For drivers across the country looking to purchase a high-performing luxury auto without breaking the bank, Mercedes-Benz financing offers an array of simple and economical payment solutions. But just how much should be paid upfront when applying for a financing package? Courtesy of Mercedes-Benz of Lynnwood, here’s a simple guide to everything you need to know about down payments.
How a Down Payment Affects Financing Terms
At Mercedes-Benz Lynnwood, you may find out about special promotions offering low down payments for certain car models. This can be used as a significant advantage while car shopping, allowing you to afford a more luxurious or newer vehicle than you might be able to under normal circumstances. However, it’s important to remember that a down payment has significant implications for the other terms of a financing package. Paying less up-front as a down payment typically requires higher monthly payments or a longer-term loan and may not be available to those with poor or scant credit history.
Calculating Your Down Payment
While every situation and every vehicle is unique, in general, financial buying experts recommend paying around 20% of the full cost of a new auto as a down payment. As a pre-owned Mercedes-Benz vehicle has other factors affecting its long-term value, a lower down payment amount is usually acceptable compared to a new model, with 10% striking a good balance for this investment. In general, the more that can be paid up-front, the better a deal you’ll end up securing on your new ride.
Apply for Mercedes-Benz Financing in Lynnwood, WA
All it takes is a little careful financial planning and a consultation with our sales team for you to find a Mercedes-Benz financing package that works for you and your budget. Contact Mercedes-Benz of Lynnwood today to learn about current financing promotions or to schedule a test drive!
Categories:
Finance
AdChoices