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Navy Federal & Mercedes Benz Financial

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Buildingmylife
New Member

Navy Federal & Mercedes Benz Financial


Hey everyone. I'm looking for some insight. I'm looking to finance two new 2023 Mercedes sprinters out the door at about 90k each.
they have already been ordered from the dealer and scheduled for April/May delivery. My fico 8 scores are 730 experian, 746 TransUnion, 741 equifax. Fico 8 Auto are 720 experian, 761 TransUnion, and 744 Equifax.
No negatives on my report. One 31k auto paid off. Currently have 49k auto loan reporting positivly at 41k for a year and a few months. Value is about 42k-46k. DTI under 10% without the vehicle. Will trade it in if push come to shove on approval. Income 100k self employed with LLC. Willing to PG 1 or 2 through the business or both in personal. What do you think my approval odds are?

4 REPLIES 4
pizzadude
Credit Mentor

Re: Navy Federal & Mercedes Benz Financial


@Buildingmylife wrote:

Hey everyone. I'm looking for some insight. I'm looking to finance two new 2023 Mercedes sprinters out the door at about 90k each.
they have already been ordered from the dealer and scheduled for April/May delivery. My fico 8 scores are 730 experian, 746 TransUnion, 741 equifax. Fico 8 Auto are 720 experian, 761 TransUnion, and 744 Equifax.
No negatives on my report. One 31k auto paid off. Currently have 49k auto loan reporting positivly at 41k for a year and a few months. Value is about 42k-46k. DTI under 10% without the vehicle. Will trade it in if push come to shove on approval. Income 100k self employed with LLC. Willing to PG 1 or 2 through the business or both in personal. What do you think my approval odds are?


Does NFCU even offer biz financing for auto loans ?   Haven't looked to see if they do but I'd honestly be surprised, given their lackluster support for Biz customers in general. 

 

Assuming that you're financing these personally, will your income / DTI support 3 auto payments ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 5
Buildingmylife
New Member

Re: Navy Federal & Mercedes Benz Financial

They do actually. 2 or 3 options, but getting on the business side with them is a lot more of a lengthy process. One option is the same as the personal auto financing only valid for sedans & SUVs type cars. non commercial vehicles basically (cargo vans, passengers van, trucks, trailers). Second is commercial vehicles, but you have to put down 20% on new vehicles and 25% on used vehicles. And I believe the last option might just be equipment financing. But I would have to double check.

Message 3 of 5
Buildingmylife
New Member

Re: Navy Federal & Mercedes Benz Financial

Yes, income would rise to about 25k-30k a month. Or if not I would get rid of the current vehicle to support the 2 new ones. The new vehicles are a game changers and will allow me to service more clients. But my current bottle neck in income is because I don't have the new vans.

Message 4 of 5
Spotsy
Frequent Contributor

Re: Navy Federal & Mercedes Benz Financial

There is another thread here that talks about someone getting business financing for automobiles through Regions Bank and a company called Ascentium...might be an option?

 

https://ficoforums.myfico.com/t5/Auto-Loans/Tesla-Model-X-autoloan-approved-but-55k-down/td-p/663010...

FICO 8: TU:831 / EQ:837 / EX:827 as of 12/25/2023
Message 5 of 5
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