While Mercedes-Benz Financial Services doesn't specify on its website what credit scores are needed to qualify for financing, the company does note that not everyone will qualify for its special financing offers. You typically need excellent credit to qualify for its lowest starting APRs.
What is the credit score needed to finance a vehicle? Here are the Mercedes-Benz credit score tiers: 781 – 850: Superprime. 661 – 780: Prime.
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.”
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.
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.
Many brands and their dealers have programs that can help you get financed. 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.
To get an idea of how much car you can afford, a good rule of thumb is to pay no more than 35% of your annual pre-tax income. So, if you make $50,000 before taxes per year, your car purchase price should not exceed $17,500.
Mercedes-Benz (67% Leased)
Mercedes-Benz oil change costs can range anywhere from $180 to $450. However, keep in mind that the Mercedes-Benz oil change costs can vary depending on your specific vehicle so we suggest you give us a call at Call service Phone Number(877) 557-5299 for more specific information.
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.
There isn't one specific score that's required to buy a car because lenders have different standards. However, the vast majority of borrowers have scores of 661 or higher.
According to the FICO® scale, a tier one credit score ranges from 800 to 850 scoring points. Criteria may vary between lenders, but the FICO® scale is the most commonly used in the U.S.
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 credit does Mercedes-Benz use? Generally, Mercedes-Benz Financial Services determines loan eligibility by checking FICO® Auto Score 9, from Experian.
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.
The Wealthiest Buyers Have Cash to Spend
“But, now, when you look at the actual percentage of our customers and how many lease, finance, or pay cash, it comes down to 20% leasing, 20% financing, and the rest (60%) making a cash purchase.”
Mercedes-Benz vehicles are typically bought by folks who are after a blend of LUXURY, PERFORMANCE, and PRESTIGE. It's a brand that's long been associated with high status, sophistication, and engineering excellence.
A person making $60,000 per year can afford about a $40,000 car based on calculating 15% of their monthly take-home pay and a 20% down payment on the car of $7,900. However, every person's finances are different and you might find that a car payment of approximately $600 per month is not affordable for you.
The rule recommends making a 20% down payment on the car, taking four years to return the money to the lender, and keeping transportation costs at no more than 10% of your monthly income. As to how exactly it works requires some explanation.
Pros. May help you get the best terms: Dealers generally work with a limited set of lenders, who may not offer the ideal loan terms. In addition, dealers may add a markup to the annual percentage rate (APR) as compensation for arranging the loan. When you work directly with a bank, you won't have to worry about this.
In fact, most dealers LOVE leasing because it allows them to make more profit than a traditional car purchase.