It’s important to have all the information you need when planning to a major purchase. This is especially true with something like a vehicle. If you are planning to finance a Mercedes-Benz model, this guide goes over some key questions to ask about Mercedes-Benz financing.
How Does Financing Work Exactly?
Financing involves borrowing money to pay for your car. You will need to supply a down payment, and the rest will come from a bank or other financial institution. You will then pay back this money over time, plus interest.
How Much Should a Down Payment Be?
The more you can put down upfront, the less money you will need to borrow. A good rule of thumb to follow for a down payment is that it should be at least 20 percent of the car’s sales price. If you’re trading in a car, this could give you a sizable amount of money to use towards your down payment.
Can Any Type of Car Be Financed?
No matter which type of car you may have your eye on – new, pre-owned, or Certified Pre-Owned – financing is an option.
How Long is a Loan Term?
You’ll have a choice for how long you want your loan to be. If you want to pay it off quickly, you can choose a short-term, perhaps 12 or 24 months. Longer terms can be 72 or even 84 months.
It’s important to remember that the shorter the term, the more you will have to pay every month. Going with a four- or five-year term is generally the best idea.
If you have any other questions about financing you’d like answered, contact Mercedes-Benz of Wilkes-Barre. You can also get the process started by filling our out online application.
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