Can I get car finance on a Mercedes Benz?
Always wanted a Mercedes Benz? Car finance can make that dream an affordable reality. We’ve answered your FAQs to help make the journey as smooth as possible.
Can I get car finance on a Mercedes Benz?
Yes, you can indeed get car finance for a Mercedes Benz. A Mercedes is a dream car for many, so it's a popular choice for financing. It's an affordable option for those looking to drive home in a luxurious vehicle without paying the entire cost upfront.
When it comes to financing your dream Mercedes, we offer a variety of options tailored to your needs. You may prefer the structure of a Hire Purchase (HP). Or, you might like the flexibility of a Personal Contract Purchase (PCP). Or, you might prefer the simplicity of a personal loan. The choice is yours!
The best option for you depends on what you want at the end of your agreement, and your current finances.
How does Mercedes Benz finance work?
Mercedes Benz finance works just like other car finance deal. You borrow money from a lender to buy the car and then repay the loan amount, plus interest over an agreed-upon period. Your options include:
Hire Purchase (HP): With HP, you start by making an initial deposit and then proceed to make fixed monthly payments. Once you've completed all the payments, the car becomes yours. HP agreements are simple. They are ideal for people who want to own their vehicle eventually.
Personal Contract Purchase (PCP): Unlike HP, PCP involves lower monthly payments, making it an attractive option for many. But, there's a larger final payment if you decide to keep the car at the end of the agreement. PCP is suitable for those who enjoy changing their vehicle every few years.
Personal Loan: With a personal loan, you borrow the money needed to buy the car outright and then repay it gradually. This option offers immediate ownership of the vehicle, providing flexibility. But, it's essential to note that interest rates for personal loans may be higher compared to other types of loans.
Not sure which is right for you? Don’t worry, once you apply, your dedicated account manager will help you make the best decision for your circumstances.
Is Mercedes Benz Finance easy to get?
The ease of getting a Mercedes Benz finance deal depends on several factors. It's generally easier for people with good credit, stable income, and a manageable debt-to-income ratio. But, it's not necessarily out of reach for those with less-than-perfect finances.
Our lenders assess each applicant's finances individually. They consider factors such as credit score, job status, income, and existing debt. If you meet the lender's criteria and show you can repay the loan, getting Mercedes Benz finance should be straightforward.
There are things you can do to make your application more attractive to lenders. These include putting down a larger deposit, and using a guarantor who agrees to pay your loan if you can't.
Have you been declined for Mercedes Benz finance?
If you've been rejected for Mercedes Benz finance, don’t be discouraged. Rejections can happen for various reasons, ranging from a low credit score to insufficient income or high debt levels.
However, a rejection doesn't mean that you won't be able to get financing elsewhere or at a later time. We work with lenders who could offer you a great deal, even if you've been refused car finance elsewhere.
But before you apply again, it's worth taking proactive steps to improve your credit score and reduce any existing debts.
Can I get Mercedes Benz finance with bad credit?
While getting Mercedes Benz finance with bad credit may be more challenging, it's not necessarily impossible.
At Car Finance 247, we work with trusted lenders who specialise in bad credit car finance. They could help you find a great deal, even if your credit score needs work. Just be aware that a lower credit score can mean higher interest rates and potentially stricter terms.
To boost your chances of a successful application, try to improve your credit score where possible. Showing that you have a stable income can help. So can evidence of making timely repayments. This can improve your chances of getting Mercedes Benz finance, even if you have bad credit.
Can I get used Mercedes Benz car finance?
Yes, you can certainly finance a used Mercedes Benz. In fact, financing a used vehicle has several advantages. Often, they can have lower prices and depreciation than brand-new models.
The same finance deal for new cars applies to used ones too. Many lenders offer financing options for both new and used vehicles, allowing you to choose the option that best fits your budget.
What credit score do you need for Mercedes Benz car finance?
This depends on the lender, and also varies by the specific financing option you're considering. In general, a higher credit score boosts your odds and gets you better terms and lower rates.
However, there isn't a specific credit score threshold set in stone for Mercedes Benz finance. Lenders consider many factors beyond credit scores. They look at income stability, job history, and debt-to-income ratio when looking at your application.
While a good credit score helps, people with lower credit scores could still qualify for financing with a specialised lender.
Can I pay off my Mercedes Benz finance early?
Yes, you can usually pay off your Mercedes Benz finance early. But, the terms may vary by the lender and the agreement.
Paying off your finance early could help you save on interest payments and potentially own the vehicle outright sooner. However, make sure you check with your lender first to see if there is an early repayment fee to pay.
Mercedes Benz PCP finance or HP finance, what is best for me?
Deciding between Personal Contract Purchase (PCP) and Hire Purchase (HP) finance depends on your preferences, finances and long-term goals.
Personal Contract Purchase (PCP): PCP typically offers lower monthly payments compared to Hire Purchase (HP). With PCP, you pay a deposit upfront, followed by fixed monthly payments. At the end of the term, you can choose between three options. You can return the car, buy it by paying a final balloon payment, or use any equity for a new vehicle. PCP is best for people who enjoy changing their cars frequently and want the flexibility to upgrade to a new model every few years.
Hire Purchase (HP): HP finance involves spreading the cost of the vehicle over fixed monthly instalments. You then own the car at the end of the agreement. Monthly payments may be higher than with PCP, but you get the car. This option is ideal for those who prioritise outright ownership and prefer to keep their vehicles for longer periods.
Ultimately, the best choice between Mercedes Benz PCP finance and HP finance depends on what you’re looking for. Consider factors such as monthly budget and how long you want to own the car. Also, think about flexibility and future car upgrade plans. These will help you find the financing option that best fits your needs.
Mercedes finance eligibility checker
To be eligible for Mercedes Benz finance, you’ll need to meet certain criteria set by the lender. While specific eligibility requirements may vary, common factors considered include:
Good credit history: Lenders prefer applicants who have a solid credit history. This includes examples of responsible borrowing and timely debt repayment.
Stable income: A steady source of income helps reassure lenders of your ability to make monthly payments on the financed vehicle.
Manageable debt-to-income ratio: Lenders want to see that your debts are reasonable compared to your income.
Employment status: Lenders may require proof of stable employment or income to assess your ability to repay the loan.
Residency status: We require you to have over three years of address history in the UK to secure a car loan.
Meeting these criteria gives you the best possible chances of getting Mercedes Benz finance on favourable terms.
What Mercedes Benz cars can I get on finance?
When it comes to which Mercedes model to pick, we have lots of options that cater to a wide range of preferences and budgets! Here are a few popular models that you can consider:
Mercedes C-Class Finance: This car is a blend of luxury, speed, and high-tech features, making it a popular choice for people who want a stylish, small sedan. Financing options for the Mercedes C-Class make it easy and affordable to drive this iconic model home.
Mercedes AMG Finance: If you're looking for a thrilling driving experience with luxury, financing a Mercedes AMG model could be just what you need. Whether it's a high-performance coupe or impressive SUV, AMG models offer advanced engineering and craftsmanship.
Mercedes C220 Finance: The Mercedes C220 combines sophistication with efficiency, making it perfect for daily commutes or long trips. Financing options for the C220 make it accessible and affordable, so you can enjoy the comfort of a Mercedes Benz sedan without spending too much.
Whether you like the classic style of the C-Class, the excitement of an AMG model, or the practicality of the C220, car finance can help you bring home your dream Mercedes Benz. Get a quote now, or give us a call if you have any questions!