DJM

I just saw that edmunds.com states that MB is offering 1.9% financing for up to 60 months till the end of July. Can anyone verify this? If this is true, I going to buy sooner than I thought.
Thanks

DJM

Come on, someone has to have some info on this.............

amdeutsch

Yes. The MB dealer. When you call him make sure he gives you a breakdown of credit score versus interest rate.

DJM

Thank You for the confirmation. I have worked hard to have a really good credit score so I hope it will pay off now that I am in the amrket to buy a new car.

Anaheim_Drew

As one "Caliboy to another" My answer is;
1.Follow the above quote if you want a higher rate Why? Because when you call the dealer they will transfer you to finance, where they will run your credit and attempt to give you a rate that will make addition money for them.
2. If you contact MB credit and ask " what are the exact requirements for 1.9% credit" and you want to see it in writing. It should have all the terms, what the credit score range should be, debt to income etc.
3. Then you will know first hand when you go in what you will qualify for. Better still is to fill out the on line MB credit application, and put a dealership that you do not plan to use. You should get your results back and that will increase you buying and bargining power.
4. The closer you are to an 850 fico score the better for the 1.9%.
5. 740-850 is A paper credit as long as the ratios are with in the range

DJM

I see, I see. I will look into the MB Credit requirements and do alittle more homework. Thank You for you input.

amdeutsch

That is an awful high number that very few people will ever meet. Are you sure? Last time I checked with my MB dealer they only required 720+ for the best rate. The same was for several banks, CUs, etc. Only 1 or 2 required 740 for their best rates.

Shohoku

where did you see the 1.9 interest rate on edmunds.com? I couldnt find it. please post a link. thanks

Anaheim_Drew

As you have told me "Do the research" And try basing it on California rates. Us Caliboys as you have so disrespectfully stated do know a few things contrary to what you chose to think
Anyway
1.850 is the max on the scale.
2.Why would you expect to get the best rate with a 720 score? 40-43% of all consumers have a better rating than your 720.

My bottom line point is this;
With a higher score there is less chance for not getting the best rate.
The chart below is from Fair Isaac.
Fair Isaac reports that the American public's credit scores break out along these lines:


Credit score Percentage
499 and below 1 percent
500-549 5 percent
550-599 7 percent
600-649 11 percent
650-699 16 percent
700-749 20 percent
749-799 29 percent *********this is where most people should want to be
800 and above 11 percent

DJM

http://www.edmunds.com/incentives/Re...4&popuppage=on

edmunds 1.9% for C Class MB

Try this link if I did it right. Basically you go on there site and build a new C Class MB and once all options are picked and the final TMV price is displayed there is an orangish area beneath the price that says "Incentives" and to the rght it says "Available". Click on Available. That should work if the link does not.

MarcusBenz

Anaheim_Drew,


I do not like to stir up things on this forum, but I like to make sure everyone has the right information. Mercedes-Benz Credit uses a computer model to grade your credit report. If your score is over 700, you have maybe one or two late pays (30 days only) and your available revolving debt is less than 30%, meaning you have at least 70% available you will get approved Tier 1. Now, they also have a Tier 1A, which are for those people who have a credit rating of 750 or higher and that may save you another .5% off of the standard rate. Chase Manhattan is another bank that we use and they are strickly score driven. They have a 700 - 729 rate and then an even better rate for 730+, for those few people that are fortunate enough to have that score. There is no bank that I know of, which is quite a few, that will require a score of 800+ to get their best interest rates. Also, keep in mind that a bank will look at your profile and see if what you are asking them to do is safe or in their best interest. For example, if you have all credit cards on your bureau, no home or previous auto, the bank will want you to keep the amount financed under $50,000 or ask for a co-buyer. If you have a credit score of 700+, have a file that goes back at least 5 year, have at least 6 lines of credit and are financing less than $50,000, MBCC and most banks will auto approve you at the best rate. It is only if you are short on time, lines of credit or asking for more than $50k, the bank will have to take a closer look and may not be as friendly.

Anaheim_Drew

Marcus,
I agree with your information which was more detailed than what I listed.

amdeutsch

Poor caliboy didn't even understand my statement about credit score when he read it. I'm glad to see that with all of your research you just knew that it was my credit score that I posted since I obiviously omitted that triviality.

@ MarcusBenz

Very good informative write up on this issue. I'm honestly even more impressed that you took the time for this research. I only say this because in some previous posts of yours you professed to not be very knowledgable on the finance end. Good job.

Shohoku

The 1.9% APR only applys to the more standard models of 05 C230, w/ no packages. If you decide to add the light, entertainment, and other packages.. then the APR can go as lowest of 2.9%. That is the information I recieved from the dealer.