To finance a Mercedes-Benz, your options are to either obtain a loan at a dealership through Mercedes-Benz Financial Services or get a traditional loan from a bank or credit union. Note that while getting a car loan from the dealership is convenient, it may end up being more expensive than bank or credit union lending.<\/p>\n\n\n\n
As one of the world\u2019s largest manufacturers of luxury passenger vehicles, Mercedes-Benz is revered for combining high-performing engine technology with world-class design quality. When searching for a car loan, you want an equivalent standard of excellence.<\/p>\n\n\n\n
Whether you\u2019re searching for a used A 220 sedan or splurging on a newly minted G 63 Amg, getting an auto loan for a Mercedes is fairly straightforward. The first step is to check your credit report, then compare rates from multiple lenders (three at minimum), and finally get loan preapproval.<\/p>\n\n\n\n
Check your credit score before your search because it will factor into the terms of your loan, namely the interest rate. Generally speaking, a credit score of 660 and above is the ideal range for requesting a car loan.<\/p>\n\n\n\n
If your credit score is below 660, banks may be hesitant to extend a loan to you. Mercedes-Benz Financial Services approves applicants who proffer their ability to make payments through documented proof of income, a personal reference, or a co-applicant.<\/p>\n\n\n\n
Take a look at the table below to see the average APR and monthly payment for various Mercedes-Benz vehicles depending on your credit score:<\/p>\n\n\n\n After you determine your loan eligibility, you\u2019re ready to choose a lender. One option is to purchase directly from the dealer if they partner with Mercedes-Benz Financial Services. You may instead choose to go through a bank or credit union.<\/p>\n\n\n\n Before you settle on a loan, be sure to compare offers from no less than three lenders. Ideal offers will have:<\/p>\n\n\n\n Cost shouldn\u2019t be your only consideration when comparing lenders\u2014great customer service is just as important. A lender with attractive approval odds and an affordable payment plan isn\u2019t worth very much to you if you can\u2019t get them on the phone or they have bad company reviews.<\/p>\n\n\n\n Loan preapproval is beneficial for budgeting purposes prior to shopping for your new vehicle. Mercedes-Benz Financial Services offers a no-cost preapproval application online. Most other lenders do, too.<\/p>\n\n\n\n To complete the preapproval form, you will need to submit the following details:<\/p>\n\n\n\n One of the most important aspects of financing your vehicle is picking a loan term. The most popular term for a car loan in the United States is 72 months, or six years. Even though this is the average, that doesn\u2019t mean it is the best idea.<\/p>\n\n\n\n Opting for a repayment term of 60 months or less is much better. A shorter loan term means paying off your loan quicker and paying less interest. Your monthly payments will be higher, but having a short loan term means you will be ultimately paying less for the car.<\/p>\n\n\n\n If you choose to go through a dealership for your loan, Mercedes-Benz Financial Services offers repayment periods from 24 to 72 months. One advantage of getting your car loan through Mercedes is that you won\u2019t have to worry about a prepayment penalty, meaning that you\u2019re allowed to pay off the loan early without being on the hook for additional fees.<\/p>\n\n\n\n To get a sense of what your monthly payment and interest rate could be depending on your loan terms with any credit score, see the table below.<\/p>\n\n\n\n If you\u2019re approved for a loan and you have fair credit, you\u2019ll likely have slightly higher interest rates and monthly payments, as seen below.<\/p>\n\n\n\n With good credit, you\u2019ll be able to secure more favorable interest rates, and your monthly payments will be lower.<\/p>\n\n\n\n If you have excellent credit, you\u2019ll likely qualify for the lowest interest rates, and your monthly payments will be lower than average.