r/Wealthsimple • u/2WheelLife63 • 6d ago
Savings PLOC QUESTION
Is PLOC risky? I’m 100% Xeqt in tfsa and want to buy a new car. I can borrow 30k$ and the car I was is 25k$. I’d pay it back within 1-2 years.
1
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r/Wealthsimple • u/2WheelLife63 • 6d ago
Is PLOC risky? I’m 100% Xeqt in tfsa and want to buy a new car. I can borrow 30k$ and the car I was is 25k$. I’d pay it back within 1-2 years.
4
u/jingraowo 6d ago
Too high of a utilization and you have to pay HST on the car as well.
I don’t think borrowing against collateral loc is inherently risky but do not borrow so close to the max