The Mercedes-Benz financing process doesn’t have to be overwhelming. Here at Mercedes-Benz of Owings Mills, we take a personal approach to the new vehicle purchasing process, which includes creating a financing plan that works for you. Learn about new vehicle financing options, like purchasing in cash or paying over time, at our dealership today.
Comparing Financing Options at Mercedes-Benz of Owings Mills
You have two main options to pick from when it comes to buying a car. You can either pay over time, known as financing, or you can hand over the complete payment the day of purchase, also known as paying in cash. Here’s a closer look at the benefits and draw backs of each option.
Paying Cash
When you pay for your new Mercedes-Benz vehicle in cash, you’ll likely save money over time. That’s because you won’t need to account for accrued interest costs that can really add up. You also won’t need to worry about your new car affecting your credit score, since there’s no chance of a missed payment.
There are often fewer incentives available for cash payments, however, and when you purchase with all cash, you’ll have less money in your own savings, which can be dangerous.
Financing Over Time
One of the biggest benefits of financing your Mercedes-Benz vehicle over time is that you don’t have to wait to bring home a car you love, since you won’t need to save up the entire amount. More specials are available to drivers who finance, but you will need to account for accrued interest costs and the potential credit hit if you miss a payment.
Over time, paying off your financed vehicle can help to boost your credit score, and can even net you financial rewards, like cash back.
Learn more about the new vehicle financing process right here at Mercedes-Benz of Owings Mills. Schedule a financing appointment with our expert team and take your first test drive today.
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