I have to say that you definitely are showing more brains then most 20 year olds out in the world right now. It seems like a lot of people will jump the gun and run into a dealership to essentially sign their life away!
It’s good that you are shooting for a used car as you can play your cards right and come out with a great deal and still have some equity in it as well. But don’t keep yourself from looking into new cars either as a lot of times you can find some great year end deals and because your credit is decent and you’re a first time buyer. It’s quite possible you qualify for first time buyer programs that some dealers have like Ford and Chevy.
But to each their own! I bought a used car my first time and I don’t regret it either.
Overall, I think you’ll do fine and get the auto loan. As for any sort of extended warranty, I can’t say that they are worth it at all. I worked in parts for over 5 years and I’ll tell you that most warranty claims do not get approved! Depending of course on the mileage and severity of the issue. It can easily turn into a headache quickly and definitely check with your insurance company to get a quote on the new vehicle.
It’s insane how much some policies can be in relation to your loan payment!
