Approved! But not all news is great.

[hardworkpaysoff]

Good news: I've been approved for an auto loan, and it's at 1.99%!

Bad news: Only appoved for a loan of $13,500.

So, back to the savings barn I suppose.

Additionally after careful consideration I'm considering letting go of my dream of buying a mustang, and instead I'm going to opt for a Subaru WRX sedan (non-STI), which also costs a little bit more. For all those unfamiliar with my situation: I'm 19, looking to buy my first car with a thin credit file, but a good overall score around 720.

Essentially the plan is now to just save a massive down payment and hope for the better. I think DCU does not like my yearly income because some of it is from overtime, even though the overtime is regular. My position as a manager in a restaurant requires me to work 50 hours over a 7 day work week, but I am payed hourly. My annual salary including overtime is $31,000, but without it is $22,545... nearly a 30% difference.

[Mike360]

That's very good @ 19 years old. With your limited credit history and no prior auto loan it's kinda hard to really get what you want. I'm sure your income had something to do with it but not as much. I had double digit APR on my first used mustang @ 20. 

[hardworkpaysoff]

Just needed to hear that, yes I'm definitely in amazing position.

Just gotta save a few months and get my down payment a bit bigger. I can't wait to be driving a new car!