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Hey all,

Need some advice. This will be the first car I've ever financed. I do not want to go above $16,000 as I'd like to have enough in the bank to pay it off immediately if need be.

I see every bank advertising low interest rates, particularly my local credit union. I applied for financing, and they kicked back what I felt was a very high rate (6.79%) on a 2012 GTI. I have excellent credit (and history, just not automotive financing) and make a healthy amount. I went ahead to Carvana just to see what their financing was like, and received almost 10%!

Am I doing something wrong on the app? Or is this because it's my first financed car and there's no history to back that up?
Could be a lot of different variables to be honest.The rates do seem a little high but again without knowing your score or your credit history it's tough to know what is marking it up. Best thing you can do is see what other places have to offer you. I usually always go to my bank and get an interest rate quote and then see if the dealership can do better.
 
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