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hookahfeen

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Save money for a down payment on motorcycle or pay off more debt?
I want to finance a motorcycle that's around $7000. My credit score is around mid to low 600's. I'm around $1,500 in credit card debt. I'm not sure if I should save money for a down payment on a bike, or pay off more debt first? I think the the loan for the bike will make my credit look better but I don't want to get a high interest rate or even get declined. I am using more than 35% of my credit. Around 50%. If I should pay off more debt, how much? And if I should save for a down payment, how much? Thank you.

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With your credit utilization at around 50%, last thing you need is more debt.  I think you should pay down debt first and wait on purchasing the bike until you can truly afford it.  You can use the Debt Repayment Calculator and Loan Calculators on the menu bar to the left to figure  out how much to pay etc.  

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