Approval & Loan Rate

[Anonymous]

I am purchasing a new Mustang GT Premium (MSRP $34,000). Total price for me is about that with TTL. Depending on when I purchase the car I will have a $7,000-$10,000 cash down payment and a trade-in worth approximately $9,000 (fully paid) reducing the total loan amount to $15,000-$18,000. The last time I checked my credit score it was ~720 and should have gone up since I have significantly lowered my DTI.

My only concern right now when it comes to getting approved is my credit history length. I don't have any bad marks on my credit report but my oldest account is 6 years with a much lower average account age.

If anyone has any input on the interest rate I can expect to receive I would greatly appreciate it

[Anonymous]

Credit score doesn't take income into consideration. The lender might though so it's good to have it lower anyway obviously.

I'm sure your short history will be a factor but if that other auto you were trading in was paid from start to finish under your credit that should outway any limited history.