IMO, it would be more beneficial to you overall if you started out with a very small car loan. You do have a great start with your credit profile right now. Rather than diving into a huge payment with an extra huge insurance payment, why not start off with a used vehicle under $10k where you are financing less than 75%? This way you can pay the vehicle off timely, maybe even early and keep the full insurance in place without stressing your limited budget.
Check into full insurance coverage to get an idea of costs for the type of vehicle you plan to purchase so you can design your spending plan appropriately. Full insurance coverage is very high for everyone under 25 yrs old. You want to know the cost before you purchase the vehicle.
Remember to add in a repair budget too. Be careful of "warranty's" - they are only as good as the contract and company that behind them. A warranty only covers what is written in the warranty contract. And it does no good at all if the company behind the contract is no longer in business or doesn't honor the warranty. If you decide you want one, read the entire warranty contract before you agree to pay for it. If the dealer says no to you reading it, then pass on it.
The reason first auto loans have a higher rate is because you have to prove to the lender that you can make the installment payments over the entire period on time. If you do so without any issues until the vehicle is paid off, then you will be able to purchase any vehicle within your budget because you have a positive track record.
Good luck in your decision.
