topic Re: Mercedes Auto Loan in Auto Loans

Mercedes Auto Loan

daisyduke — Fri, 31 Jul 2009 00:19:30 GMT

I called a local dealership finance dude a couple of days ago. I asked him which Score he will use, he said the highest one...he told me that they do not use auto enhanced (this would help me so very much if they did, i will have two paid car loans on my belt come December, all positive,never late for $15 K each well one is going to be a lease...). He told me not to worry and that Mercedes approves scores at 550...i am above that, but I am wondering what kind of rate I would get on a preowned car. TU Fico is at 579 and EQ Fico is 640. TU will be going up a few points soon b/c a collection will be removed...so let's say by december 600 for TU....honestly, what kind of used car loan rate I am really looking at?

I did search the board for Auto approvals. After page 18 and nothing on Mercedes....i've given up.

Any help or info would be appreciated...

Re: Mercedes Auto Loan

Anonymous — Fri, 31 Jul 2009 02:15:31 GMT

Hi,

Im in california and Mercedes pulls TU only here. I was told a score of 700+ would get the best deal.

Not much help, but I walked in the dealership and that's what I was told.

Kris

Re: Mercedes Auto Loan

ocheosa — Fri, 31 Jul 2009 02:18:54 GMT

@daisyduke wrote:
I called a local dealership finance dude a couple of days ago. I asked him which Score he will use, he said the highest one...he told me that they do not use auto enhanced (this would help me so very much if they did, i will have two paid car loans on my belt come December, all positive,never late for $15 K each well one is going to be a lease...). He told me not to worry and that Mercedes approves scores at 550...i am above that, but I am wondering what kind of rate I would get on a preowned car. TU Fico is at 579 and EQ Fico is 640. TU will be going up a few points soon b/c a collection will be removed...so let's say by december 600 for TU....honestly, what kind of used car loan rate I am really looking at?

I did search the board for Auto approvals. After page 18 and nothing on Mercedes....i've given up.

Any help or info would be appreciated...

The rate is going to hurt. Maybe you could look into a loan from from a local credit union for the car? Please know MB is not a cheap car, it costs as much for the upkeep as it did for the car. I have a 2007 ML350 purchased new. And I have tier 1 credit. Make sure you are comfortable with the upkeep.

Re: Mercedes Auto Loan

ocheosa — Fri, 31 Jul 2009 02:26:53 GMT

@Anonymous wrote:
Hi,

Im in california and Mercedes pulls TU only here. I was told a score of 700+ would get the best deal.

Not much help, but I walked in the dealership and that's what I was told.

Kris

Correct. If I understood correctly, there is different pricing when you get into the more costly models. Tier 1 is 720+

Edit to Add - OP seems they may be a bit more lenient these days. OP check out this post. The car mentioned is not that expensive.

http://ficoforums.myfico.com/fico/board/message?board.id=autoloans&thread.id=7515

Message Edited by ocheosa on 07-30-2009 07:26 PM

Re: Mercedes Auto Loan

daisyduke — Fri, 31 Jul 2009 10:38:05 GMT

I think my answer is if I can't get the good financing rate on my own, i'll just get a co signer to qualify then.....if my score isn't better by December....not a member of any credit unions yet, but i found one. I could maybe be a member of PenFed b/c my deceases step father did serve in the miltary....