At Mercedes-Benz of Annapolis, we believe the Mercedes-Benz financing process should be smooth and easy, so you can focus on picking out the right car for the next great adventure. That’s why we’re sharing the top tips on what not to do during the vehicle financing process.
Ignoring Your Credit Score
Your credit score is one of the most important factors to consider during the vehicle financing process. It indicates to lenders how reliable you likely will be with making payments, which is why drivers with higher credit scores typically receive more favorable term options. You want to check your credit score early on, so you know what kind of vehicles will be available to you.
Not Setting a Budget
Setting a budget doesn’t have to be stressful. It’s simply a way to narrow your search and make sure you’re picking out the right vehicle for your lifestyle. You don’t want to fall in love with a car, only to realize there’s no way to take it home. One of the best guidelines for setting a budget is the 20/4/10 rule, which recommends a 20% down payment, a four-year term length, and a monthly transportation budget of no more than 10% of your monthly income.
Not Considering Pre-Owned Vehicles
Pre-owned vehicles are less expensive than brand-new cars, which means a lower down payment, lower monthly payments, and smaller in-between costs. When you consider pre-owned vehicles, you’ll have a lot more options to pick from. Creating your budget will help you determine whether a pre-owned model is right for you.
Apply for Mercedes-Benz Financing in Annapolis, MD
No matter what your vehicle financing needs may be, Mercedes-Benz of Annapolis is here to help. Learn about your options and test-drive Mercedes-Benz models at our dealership with support from our team.
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