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Mercedes Benz Financial question

New Contributor

Mercedes Benz Financial question

DH and I plan to order our amg 63s from Mercedes dealership in December 2021 and delivery/financing will be March 2022. Total price to build with tax is $120k. We will put $30k down and finance $90k. Our combined income is $170k. DH eq fico is 775 and my eq fico is 655. Our combined dti is currently 22% (includes mortgage, no auto payments). We paid off a $65k bmw auto loan 1 year ago. Hope our auto financing scores will be higher. 


My questions are:


1. Do you think Mercedes financial will take the higher credit score, 775, or go with the lower score, 655? we want to get lowest rate we can.

2. Do you think there will be a chance for us to get approved for this $90k financing with our income? With this new auto payment dti will be about 32%.
3. I have a few paid charge offs and paid collections from 2019 on my credit. Scores are about 655 all accross.  Will this impact our interest rate?


Thank you for your help!

Message 1 of 2
Frequent Contributor

Re: Mercedes Benz Financial question

Yes, Mercedes' captive lender MBFS will take the higher score.

Approval for 90K should not be an issue as the down is about 25% of the loan. Down payments have a way of making low scores go away.

If you do not qualify for Tier 1 the dealer can pull their "internal dealer cash" to buy down the rate if they want to make the sale at Tier 1....

Message 2 of 2
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