You want a new Mercedes-Benz vehicle, but something big is standing in your way: Mercedes-Benz financing. Getting pre-approved is important when financing a vehicle, but it’s equally important to do it right so that you can drive away in your new Mercedes-Benz vehicle.
Here at Mercedes-Benz of Annapolis, we are devoted to making sure you know the ins and outs of Mercedes-Benz financing. Keep reading to learn everything you need to know about the process!
Mercedes Finance 101: Getting Approved
Getting approved depends on your credit score. Before coming in to finance a new car, you should learn your credit score. A good credit score is around 720, but the higher the better. If it’s lower than 720, don’t panic! There are still several things you can do to help get approved.
The first thing you can do is make a large down payment. A large down payment means that you don’t have to borrow as much money to pay for your vehicle. This also means that you won’t have to make as large of monthly payments.
The next thing you can do is trade in your old vehicle. If you no longer owe money on your current vehicle, trading it in can be a big boost to the down payment for your next car.
You can also have a co-signer. A cosigner is somebody you know with a higher credit score who will sign onto the vehicle with you. If you stop making payments, the cosigner will take over your payments. Typically, it’s a friend or family member that cosigns on a vehicle.
At Mercedes-Benz of Annapolis, we want to make sure you are getting the best deal possible for your next vehicle. Stop in today to learn how we can help you get in the driver’s seat of your next Mercedes-Benz vehicle.
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