financeing question
Thread Starter
Senior Member
Joined: Jul 2004
Posts: 459
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From: NYC
2016 E63s AMG
financeing question
Has anyone finance thier car? Can you pay it off the very first bill if you want or is there a wait period like ford? Ford makes you wait three months before they letyou pay it off in full. What is the best that anyone did on the APR? I know that the summer event is 2.9, what about when there is no more summer event since it just ended? Any info would be great. The count down for the car is 5, more days and it will be here
Senior Member
Joined: Aug 2003
Posts: 268
Likes: 0
From: NY/CT
CLK 320
I think a great deal of people here finance rather than lease... no need to worry about banging up the car a little or mileage, and at the end of the day it's over.
Pre-payment is based on the financing itself. Talk to the finance manager at the dealership (if you're going that route) and ask them if there's a pre-payment penalty. Obviously with a low APR you're in no hurry to pay it back because there's almost no interest, but with a higher interest rate you might wanna hurry up and pay it off... or at least send extra in for the capital (you have to specify that, otherwise they'll apply it to interest).
The lowest I've seen anybody do on financing was 1.9% with $0 down... on a finance. But that was through Nissan and a guy with credit WAY up there. Average Joe usually doesn't end up with those kinds of terms, regardless of income... (speaking from experience a bit there...
)
After the Summer Event is over they'll come up with something else... everyday financing depends a lot on your credit, income and the company you go through. MB Credit usually only gives insane interest rates to people with real nice credit... but usually the guys at the dealership will go other routes to shop for a good rate... I know we ended up with Chase instead when we picked up our car a couple of years ago.
Pre-payment is based on the financing itself. Talk to the finance manager at the dealership (if you're going that route) and ask them if there's a pre-payment penalty. Obviously with a low APR you're in no hurry to pay it back because there's almost no interest, but with a higher interest rate you might wanna hurry up and pay it off... or at least send extra in for the capital (you have to specify that, otherwise they'll apply it to interest).
The lowest I've seen anybody do on financing was 1.9% with $0 down... on a finance. But that was through Nissan and a guy with credit WAY up there. Average Joe usually doesn't end up with those kinds of terms, regardless of income... (speaking from experience a bit there...
)After the Summer Event is over they'll come up with something else... everyday financing depends a lot on your credit, income and the company you go through. MB Credit usually only gives insane interest rates to people with real nice credit... but usually the guys at the dealership will go other routes to shop for a good rate... I know we ended up with Chase instead when we picked up our car a couple of years ago.
Financing?
... of course he laughed at my face 
MBWorld Fanatic!
Joined: Oct 2002
Posts: 7,737
Likes: 1
From: San Diego, Ca
2003 Citron Green C230KMT
well i financed my car thru my credit union. i ordered the car. was pre-approved for the loan so when i wrote the bank check they made my payments for what i wrote it for and adjusted them for the term of the loan which was already arranged before i worte the check.
most banks and C.U. wont have a pre-payment penalty and i dont think MBCC has one either but you will have to double check that for your self. if there is no prepayment penalty, take the loan, get the $1500 rebate and pay it all off the following month.
most banks and C.U. wont have a pre-payment penalty and i dont think MBCC has one either but you will have to double check that for your self. if there is no prepayment penalty, take the loan, get the $1500 rebate and pay it all off the following month.
