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Scores in the mid-600s.
@Anonymous wrote:Scores in the mid-600s.
My personal opinion I say pay down those balances with that down payment money. Some others on here will disagree but use that money to pay down those balances.
@redbeard wrote:
It depends.
What is your current utilization? How much will it drop?
Will the bigger downpayment make a difference in the auto loan interest rate?
Since the credit card interest is probably (much) higher than the auto loan interest, given a choice, its probably better to pay down the credit cards then the car loan, regardless of utilization.
But, then it comes down to cash flow and affording payments on everything.
Dan
Good points, DTI always comes into play. Also consider the year of the car you're buying. That and mileage can play a part in the APR. Strong down payments mean shorter terms and you can start out with that much more equity in the car itself. Good questions OP!