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Originally Posted by Mr. I - Man
Taking away money or value from a solid asset and putting into a depreciating asset ( vehicle) and tack on interest taxable or not . Is not a good idea, unless you write the truck off as a business expense which I don't the FJ fits ( I dont think is GVWR is 6000LBS)the bill for that. And most home equity loans are variable so the interest will continue to rise, taking more money out of your pocket and out of the value of your home as time goes on.
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If disciplined taking an equity line (not equity loan) out isnt a bad way of paying for a vehicle. As long as you take the necessary steps of making the monthly payment as if it were a regular car loan. This also then enables you to deduct the interest annualy which you paid on the loan (not allowed on conventional car loans). If done properly and wisely it is simple and quite cost effective.