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Posted in Auto Loans
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christo33

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down payment or credit score when applying for a car loan more important?
I need to get a new/used car in the next few months. I don't make a lot of money but, I am able to save a little cash. I can save enough to pay my credit cards down to under 50% of $4,200 credit limit (currently at $3,100, 74%) or I can try to save the 20% needed for a down payment but, I can't do both. Transunion 594 exuifax 642. These scores will come up some as i make more than minimum payments. I have $50,000 in student loans that arent going away anytime soon. I make under $20,000 a year. So I am asking where should I put my money? Toward a down payment or paying credit cards?

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Both are important. I would put off going for an auto loan until you get both your financial situation improved and your credit improved.

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