With Mercedes-Benz financing, your rates can be a huge factor. In fact, they can significantly impact your payment and even the total amount you pay. Mercedes-Benz of Lynnwood is highlighting how the financing process works and how your rates are determined.
Review Your Buying Criteria
To start, you’ll have to apply for financing. Our financial experts will sit down with you to review your buying criteria, including your current employment and income, your housing info and mortgage/rent amount, and your other expenses. Then, we’ll submit that info to our trusted lenders.
Pull Your Credit
Your creditworthiness is one of the biggest factors that affect your financing rates. Lenders are looking for buyers who borrow money responsibly, which is reflected by a high credit score, and for buyers who have a low debt-to-income ratio. If you’re considered a low risk to lenders, you’re more likely to get better financing rates.
Decide Your Loan Parameters
A large down payment can help you demonstrate your buying power to lenders, because it can show you have expendable income. If you don’t have a down payment, you can also use your current vehicle as a trade-in if you have positive equity. It also helps to have a loan with a shorter term, because longer terms are more likely to have higher rates.
Consider the Vehicle
Lenders also look at the specific vehicle you’re purchasing. A new vehicle, for example, is more likely to have lower rates and may even come with incentives. If you want a pre-owned model, consider a Certified Pre-Owned vehicle for a lower rate.
Apply for Mercedes-Benz Financing in Lynnwood, WA
We can help you secure Mercedes-Benz financing with attractive rates. All it takes is a quick chat with our financial team. Visit Mercedes-Benz of Lynnwood to get started today!
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