When I bought my Mercedes s class coupe last year, of course I was looking to get some Mercedes finance from the company however I decided to try shopping around this time and try and get a cheaper and more flexible deal. One of the first tips I would give anyone looking to get car finance is to shop around don’t just rely on the dealers finance options. Check out how much the interest rates are and work out what the overall cost of the car will be when all the interest is added.
Consider the monthly payments and be very careful not to overstretch you budget as if you can’t keep up the monthly payments then you will find that you will be in trouble. Many are tempted to get a higher spec of model or additional extras however don’t forget this will impact on your payment amounts so consider pulling back on the optional extras to reduce your monthly payments.
Pitfalls to watch out for when getting Mercedes Finance
When you purchase you mercedes finance you will always be offered GAP insurance or PPI insurance, as I found with my McLaren Finance although these give you peace of mind you need to consider this well as it can be quite pricey. CHeck out the policies and the small print before you sign anything as often it’s not a case of what is included but what isn’t for example will PPI insurance cover you if you are ill? Does it only pay out for certain illnesses? These are things you need to consider before purchasing the policy.
Check out the finance policy to see if there are any additional charges which you will have to pay if you should want to finish the agreement earlier by making a lump sum payment.
One thing I would recommend for getting good finance deals is to make sure your credit score is good as many companies take into account these scores when the offer a finance package. Get a copy of your credit scores and statment and make sure it is correct. Make sure you make all payments in time on other loans and don’t have too many loans at the same time as finance companies will consider that you won’t be able to afford the repayments alongside all your other loans.