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Ann c | Help! Should I use my savings for a down payment for a car or to pay off my credit card debt? |
My debt is $6200 and I have 7000 saved up. I am going to get a car regardless because mine is on its last leg.
Additional Details
I neglected to say that I am in credit counselling. I would have to get out of counselling, buy the car, and then get back on counselling if I were to use that money for the down payment. I don't want to have to do that. Thank you for your advice. |
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anomaly21
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Ok because you already have a car even if your getting a new one, pay off your card, the interest on that is more then likley much higher then a car loan, you will have an easier time getting a car loan with this debt paid off, and you can use your old car for a trade-in and hopefully negotiate a decent deal. You'll still have $800 for tax/title and you could probably wait until you had at least 1k to take to the dealership with your trade. |
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Diliya C
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It could help you alot you might get out of adown payment if your credit looks awesome because you did pay of the card debt. Anyway its entirely up to you that is a great down payment for a car heck you could even get a great used car for less than that! |
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Justin H
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You're likely to pay much lower interest on a car than on a credit card. Plus, having a lower amount of credit card debt might help you get an even better rate on your car payment. But I would recommend paying off the credit card and then waiting until you get $1000-$2000 for a down payment. Either that, or put $4000-$5000 on the credit card and use the remainder for a down payment on the car.
One thing to consider: if you pay any significant amount on your CC, you want to wait a month or so to be sure the payment and lower balance are reflected on your credit report. |
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Rigo
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If you're going to buy this car outright, then the car might be a better idea, especially since you're going to need it eventually.
But if you're going to finance it, then it depends on the interest. IF the interest of the loan is higher than the credit card rate, then it'd make more sense to pay off the credit card first because you'll owe more to that in the long run, that and having a lower debt to income ration will help you secure a better loan. And without a credit card debt, you could pay more into the car loan.
But if your car is that close to croaking, then you may not have a choice, depending on how hard it is to scrounge up another $7k But having one auto loan at a lower pecentage is better than having an auto loan and a $6k credit card debt at the same time.
My opinion, keep the car as long as possible, pay off the credit card, and opt to buy a cheaper older car that you won't need 6k down in the future for. |
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B A
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Compare the interest cost of financing the car to the finance charge from the credit card debt. This will provide you with the longterm answer to which investment would have the best financial benefit.
Also you could consider that paying down the credit card debt first would increase the available credit on your revolving accounts, there by increasing your credit score and possibly helping you to buy a car at a lower interest rate. |
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flingebunt
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Well financially your best option is to pay off your credit card. The interest rates are a killer and it will save you a lot of money paying your credit card off right away.
However, without a car, most people can't even get to work, so it may be better for you to buy the car.
What I suggest that you do is to talk to your bank and see if you can put your credit card debt and car purchase debt into one personal loan. That way your interest rates will be lower. |
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JAKE! I LOVE U BABY!
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pay da debt off than u wont hav any nd u can get a new car but put it on payments nd u can pay like 300 or whatever per month outta your pay check if ya work or whatever |
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tofu
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pay ur debt first
always pay what u owe then buy sum thing new |
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Ervin
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Payoff the down payment from your savings account and you can consolidate your credit card debts through credit counseling company where you would have to pay only one monthly installment. And if you are working you can easily manage that.
Here is the credit counseling company's website for your reference : http://ezconsolidation.com |
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akdeniz
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payoff your credit card debt. then see if you can get a low interest loan for the car. then, most likely your credit cards will send you offers stating 0% apr on balance transfers and sign up for that. just make sure the 0% is good until you pay it off and not only for a year or something like that. |
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à®â™«Little Miss Vixen♫à®
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you should should probably pay off ur debt first |
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Katie
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As someone who hates credit cards, I would have to say pay off your debt, cut up the card and send it back to the bank!!! Close the account. And keep saving, hopefully your car won't die before you save again. You may even be able to save quicker because of no credit card payments. Probably not what you wanted to hear!!! |
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