Any suggestions?

[Nutria]

I need to buy a car and have been planning about this for some time now. ... As I can repay the amount within a short span of time,I guess opting Mortgage is enough.

Take out a home equity loan to buy a car? Is that what you're saying?

Or is it really safe that I take a personal / auto loan?

Since people have been taking out -- and paying back early -- auto loans almost since the first auto, I'm really confused by what you mean by "is it really safe".

What are you worried about?

[sv2007]

. Or is it really safe that I take a personal / auto loan? Any suggestions?

Safe... as in current financial situation? Should be pretty safe since you plan to have full amount ready soon; if you are the worrying type, then you can always buy gap insurance.


Safe as in long term financial wise decision? Well, If economy is going to crash, then now isn't a good time to buy. but nobody can predict that so I'd ignore it.

If it is me, I'd look at any incentive deals that offers 0% and still getting a good deal on the price.

Oh, one more thing, many loans have origination fees, they are especially bad for a loan that you plan to pay back very soon (less time to amortize). Check your loan. (The above 0% generally don't carry these)