Auto loan or home equity loan?

[Scanner]

Alright, given the history of the Caravan possibly having mechanical problems, what about loading up on an extended warranty (maybe an extra $1000) vs. buying a Toyota for an extra $8000?

I am sure myself Toyota is a better choice. And if I could put $15,000 down. . .and maybe I'll be able to swing that. . .I'll go for the Sienna. But if I am only able to swing $8000 down. . .I feel like I should opt for the Caravan.

I actually looked at a Nissan Quest on carsdirect.com yesterday. Coming in around $21,000.

I loved my Nissan Sentra.

Maybe there's some middle ground here.

[disneysteve]

I'd rather buy a 3-year-old Sienna than a brand new Caravan.

An extended warranty may cover costs but it doesn't compensate you for aggravation, break downs, time the vehicle is out of service, cost to rent a car while yours is being repaired, etc.

[simpleyme]

extended warranty -I had one on my first car something was wrong with my transmission the only way they told me I could use my warranty was to bring my car to their shop and when they dig into it if it was a covered part the warranty would cover it if not I would have to pay and their was no way they could possibly know what it could be until they had my car apart

I had been told i would recieve a free rental car if the repairs took longer than a day, so of course when i asked about it they said the repair was only a 2 hour repair not a 24 hour repair ,even tho they would have my car for 3 days ,since this experiance ,I have never bought a warranty on anything so that rip off lesson learned young has probably saved me more now than it cost me,at the time tho I was ticked

[Tree0164]

We currently have 2 mini-vans

1996 Dodge Caravan with 106k miles bought in 1999-it has been knock on wood good for us and we will be replacing it wiht a car

2001 Chrysler Town and Country bought in 2005 currently have 49k miles. We hope to drive it another 5 plus years.

Overall we are happy Dodge/Chrysler

[loanstar]

i would use the savings, and just in case you need money for an emergency, you could use a credit card!

[Like2Plan]

You may want to check with your tax advisor, but apparently you may use it for any purpose.

You may use the money for any purpose, but you won't get a tax write off if you are subject to AMT and the funds are not used to purchase, build, or improve the home...

[Ima saver]

I would get an auto loan personally.