Getting pre-approved for Mercedes-Benz financing may be easier than you think. However, it is still important to prepare, as this can help you have the most success. Mercedes-Benz of Asheville has three tips for you.
Boost Your Credit Score
Lenders will take a close look at your credit score before deciding to loan you money. Ideally, this should be in the range of “Good” or better, based on the criteria of the various credit bureaus. Not only will this make it easier to borrow money, but typically the better the credit score, the better the interest rate will be. This is why if your score is on the low side, consider doing things to increase it, such as paying off debt or looking for errors on your credit report and fixing them.
Plan to Supply a Large Down Payment
You can show lenders that you fully intend to make your payments on your vehicle by putting up a sizable amount for the down payment. While going with 20 percent is the general rule of thumb, aim higher if you can. Find out how much your older car is worth to determine how its value could boost your down payment.
Use a Co-Signer
If you don’t have the time to raise your credit score and can’t put up a lot for your down payment, a co-signer can be a big help. If this person has a good credit score, not only can this make it easier to get a loan, it may also give you a more favorable interest rate. Just remember that your co-signer will be on the hook for any payments that you might miss.
Begin the Mercedes-Benz Financing Process in Asheville, NC
If you’re ready to get the Mercedes-Benz financing process started, Mercedes-Benz of Asheville lets you do it from the comfort of your home. Fill out our online pre-approval application, contact us with any questions, and schedule a test drive today!
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