Apply For An Mercedes-Benz Auto Loan From Your Home
We are committed to helping you get behind the wheel of the new or pre-owned vehicle that you are searching for. Bad credit or no credit, don't hesitate to try our online finance application.
What is the credit score needed to finance a vehicle? Here are the Mercedes-Benz credit score tiers: 781 – 850: Superprime. 661 – 780: Prime.
It's definitely possible to get approved for financing with a 500 score, but you'll likely get a higher interest rate. Coming in with a larger down payment can help, as will having a co-signer.
Calculating Your Down Payment
While every situation and every vehicle is unique, in general, financial buying experts recommend paying around 20% of the full cost of a new auto as a down payment.
Lucky for you, there are many no-credit dealerships ready to make a deal, and if you have as little as $500 down, you can get a car.
It's actually easy to get approved through Mercedes-Benz finance programs. Most car manufacturers are eager to help their customers build or rebuild their credit by offering financing programs and deals exclusively through Mercedes-Benz dealerships.
Automakers such as Ford, Kia, and Hyundai are known for working with borrowers who have lower credit scores. In addition, CarsDirect has a network of dealers that specialize in bad credit car loans whether you're considering a new or used car.
In general, you should strive to make a down payment of at least 20% of a new car's purchase price. For used cars, try for at least 10% down. If you can't afford the recommended amount, put down as much as you can without draining your savings or emergency funds.
If you want to take out an auto loan with bad credit or no credit, the majority of subprime lenders will require a down payment of 10% or $1,000, whichever is greater.
The ease of getting a Mercedes Benz finance deal depends on several factors. It's generally easier for people with good credit, stable income, and a manageable debt-to-income ratio.
Special 3.49% APR financing for 72 months applies to Mercedes-Benz Model Years 2022 and 2023 Certified Pre-Owned (“CPO”) EQB and EQS, Model Year 2023 EQE. Special 4.24% APR financing for 36 months applies to Mercedes-Benz Model Years 2021, 2022 and 2023 Certified Pre-Owned (“CPO”) C-Class, E-Class and GLC.
The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.
What credit does Mercedes-Benz use? Generally, Mercedes-Benz Financial Services determines loan eligibility by checking FICO® Auto Score 9, from Experian.
Mercedes-Benz Financial Services provides finance, lease and insurance services for the dealers and customers of Mercedes-Benz cars and vans.
Payment Amount
For example, for a car price of $20,000, a down payment of $4,000, a loan amount of $16,000, a loan term of 48 months, an annual interest rate of 5%, and a start-of-period payment method, your payment amount would be $366.94. You would be paying this amount each month for your auto loan.
Buying a Car with Bad Credit But a Large Down Payment
The bad news is there's no down payment alone that can offset bad credit. Instead, you'll need to prove to the lender that you can afford the monthly payments. The good news is that you have options! One route is to apply for in-house auto financing.
If you are offered a 2% interest rate for three years (or 36 months), 3% for four years (48 months), 4% for five years (60 months), and 5% for six years (72 months), your monthly payments for a $40,000 loan will be as follows: Three years – $1,146. Four years – $885. Five years – $737.
Every lender sets its own requirements for zero-down-payment deals, if they offer them at all. Generally, the credit score needed to buy a car is at least 661 whether you make a down payment or not.
Buying a Car After a Repossession Is Possible
Paying cash, saving up a large down payment, choosing an inexpensive used car, getting a cosigner, or using dealer financing can help you get back behind the wheel.
The Honda Fit, Subaru Impreza, Honda Civic, Kia Forte, and Toyota Corolla are all good if you're looking for a small car. For larger sedans, CR recommends the Ford Fusion, Toyota Camry, Honda Accord, and Kia Optima or Kia K5 and Nissan Altima.
Mercedes vehicles have demonstrated unwavering reliability over time. The company has consistently met customer expectations in terms of vehicle performance. Be it the horsepower of the engine, fuel efficiency, or the overall mechanical performance, you can place your trust in your investment.
As a general rule of thumb, experts suggest you aim for at least a 20% down payment for a new vehicle purchase and at least 10% on a pre-owned vehicle. Keep in mind, you can also apply your trade-in's value to your down payment.
Mercedes-Benz E-Class
“With monthly payments estimated at around $1,400, a prospective owner would need an annual income of about $168,000, ensuring the car payment is a manageable portion of their income.”