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HELP PLZ! Do you think I could get approved for this car loan?
First off, thanks for reading this! I've really been curious about this and have done research over the past 5 months on this and feel that posting this question is a good idea to help me get an answer.
So basically I'm a 22 year old looking to get a new 2016 mustang GT.
My credit score according to Credit Karma is 731 with Equifax and 729 with Transunion.
The reason for the difference, is there is one student loan that is not reported to Equifax for about 3k

So now the details...
Yes, I have student loans :( My federal student loans are 14k + the seperate 3k loan not reported to Equifax.
I have 4 total accounts:
- Credit card w/ a limit of 3k which I use often and have never missed a payment
- Another credit card w/ a limit of 300$ which I don't use so much anymore, but did when I first got it in 2012 and have all payments made on time.
- The student loan for 14k in which I just made my first payments for on time last month
- And finally, the other student loan for 3k that starts its payments in Jan. 2016

The student loans that show up here on CK say that I have been making "on time payments" since 2012. Probably due to them being on the in-school deferment. I left school around Jan 2014 though.
So all together, I've had about 2-3 years of credit history (Even without the student loans) w/ about 100 payments all made on time.

I've had one account in collections for a hospital trip I took back in 2012 due to me not knowing anything about credit at that time. Once I found out about that collection dept I immediately paid it off late 2013 and it now shows up as paid in full.

I'm looking to put somewhere between 5-12k down for the down payment depending on how much I would need since I know the banks won't trust me much. I'm perfectly comfortable waiting and saving up more to reach that 12k I would need, but would really not want to put more than that as a down payment.

To sum it up, I would be financing somewhere around 28-35k for the car.
My annual income is about 25k w/ no "real" expenses such as rent due to myself living with my dad.

Any advice given would be great as I am really unsure how much I should be trying to put down. Thanks so much for reading all of this :) and I hope to get a response :D

PS. If I left out any important details that might help figure this out, I'll be sure to input the info later.

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You can't live a champagne lifestyle on a beer income. Take that money that you would use for a down payment and pay a good chunk of your student loans off. Get yourself a used vehicle to drive for a couple of years. Insurance rates would be extremely high on the new mustang and so would the payments. Also understand that the scores you get here are not used by auto lenders, they will use a version of FICO scores (most will use an auto version). Your income really isn't high enough and your debt to income most likely will not allow room for the car payment. Be patient and work hard and get yourself out of debt and in a few years you can get the car that you want.

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Thanks for you're response! Especially since you're like the top contributer so I know you've seen a lot of cases.

It's pretty much a harsh reality it seems due to my low income in which I can't really do anything about right now :/

From the advice so far, it seems the used car plan would be the best bet while working to get rid of my student loan debt. Again, it's not something I like, but I'm starting to see that it's more rational.

Thanks again for the help :)

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Are you Nuts?

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Lets do some what if's.

What if you Lose your Job Tomorrow?
What if you get hurt and can't work for 6 months?

What if your dad says you have to move out becuase you not paying him rent?  ( he should get something )

What if the car loan requires a co-singer which I'm sure it will.  Are you going to ask your Dad?  ( If he is a smart man he will never co-sign on any loan )

How much is that Car Insurance going to cost you? ( LOTS )

you have 17k in student loans that need to get paid off FIRST.   You have a CC with a 3K credit Limit,  how much do you owe on this account?

You Only Make  25K a Year.  You can't afford a new Car.

save up 5k to 8K and purcharse a nice USED CAR with CASH!   Use all your onther monies to Pay off your Student Loans ASAP.

Do you have a Budget Monthly Budget what you bring home and spend?

Google the 7 Baby Steps

or Dave Ramsey and start reading.

This is not what you wanted to hear, but you need to hear it and you need to act on it.

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First off, thanks for the response!

Some of the what-ifs are good points (like getting hurt or losing a job) along w/ the student debt part.

Just to clarify though, I worked out a deal w/ my dad to stay rent free. So technically it's not free, but yeah.  My Credit card w/ the limit of 3k only has like 100$ used on it because I do use it all the time and pay it off every month before the interest kicks in.

Going back to the student loans, I'm on a payment plan for them that I'm happy with (Payments around 150/mo.). I'm aware that it's best to pay it off as fast as possible to avoid interest, but I don't really see it as something I want to worry about everyday and only work todwards getting rid of that debt which is why I wanted to put money towards something I really like.

Finally, I did google the 7 baby steps and that put more things into a perspective.  (More so for the first few steps).

And you were right.. It's not what I wanted to hear, but I feel like getting advice from different perspectives will help me make a more rational choice than just a choice I want to make.

Thanks again for the help :)

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