A mortgage backed line of credit is a good option IF you have the discipline not to use it as a put and take account. I had one for several years but paid it off and closed it when I found myself using it to pay my American Express account at the end of months when I was a little short.
Another option is to see what kind of financing the dealer can come up with. Despite having excellent credit ratings, my wife and I have been able to get much better interest rates working through the dealers on our last vehicle purchases than through our local bank. Dealers have a vested interest in trying to find affordable financing to facilitate sales.
As a lawyer for the last 33 years I need to point out that it is a good idea to check with a bank first so you know if the interest rate offered through a dealer really is a good deal. And never, ever, respond to an inquiry as to how high of a monthly payment you can make. I've had clients come in with buyer's remorse where they entered into a finance contract with low monthly payments but high a interest rate spread over additional payments. - camp@canoe
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