You know you want a new Mercedes-Benz vehicle, but navigating the world of Mercedes-Benz financing can be confusing. Here at Mercedes-Benz of Annapolis, we want to make sure you know your options so that you can create a deal that works for you, so you can drive off in your new ride. Read through to learn how to craft the best Mercedes-Benz financing deal
Mercedes-Benz Financing 101: Down Payments and Credit Score
When you finance a new Mercedes-Benz vehicle, you are essentially getting a loan to pay for the vehicle that you will pay off over time. The type of loan you are able to get highly depends on your credit score and the amount of money you put down.
If you make a large down payment on your vehicle, typically a few thousand dollars, you may be offered a larger term to pay off your car, and less interest. However, a lot of this also depends on your credit score. Your credit score is essentially a number that lets the dealership know how likely you are able to pay off the vehicle. A high credit score, anything more than 700, is a good indicator. If it is less, you need to look into other options.
Mercedes-Benz Financing 101: Cosigners and Trade-Ins
If your credit score is low, you may consider having a cosigner. Basically, a cosigner is someone who agrees to take on your vehicle’s payments should you default on them. A cosigner is usually a parent, grandparent or spouse.
You can also trade in your old vehicle and have its value go towards your new vehicle. Here at Mercedes-Benz of Annapolis, our finance team is dedicated to help you build the best deal. We will offer you the best value we can for your vehicle, and get you inside of a new Mercedes-Benz vehicle today.
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