Financing the G. Question about rates
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Junior Member
Joined: Jul 2020
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Mercedes Benz C63S
Financing the G. Question about rates
I was quoted 3.79% by MB financial for 60 months. I have A+ credit. I have to go with them as they will make the last three lease payments on my current C63s. Question is if I have any room for bringing that rate down? Thanks!
Member
Joined: Jun 2009
Posts: 161
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From: Toronto
G550
thats a good rate compared to the 5.89% rate i had to sign back in 2019.... the dealership insisted that i had to finance through them to get my G550. i ended up signing the finance agreement and paying off the entire loan after 6 months. you can do the same, mercedes finance loans are open and you can repay them within a few months if you want.
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homeless
Depending on your loan amount and the monthly lease payment you make on your C63s it might be a good rate because the savings from a lower rate can be offset by the lease payments being waived.
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Joined: Feb 2015
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From: NC
2026 G63
I’m using American 1 credit union. It’s based in Michigan but is open for membership out of state. Requires one time $3 donation to a community fund and a $5 deposit into a free checking account.
I looked at over 50 credit unions nationwide and this was by far the best deal in terms of being eligible.
Rates are 1.59% for 72 months and 1.99% for 84 months. This promotional rate is good through 12/31 and covers new, used cars and purchases and refinancing. No limit to how much you borrow. Eligibility based on credit score and paystub.
Hope this helps others! They sent me a cashier’s check made out to my dealer that I’ll sign upon delivery.
I looked at over 50 credit unions nationwide and this was by far the best deal in terms of being eligible.
Rates are 1.59% for 72 months and 1.99% for 84 months. This promotional rate is good through 12/31 and covers new, used cars and purchases and refinancing. No limit to how much you borrow. Eligibility based on credit score and paystub.
Hope this helps others! They sent me a cashier’s check made out to my dealer that I’ll sign upon delivery.
Member
Joined: Jun 2009
Posts: 161
Likes: 26
From: Toronto
G550
yup definitely agree with this. i didnt get any previous lease payments waived but is there usually a minimum finance term when they do this? if there isnt, you can always get those lease payments waived and pay off the loan using a personal line of credit or home equity line of credit which usually have lower rates.
Member
Joined: Jun 2009
Posts: 161
Likes: 26
From: Toronto
G550
I’m using American 1 credit union. It’s based in Michigan but is open for membership out of state. Requires one time $3 donation to a community fund and a $5 deposit into a free checking account.
I looked at over 50 credit unions nationwide and this was by far the best deal in terms of being eligible.
Rates are 1.59% for 72 months and 1.99% for 84 months. This promotional rate is good through 12/31 and covers new, used cars and purchases and refinancing. No limit to how much you borrow. Eligibility based on credit score and paystub.
Hope this helps others! They sent me a cashier’s check made out to my dealer that I’ll sign upon delivery.
I looked at over 50 credit unions nationwide and this was by far the best deal in terms of being eligible.
Rates are 1.59% for 72 months and 1.99% for 84 months. This promotional rate is good through 12/31 and covers new, used cars and purchases and refinancing. No limit to how much you borrow. Eligibility based on credit score and paystub.
Hope this helps others! They sent me a cashier’s check made out to my dealer that I’ll sign upon delivery.
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Joined: Feb 2015
Posts: 1,643
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From: NC
2026 G63
your dealer was able to sell you a G with no financing attached? it seemed like my dealer was using the finance department as part of their vetting procedure to ensure that i am not a car exporter/reseller. would have been easier if i could do an all cash deal from the start and i could have just found my own financing.
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Member
Joined: Dec 2019
Posts: 114
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From: Northern Virginia
2021 G63 AMG, 2013 Toyota Camry
I’m using American 1 credit union. It’s based in Michigan but is open for membership out of state. Requires one time $3 donation to a community fund and a $5 deposit into a free checking account.
I looked at over 50 credit unions nationwide and this was by far the best deal in terms of being eligible.
Rates are 1.59% for 72 months and 1.99% for 84 months. This promotional rate is good through 12/31 and covers new, used cars and purchases and refinancing. No limit to how much you borrow. Eligibility based on credit score and paystub.
Hope this helps others! They sent me a cashier’s check made out to my dealer that I’ll sign upon delivery.