<\/p>\n\n\n\n Car loan payments and interest rates differ depending on your state. Try to find a lender with a good grasp of the local economy that can offer you the lowest APR your credit rating allows.<\/p>\n\n\n\n To see your possible loan payments for a Mercedes-Benz in your state, check out the table below.<\/p>\n\n\n\n The loan offers you can get for a new or used Mercedes-Benz will depend on the age of your car. Mercedes-Benz Financial Services, for example, only approves loans for new and certified pre-owned vehicles that are six years old or newer.<\/p>\n\n\n\n If you need a car loan for a Mercedes older than six years, you should apply through a bank or credit union. While you\u2019ll probably see a steeper APR for used cars, the total loan amount will likely be less, making it easier to pay a high-priced interest rate.<\/p>\n\n\n\n Curious how your car\u2019s age will affect your loan? Here\u2019s what your monthly payment and APR might be based on your Mercedes-Benz model year.<\/p>\n\n\n\nCredit score<\/th> Average Annual interest rate<\/th> Average monthly payment<\/th><\/tr><\/thead> Any<\/td> 8.4<\/td> $361<\/td><\/tr> Fair<\/td> 16.25<\/td> $412<\/td><\/tr> Good<\/td> 8.36 <\/td> $360<\/td><\/tr> Very good<\/td> 5.09 <\/td> $340<\/td><\/tr> Excellent<\/td> 3.88 <\/td> $333<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Compare lenders<\/h3>\n\n\n\n
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Get preapproved<\/h3>\n\n\n\n
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Average loan term for a Mercedes-Benz car loan<\/h2>\n\n\n\n
Loan Terms<\/th> Average Annual Interest Rate<\/th> Average Monthly Payment<\/th><\/tr><\/thead> 24 <\/td> 11.2<\/td> $697<\/td><\/tr> 36 <\/td> 8.61<\/td> $470<\/td><\/tr> 48 <\/td> 8.08 <\/td> $363<\/td><\/tr> 60 <\/td> 8 <\/td> $300<\/td><\/tr> 72 <\/td> 8.32 <\/td> $262<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Loan Terms<\/th> Average Annual Interest Rate<\/th> Average Monthly Payment<\/th><\/tr><\/thead> 24 <\/td> 20.61 <\/td> $762<\/td><\/tr> 36 <\/td> 16.64 <\/td> $521<\/td><\/tr> 48 <\/td> 15.69 <\/td> $411<\/td><\/tr> 60 <\/td> 15.57 <\/td> $349<\/td><\/tr> 72 <\/td> 16.3 <\/td> $315<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Loan Terms<\/th> Average Annual Interest Rate<\/th> Average Monthly Payment<\/th><\/tr><\/thead> 24 <\/td> 11.51 <\/td> $696<\/td><\/tr> 36 <\/td> 8.39 <\/td> $468<\/td><\/tr> 48 <\/td> 7.94 <\/td> $361<\/td><\/tr> 60 <\/td> 7.9 <\/td> $299<\/td><\/tr> 72 <\/td> 8.52 <\/td> $261<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Loan Terms<\/th> Average Annual Interest Rate<\/th> Average Monthly Payment<\/th><\/tr><\/thead> 24 <\/td> 5.58 <\/td> $660<\/td><\/tr> 36 <\/td> 4.11 <\/td> $442<\/td><\/tr> 48 <\/td> 3.79 <\/td> $336<\/td><\/tr> 60 <\/td> 3.68 <\/td> $273<\/td><\/tr> 72 <\/td> 3.59 <\/td> $231<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Finding a Mercedes-Benz car loan in your state<\/h2>\n\n\n\n
Credit Rating <\/th> Average Annual Interest Rate <\/th> Average Monthly Payment<\/th><\/tr><\/thead> Fair <\/td> 16.25 <\/td> $412<\/td><\/tr> Good <\/td> 8.36 <\/td> $360<\/td><\/tr> Very Good <\/td> 5.09 <\/td> $340<\/td><\/tr> Excellent <\/td> 3.88 <\/td> $333<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Mercedes-Benz car loans: new vs. used<\/h2>\n\n\n\n
Car Year <\/th> Average Annual Interest Rate <\/th> Average Monthly Payment<\/th><\/tr><\/thead> 2021 <\/td> 7.6 <\/td> $305<\/td><\/tr> 2020 <\/td> 7.97 <\/td> $308<\/td><\/tr> 2019 <\/td> 8.12 <\/td> $308<\/td><\/tr> 2018 <\/td> 7.96 <\/td> $307<\/td><\/tr> 2017 <\/td> 8.15 <\/td> $308<\/td><\/tr> 2016 <\/td> 8.29 <\/td> $309<\/td><\/tr> 2015<\/td> 8.48 <\/td> $311<\/td><\/tr> 2014 <\/td> 8.45 <\/td> $379<\/td><\/tr> 2013 <\/td> 8.52 <\/td> $380<\/td><\/tr> 2012 <\/td> 9.43 <\/td> $511<\/td><\/tr>
2011 <\/td>9.43 <\/td> $511<\/td><\/tr> 2010 <\/td> 9.43 <\/td> $511<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n