Overhaulin'

Should I buy a used car with cash or pay my credit cards off and put a down payment on a new car?

If I pay cash for a used one I will still be making the min payments on my cred cards right now I make payments of $200 a month on credit cards. My other option is to pay the cards off and make a down payment on a new car.

Public Comments

1. Pay off your credit cards, they have much higher interest rate. Also paying off your credit cards will get you a lower interest rate on your car loan.
2. Pay off your credit cards, save your money and buy a good used car. Why do you have to make a down payment on a NEW car? If you pay minimum payment on credit cards, it takes about 17 years if you do not add any new charges to pay everything off, They love you for that, because you are paying a LOT of interest.Get out of debt. The economy is very uncertain right now, with many experts predicting a meltdown. Who knows who will have a job? This is the time to be very frugal.
3. Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - carinsurance.yoll.net