We pride ourselves on a seamless Mercedes-Benz financing process at Mercedes-Benz of Silver Spring. However, financing isn’t right for everyone. We encourage you to ask a few questions first to shop with confidence.
What’s My Credit Score?
Your credit score can be a major factor when applying for financing because it affects your interest rate. It’s important to know your credit score to see how your payments will be impacted.
What’s My Interest Rate?
You must pay your lender interest, in exchange for lending you the loan. The lower the interest rate is, the better.
What Will My Payments Be?
Before buying, it’s important to know exactly what you’ll be paying each month so that you can make sure that it’s within your budget. Generally, we recommend that buyers keep their auto expenses under 10 percent of their take-home pay. This includes your auto insurance, maintenance, and fuel costs.
How Will a Down Payment Affect My Terms?
A down payment can be a huge asset when financing a new vehicle. It demonstrates your buying power to lenders and also reduces the amount you need to finance, which shrinks your monthly payments. It’s a good idea to see how your down payment can impact your loan.
Should I Lease Instead?
If you’re looking for lower monthly payments, you may want to consider leasing. Plus, leasing is a convenient way to upgrade your vehicle every few years to have the latest design and features.
Apply for Mercedes-Benz Financing in Silver Spring, MD
Are you ready to apply for Mercedes-Benz financing? Do you still have questions? Stop by Mercedes-Benz of Silver Spring to chat with our team or get started today!
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