Should we pay off our car or give a bigger down payment on a house?

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Contributor
We are getting ready to purchase a home. We currently have a vehicle that we owe 22k on and pay 540 a month. 72 month loan. I'm just wondering what would be best. To give a bigger down payment on a house or to pay off our vehicle. We are not sure if we are going to keep this vehicle or if we will switch to a full size vehicle in the future since we are thinking about expanding our family.

3 REPLIES

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Lmveng,

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Debt is slavery. Rent a living space while you pay off your auto loan. Or, better, sell that auto and buy a car without using "credit." Then, save for your house and plan to put a 50% down payment. To do otherwise leaves you open to predation by the banks.....USAA included.
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user.login's non-sensical post amuses. the person only asked whether to pay off their car, or make a biiger down payment on a house. not for an opinion on debt.  or where to live. and how is it a 50% down payment doesn't expose you to predation; but, apparently a 49.99% or less downpayment does?