I looked at over 50 credit unions nationwide and this was by far the best deal in terms of being eligible.
Rates are 1.59% for 72 months and 1.99% for 84 months. This promotional rate is good through 12/31 and covers new, used cars and purchases and refinancing. No limit to how much you borrow. Eligibility based on credit score and paystub.
Hope this helps others! They sent me a cashier’s check made out to my dealer that I’ll sign upon delivery.
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MBWorld Fanatic!
Joined: Feb 2015
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From: NC
2026 G63
It's a pretty easy process. You start by applying online for an auto loan (it'll ask what dealership you are buying from and to upload a copy of your license, the bill of sale, and your most recent paystub as well as the typical info needed to pull your credit).
Within 24 hours or so they get back to you, and when approved they'll follow-up with a phone call and ask you some ID questions (i.e. which of these is a place you lived, which of these names are you associated with, etc) to set up membership. You can give them your checking account and routing info for them to pull the $8.
Within 24 hours or so they get back to you, and when approved they'll follow-up with a phone call and ask you some ID questions (i.e. which of these is a place you lived, which of these names are you associated with, etc) to set up membership. You can give them your checking account and routing info for them to pull the $8.
Thread Starter
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Joined: Jul 2020
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Mercedes Benz C63S
so couple of updates. I tried the American 1 credit union route and was told that the dealership does not deal with out of state financial institutions even if it is a cash deal... that sounds really weird... but anyways.. they said they will buy my current car so the lease payments are a moot point. They shopped around for me but all others want down payments. They called MBFS again and the rate dropped to 2.79%. Obviously, there was a markup that the dealership was keeping and now I forced their hand to drop it down... how much more can I push them?
Thread Starter
Junior Member
Joined: Jul 2020
Posts: 60
Likes: 27
Mercedes Benz C63S
I’m using American 1 credit union. It’s based in Michigan but is open for membership out of state. Requires one time $3 donation to a community fund and a $5 deposit into a free checking account.
I looked at over 50 credit unions nationwide and this was by far the best deal in terms of being eligible.
Rates are 1.59% for 72 months and 1.99% for 84 months. This promotional rate is good through 12/31 and covers new, used cars and purchases and refinancing. No limit to how much you borrow. Eligibility based on credit score and paystub.
Hope this helps others! They sent me a cashier’s check made out to my dealer that I’ll sign upon delivery.
I looked at over 50 credit unions nationwide and this was by far the best deal in terms of being eligible.
Rates are 1.59% for 72 months and 1.99% for 84 months. This promotional rate is good through 12/31 and covers new, used cars and purchases and refinancing. No limit to how much you borrow. Eligibility based on credit score and paystub.
Hope this helps others! They sent me a cashier’s check made out to my dealer that I’ll sign upon delivery.
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From: Colorado
G550
MBWorld Fanatic!
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From: NC
2026 G63
Yes even Mercedes has 0%/36 month financing but only on certain models. In terms of universal rates this is by far the best I found. I saw some in the 1.49% range but those credit unions were only for locals so I couldn't join.
Sure glad I can help--hope you can work it out with your dealer. My dealer had no problem with American 1, so it's not a Mercedes thing, just your dealer playing hard ball, and American 1 told me they are used to dealing with out of state dealers all the time.
Sure glad I can help--hope you can work it out with your dealer. My dealer had no problem with American 1, so it's not a Mercedes thing, just your dealer playing hard ball, and American 1 told me they are used to dealing with out of state dealers all the time.
Thread Starter
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Mercedes Benz C63S
MBWorld Fanatic!
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From: Colorado
G550
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From: Miami, FL
2021 Night Black Magno G63
I got a loan from Bank of America for 72 months with a 2.09% APR on 100k+ loan. Much better rate terms than anything offered by MBFS. But the credit union that @Hodog16 mentioned sounds like the best rates in the nation and I would try to get a loan there if I could.
MBWorld Fanatic!
Joined: Oct 2019
Posts: 5,156
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From: Colorado
G550
so couple of updates. I tried the American 1 credit union route and was told that the dealership does not deal with out of state financial institutions even if it is a cash deal... that sounds really weird... but anyways.. they said they will buy my current car so the lease payments are a moot point. They shopped around for me but all others want down payments. They called MBFS again and the rate dropped to 2.79%. Obviously, there was a markup that the dealership was keeping and now I forced their hand to drop it down... how much more can I push them?
