topic Re: Mercedes Benz Financing Approval Odds in Auto Loans

Mercedes Benz Financing Approval Odds

Anonymous — Wed, 21 Oct 2020 13:06:55 GMT

Looking to finance a 2020 G-Wagon. Previously had a 2012 that was totaled by a valet driver in my previous building. From what I understand MBF pulls TU 8. I just started building credit October 2019. Purchased a 360k home in April 2020 and July 2020 financed a car for my mother with a balance of 17k.

Fico 8 scores: TU 707 EXP 704 EQU 679

Annual Income 200k

22k limit over 5 credit cards (two which I'm an authorized user) UTI 10%

12 recent inquiries from financing that car in July 2020.

Re: Mercedes Benz Financing Approval Odds

Harvey26 — Wed, 21 Oct 2020 16:33:50 GMT

@Anonymous I mean at first looks you would probably get approved but your income maybe an issue. G-Wagon price is normally arround 100K and your financing something that half of your gross income. You probably would have a pretty significant DP if you try to finance you may have better luck leasing it or just looking at something a bit cheaper. But you can always reach out to a dealer and have then run the application and see if you get approved or not.

Re: Mercedes Benz Financing Approval Odds

Anonymous — Wed, 21 Oct 2020 17:16:11 GMT

Thanks. That's good to know my ex fiancée financed the previous one with a 780 credit score and no mortgage and made around the same back then. I'll give it a shot since I thought the 2012 would be my forever car. I also have 2018 Audi Q3 with no payments. I'm also willing to put down 20k leftover from the insurance payout of the 2012.

Re: Mercedes Benz Financing Approval Odds

Harvey26 — Wed, 21 Oct 2020 18:08:18 GMT

@Anonymous Personally I would keep the 20K and Q3 with no payments and it get your scores up some more to improve approval odds.

Re: Mercedes Benz Financing Approval Odds

Anonymous — Fri, 23 Oct 2020 16:38:44 GMT

Update: I was approved today for financing or lease of my choice 2020 or 2021 Tier A. TU 707

Re: Mercedes Benz Financing Approval Odds

Gladius — Fri, 23 Oct 2020 16:58:26 GMT

@Anonymous wrote:
Update: I was approved today for financing or lease of my choice 2020 or 2021 Tier A. TU 707

Congratulations! Is that your Auto score or normal Fico? I'm actually looking to finance or lease (15k miles/year) a C63S AMG next year possibly.

Re: Mercedes Benz Financing Approval Odds

Anonymous — Fri, 23 Oct 2020 17:10:52 GMT

FICO 8 my auto score is 21 points lower.

Re: Mercedes Benz Financing Approval Odds

Anonymous — Sat, 24 Oct 2020 00:57:39 GMT

Congrats! G-Wagon is my ultimate dream ride.

Re: Mercedes Benz Financing Approval Odds

Anonymous — Thu, 05 Nov 2020 02:35:36 GMT

Congratulations did they tell you when the 2021 would be available and did they require a down payment?

@Anonymous wrote:
FICO 8 my auto score is 21 points lower.

Re: Mercedes Benz Financing Approval Odds

355F1 — Thu, 05 Nov 2020 05:39:16 GMT

Was the loan over $100k?

That is where interest rates seem to rise and most banks won't lend above.

Obvouisly, manufacturer finance will.