Choices

[Anonymous]

My car just got totalled - I wasn't the driver and he's just fine. The insurance settlement was surprisingly high, and I'm not sure how best to use it with my credit level which isn't that good because of a high credit card utilization. Total on the credit cards is about $3700 with a total limit of $4500. EQ Fico is about 590 with no late payments in the last 14 months or any other baddies for about 5 yrs. Last time the utilization was low the EQ score was about 625, with no late payments in the previous 6 months.

I will have about $10K available including the insurance payment, and the question is how big a difference a $10K downpayment will make over $5K to the kind of rate I am likely to get.

Obviously the higher down payment will lead to a lower monthly payment, but that's not really what I'm looking at right now. I'mjust trying to weigh the advantages of paying the credit cards off against a higher down payment.

Thanks in advance

Mike

[Cellice]

Downpayment does not affect the rate you get just how much you can loan.

[Creditaddict]

What do you want to buy, New/Used?

Purchase over Lease?

What Make/Model?

[Anonymous]

The replacement is definitely going to be another Subaru Outback - it's been a truely outstanding car and did 380K miles before my nephew rolled it over. I'm looking at used certified and will have to purchase as I do about 70K miles/year.

[Creditaddict]

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@Anonymous wrote:

The replacement is definitely going to be another Subaru Outback - it's been a truely outstanding car and did 380K miles before my nephew rolled it over. I'm looking at used certified and will have to purchase as I do about 70K miles/year.

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WOW 380k!!!

I would call up to dealership and ask them if they do tier 1-3 for Promo Financing? and what is lowest score to qualify for whatever said lowest tier.