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Mercedes Benz Financing - Rookie needing help

Regular Contributor

Mercedes Benz Financing - Rookie needing help

i'm on the road to buying my first car

 

my fico8 TU/EQ/EX scores are all 700+

annual income 140,000

looking to finance

have probably 10% of MSRP to down

I never had an auto loan before

my credit util is currently 22%

 

should i go with MBFS?

 

where do i begin?

 


Gardening until 08/2017!
3 REPLIES
Contributor

Re: Mercedes Benz Financing - Rookie needing help

with your score's, income, and down payment you should be able to obtain some sort of financing. A question I would have is what kind of vehicle are you looking for as far as price range. You might have a difficult time if you are trying to purchase a higher priced vehicle...considering you have never financed an auto before as lender's will have a hard time justifying the loan with no comparable credit. You might try applying for financing at a few CU's such as DCU, Navy, Penfed and see where you stand before going to the dealership. I have seen many instances of customer's who have great scores, but their profile only consists of student loans, and a few credit's who have trouble getting financing on a vehicle because of their thin profile and limited credit experience in terms of auto loan's.

AMEX BCE ($39,500) CITI AAdvantage ($17,000) Region's Platinum Card ($14,400) Discover IT ($13,000) Macy's ($8,500) Chase FU ($10,000) TU:768 EX: 767
Message 2 of 4
Established Contributor

Re: Mercedes Benz Financing - Rookie needing help


SEMO wrote:

with your score's, income, and down payment you should be able to obtain some sort of financing. A question I would have is what kind of vehicle are you looking for as far as price range. You might have a difficult time if you are trying to purchase a higher priced vehicle...considering you have never financed an auto before as lender's will have a hard time justifying the loan with no comparable credit. You might try applying for financing at a few CU's such as DCU, Navy, Penfed and see where you stand before going to the dealership. I have seen many instances of customer's who have great scores, but their profile only consists of student loans, and a few credit's who have trouble getting financing on a vehicle because of their thin profile and limited credit experience in terms of auto loan's.


+1 If u are lets say trying to buy a Benz for say 50K u might have a problem as SEMO mentioned u have never financed a car with that price before.

Message 3 of 4
Valued Contributor

Re: Mercedes Benz Financing - Rookie needing help

If you go to the Mercedes dealership they will likely get you financed. However, they will likely 'shotgun' your application to all the lenders they work with which will result in many inquireies. Granted for scoring purposes they will count as one inquiry for your score, they will still be there.

 

If you do not belong to a credit union, try PenFed credit union. They will do one pull of your credit and look at your EQ 09 score. The beneficial thing is that this one credit pull will get you into the credit union, auto financing and other various credit products (credit card, PLOC).

 

Give them a call if you have questions, they have been great for me.

 

So, get your financing arranged prior to the dealership to make the process easier for you.

 

If you have other car buying questions, many here have either sold cars or bought more than their share of cars over the years.

Message 4 of 4