Applying for Mercedes-Benz financing is a simple process, and our team can walk you through any questions you have. Learn more about auto financing with our experts, then come into Mercedes-Benz of Lynnwood to find your new luxury car.
How Does Financing Work?
Financing is the process of applying for a loan to cover the full price of the car. During the term of your loan, your monthly payments will cover both the cost of the car, giving you partial ownership or equity, as well as interest payments. Choosing a shorter term will lead to a higher monthly bill but will reduce the amount you pay in interest in total.
Will a Car Loan Help My Credit?
Like all debts, taking on a new loan will drop your credit score in the short term, but may improve it in the long term. Regularly making monthly payments on time will build up a good credit history, but missing too many can have negative consequences. Your total debt, types of debt, and the length of your credit history also can affect how much your score goes up or down.
Should I Get a Co-Signer?
If you’re concerned about your credit history, you can add a co-signer to your application. This will make it easier for you to get approved, but make sure your cosigner understands the downsides before you sign anything. If you fall behind on your payments, that debt will damage your cosigner’s credit history as well as yours.
Apply for Mercedes-Benz Financing in Lynnwood, WA
Applying for financing can seem complex, but our expert finance team can answer any questions and walk you through the entire process. Visit Mercedes-Benz of Lynnwood and take one of our cars for a test drive, then talk to our team about Mercedes-Benz financing today!
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