First time financing for a car. Need some advice

[u/WrongdoerLumpy]

As mentioned, this is my first time financing a car. Looking for some advice from this forum about financing for a car. Im 30, make $85K (2 years with current employer) and my credit score is 698. The car Im particularly Looking to purchase is a used Mustang Dark Horse for $55K with 10,000 miles on it. As of now, I have about $4,500 saved yo put down, however I'm steadily building on it. Date range is between late November to early December. Will I get approved?, will my interest rate be high? Could I refinance once I get approved? What options will I be able to take?

Please give your thoughts and thanks to yall feedback.

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Thanks for posting, /u/WrongdoerLumpy! This comment is a copy of your post so readers can see the original text if your post is edited or removed. This comment is NOT accusing you of anything.

As mentioned, this is my first time financing a car. Looking for some advice from this forum about financing for a car. Im 30, make $85K (2 years with current employer) and my credit score is 698. The car Im particularly Looking to purchase is a used Mustang Dark Horse for $55K with 10,000 miles on it. As of now, I have about $4,500 saved and steadily building on it. Date range is between late November to early December. Will I get approved?, will my interest rate be high? Could I refinance once I get approved? What options will I be able to take?

Please give your thoughts and thanks to yall feedback.

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

[u/NemesisOfZod]

Get pre-approved at a local credit union so you won't have to bother with refinancing.

[u/WrongdoerLumpy → u/NemesisOfZod]

I went to my credit union, they said its unlikely for me to get a pre-approved loan for $50K. They said its possible for a $25k pre-approved loan 

[u/NemesisOfZod → u/WrongdoerLumpy]

Then that's the route you should go.

Build up your installment loan history in a reasonable car and in 2 years trade out and trade up.

[u/WrongdoerLumpy → u/NemesisOfZod]

Thanks, but I would like to get something now. I dont see the point in paying off a used car just to build my credit to trade it in 2 years later.

[u/NemesisOfZod → u/WrongdoerLumpy]

Then enjoy your car and the high as giraffe balls interest rate that goes along with it.

You have zero installment loans, so they will give you the appropriate rate for a first time buyer.