Financing A Mercedes Benz.
We’re living in an era where luxury is becoming common and you can really see it in the cars people are driving. These days, there’s no reason not to with finances rates making luxury cars affordable to a much wide range of individuals. The market has pushed Mercedes-Benz finance into competition with banks, and third-party finance companies, and they’re keeping their rates and fees low in order to attract more customers. If you’ve been thinking about it, now might be the time. The contact details for Mercedes-Benz Financial services in Melbourne is at the bottom of this article.
Financing Options – The types of financing options available will depend on who you are, and why you need the car. People financing a car through their business or primarily for work purposes have more options available. Individuals looking for a car for personal use will typically be looking at three kinds of choices.
Car Loans – Car loans have flexible terms, and usually offer lower interest rates. Lower interest rates can be achieved when secured against the vehicle, so the finance company retakes possession in the event of default.
Personal Loans – Personal Loans can offer longer terms, and usually have lower minimum leads. Interest rates are higher than secured car loans, however, because personal loans are not secured against the vehicle.
Car Lease – With a lease the financier retains ownership of the vehicle, but the customers can still drive it. Monthly payments are lower in some situations with leasing a car. In cases, the car can be traded in at the end of a lease for a newer model.
Mercedes Finance Rates – Your interest rate will be based on some factors, and subject to the assessment of the finance company based on your personal information. Besides background information, the loan amount, loan term, and whether the rate is fixed or variable will all have an impact on the monthly payments.
Ultimately, it something you want to spend some time researching and comparing. Mercedes-Benz Finance is the first place to start. They offer competitive rates and try to streamline the process to keep customers in house.
It’s still worth comparing with other companies, though. Rate City has an excellent online comparison tool for car loans. The advertised rates for a three-year, $30,000 loan range from 6.5% to 14%, so there is a lot of variability between different companies.
Mercedes Finance Rates – Fixed or Variable? The decision between fixed or variable rates is a difficult one for many people. Making up your mind will probably depend on how much risk you can tolerate.
At the time the loan is issued, a variable rate loan will offer a lower interest rate. For shorter term loans, this is often the best option. During most periods interest rates don’t fluctuate wildly, so over the near future, the lower repayment total will be an advantage.
Fixed interest rates offer security over initial savings. You will be protected over the long term, and it is much easier to budget in advance when you know exactly what you will be paying. If the fixed rate offered is comfortably within your means, then this might be the best choice.
Fees & charges – Fees are the reason a lot of us don’t like banks and finance companies, and not for nothing. Comparing one bank, one general finance company, and a car loan specialist shows some of the potential fees.
Application Fee $195 – $368
Ongoing Fee $0 – $13/month
Establishment Fee $250
Early Repayment Fee $150 – $300
Missed Payment Penalty $0 – $35
Encumbrance Fee $0 – $7.50
Document Release Fee Listed at $0
Electronic Banking Fees Not specified
Government Charges Not specified
You can see that the fees can quickly add up. Read the fine print is never more relevant than when borrowing money.
An excellent vehicle is an enjoyable possession. Luxury cars make for a good driving experience, and there is a lot to be said for the reliability in engineering they offer. With competitive Mercedes finance rates, and a range of loan options available it is becoming realistic for anyone on an average salary to own a beautiful new car. You might be able to treat yourself, so consider looking into it.
Every new Merc dealer around the country offers Mercedes Benz financing, but I would still shop around for the best deal as getting finance from a dealer may or may not be the best option.
Operating hours: Monday – Friday 8.00am – 8.00pm and on Saturday 10.00am – 4.00pm
The main telephone line is 1300 730 200 or http://www.mercedes-benz.com.au
And if you are looking to get vehicle finance always due your due diligence, read the fine print and search for reviews online, even go so far as posting a question to see what the opinions and experiences of other users have been.