MBWorld Fanatic!
Joined: Oct 2019
Posts: 5,156
Likes: 1,770
From: Colorado
G550
I got a loan from Bank of America for 72 months with a 2.09% APR on 100k+ loan. Much better rate terms than anything offered by MBFS. But the credit union that @Hodog16 mentioned sounds like the best rates in the nation and I would try to get a loan there if I could.
Member
Joined: Dec 2019
Posts: 114
Likes: 41
From: Northern Virginia
2021 G63 AMG, 2013 Toyota Camry
FYI, I had American 1 do a loan and the max they provide is $120,000 and not even $150,000. I told them a board member got the loan and she says she's never seen this amount being offered and all they can honor is $120K. For reference I have a 870 Credit Score, Tier 1.
MBWorld Fanatic!
Joined: Feb 2015
Posts: 1,643
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From: NC
2026 G63
MS616: Hey just replied to your message. They told me when I asked there was no loan ceiling and I was initially approved for above $120,000.
EJKaufman: Not to play devil's advocate, but these rates are good for refinancing auto loans too haha. I'll send you a PM.
EJKaufman: Not to play devil's advocate, but these rates are good for refinancing auto loans too haha. I'll send you a PM.
MBWorld Fanatic!
Joined: Oct 2019
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From: Colorado
G550
I wouldn't take the dollar limit personally. Most lenders put caps on loans as a matter of risk diversification.
Member
Joined: Dec 2019
Posts: 114
Likes: 41
From: Northern Virginia
2021 G63 AMG, 2013 Toyota Camry
I signed up at Mercedes Benz dealership trough MBFS (72 Months). I bought the Extended Warranty, Pre-Paid Maintenance and including Taxes, Tags, Titling & Reg I've financed $185,600 with MBFS. I was trying to refinance that with this Credit Union. If I can get $160,000 - $170,000, from them, it would be lovely.
Member
Joined: Dec 2019
Posts: 114
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From: Northern Virginia
2021 G63 AMG, 2013 Toyota Camry
You are a gentleman.
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I’m using American 1 credit union. It’s based in Michigan but is open for membership out of state. Requires one time $3 donation to a community fund and a $5 deposit into a free checking account.
I looked at over 50 credit unions nationwide and this was by far the best deal in terms of being eligible.
Rates are 1.59% for 72 months and 1.99% for 84 months. This promotional rate is good through 12/31 and covers new, used cars and purchases and refinancing. No limit to how much you borrow. Eligibility based on credit score and paystub.
Hope this helps others! They sent me a cashier’s check made out to my dealer that I’ll sign upon delivery.
I looked at over 50 credit unions nationwide and this was by far the best deal in terms of being eligible.
Rates are 1.59% for 72 months and 1.99% for 84 months. This promotional rate is good through 12/31 and covers new, used cars and purchases and refinancing. No limit to how much you borrow. Eligibility based on credit score and paystub.
Hope this helps others! They sent me a cashier’s check made out to my dealer that I’ll sign upon delivery.
MBWorld Fanatic!
Joined: Feb 2015
Posts: 1,643
Likes: 831
From: NC
2026 G63
I googled credit union auto rates and went looking for a needle in haystack. I found a local CU that had 1.99 across the board but in November they raised it to 2.49, so I had a baseline.
Any CU with higher rates I quickly moved on, but any below 1.99 I looked at the membership guidelines, looking for out of state ones that allowed donations.
I narrowed it down to three—this one, one in Texas, and one in California. The CA one allowed donations but only for relatively local people. The Texas one allowed me to be a member but American 1 had the best rates and let me join so I stopped the search there.
I took delivery yesterday with cashiers check so it’s all good.
Any CU with higher rates I quickly moved on, but any below 1.99 I looked at the membership guidelines, looking for out of state ones that allowed donations.
I narrowed it down to three—this one, one in Texas, and one in California. The CA one allowed donations but only for relatively local people. The Texas one allowed me to be a member but American 1 had the best rates and let me join so I stopped the search there.
I took delivery yesterday with cashiers check so it’s all good.
