If you want to buy a luxury vehicle, Mercedes-Benz financing can help. Financing can be truly beneficial, if it’s done in the right way. Our financial experts at Mercedes-Benz of Silver Spring can help. Our team is reviewing some common errors to avoid making during the process.
Not Checking Your Credit Report
Without a good credit score, you may get a high interest rate. It’s important to check your credit report first to see if there are any issues that need to be addressed.
Not Getting Pre-Approved
There’s a simple way to avoid any surprises at the dealership. By getting pre-approved, you can get an idea of your rates and terms before you visit the dealership.
Looking for the Lowest Payment
It’s easy to get swayed by low financing payments. However, it’s important to look at the big picture, including the total cost, fees, and interest rates. Long loan terms with low monthly payments will lead to larger interest payments over time.
Rolling Over a Large Sum
If you trade in your existing vehicle before it’s paid off, you’ll have to pay it off first, or you can roll the remainder into your new financing plan instead. While this can be beneficial, you don’t want to overextend yourself, because you’re instantly adding negative equity to your new car.
Skipping the Down Payment
Down payments are incredibly beneficial when financing a Mercedes-Benz vehicle, because they allow you to borrow a lower amount, thus reducing your monthly payments and overall interest. Experts recommend placing a down payment of at least 20 percent of the vehicle’s value.
Apply for Mercedes-Benz Financing in Silver Spring, MD
Financing can be beneficial, if it’s done right. Our team is happy to help. Visit Mercedes-Benz of Silver Spring to apply for auto financing today!
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