With Mercedes-Benz financing, you can take home the luxury car you want and pay for it over time, and the first step in the process is to get pre-approved. What does this mean exactly?
The Pre-Approval Process
Getting pre-approved for financing means that you qualify for a loan. It involves filling out an online application and submitting it to the finance center. Things like your income and credit score will be looked at to determine your qualifications. If approved, a financing professional will contact you to discuss the next steps:
How Much Money You Want to Put Down
When financing a vehicle, it’s important to start with a good down payment. The more you have for this, the less you will need to borrow. This will also reduce the amount of money you will have to pay every month.
If You Have a Trade-In Vehicle
Do you have a current car you are looking to replace? This can provide funds that can be used toward your down payment, so it's worth finding out its value.
The Loan Term
The loan term is the length of the loan, and it’s important to choose this carefully. While you may want to pay it off quickly, the shorter the term is the higher your monthly payments. Conversely, the longer the loan, the more you will end up paying because of the interest rate.
Learn More Today!
If you have any questions about financing or getting pre-approved, feel free to contact Mercedes-Benz of Owings Mills.
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