Some financing questions
Thread Starter
Newbie
Joined: Jul 2018
Posts: 6
Likes: 0
N/A
Some financing questions
Hey guys so I am looking to purchase a 2015 CLA250. I have seen plenty CPO on MBUSA for around 22-23k. I am looking to put down 30% and have a credit score of 747 (I know this because I just applied for a loan through my credit union). However, I have a few questions.
1. Will the dealership attempt to match my credit unions interest rate? Should I even tell them i'm already approved through my union before we start the conversation?
2. If anyone here is familiar with financing. What do you think the dealerships interest rate would be for a credit score of 747 and an income of a little over $2,000 a month?
3. Am I able to included settlement money as income? I won a law suit and get paid monthly. Its only a little over $200 a month (For the next 105 Mos.) but it is disposable income.
Also, I recently graduated from college and moved back in with my parents and got a job. So at the moment I have absolutely no expenses. The only thing I currently pay for is my car insurance. Should I tell them any of this during the process?
1. Will the dealership attempt to match my credit unions interest rate? Should I even tell them i'm already approved through my union before we start the conversation?
2. If anyone here is familiar with financing. What do you think the dealerships interest rate would be for a credit score of 747 and an income of a little over $2,000 a month?
3. Am I able to included settlement money as income? I won a law suit and get paid monthly. Its only a little over $200 a month (For the next 105 Mos.) but it is disposable income.
Also, I recently graduated from college and moved back in with my parents and got a job. So at the moment I have absolutely no expenses. The only thing I currently pay for is my car insurance. Should I tell them any of this during the process?
Super Member
Joined: Nov 2016
Posts: 544
Likes: 148
From: South Fl
EQE 350+, EQS 450+, AMG C63
Plain and simple you will get better terms and rates from your CU. You can ask the dealer what the rates are for used cars and they will give you the lowest rate for tier 1 credit, which usually is 800 FICO,
You can declare the additional income, that will help. That you live with mom and dad don't really mean anything to them.
You can declare the additional income, that will help. That you live with mom and dad don't really mean anything to them.
Member
Joined: Jul 2017
Posts: 102
Likes: 13
From: Phoenix, AZ
2013 SL550
I guess you'll be living with your parents for quite a while longer. Is that what you have in mind? Is that what they have in mind? The CLA is a fine car but it's just a car. You are sure to have many more and they can all be MBs if you choose. Something less expensive to buy, maintain and insure would be wise at this point in your life. Work hard and be smart and in two years you can have your own place and afford to buy something better than a three year old CLA.
Patience youngster. Patience.
Patience youngster. Patience.
Thread Starter
Newbie
Joined: Jul 2018
Posts: 6
Likes: 0
N/A
I guess you'll be living with your parents for quite a while longer. Is that what you have in mind? Is that what they have in mind? The CLA is a fine car but it's just a car. You are sure to have many more and they can all be MBs if you choose. Something less expensive to buy, maintain and insure would be wise at this point in your life. Work hard and be smart and in two years you can have your own place and afford to buy something better than a three year old CLA.
Patience youngster. Patience.
Patience youngster. Patience.
Trending Topics
Senior Member
Joined: Sep 2013
Posts: 268
Likes: 37
From: near Birmingham, AL
2014 E350 Sedan; 2025 GLB 250
Annual income is $24K and just financed a $19K MB. This equals stupidity.
Don't get me wrong. I too have made stupid decisions, but this one is REALLY stupid!
Sell the car immediately and buy a car you can afford.
Don't get me wrong. I too have made stupid decisions, but this one is REALLY stupid!
Sell the car immediately and buy a car you can afford.
MB World Stories
The Best of Mercedes & AMG
Manual Mercedes? 6 Times Sindelfingen Let Drivers Have All The Fun
Verdad Gallardo
Mercedes SLR McLaren 722 S Is Extremely Rare Example Modified by McLaren
Verdad Gallardo
8 Classic Boxy Mercedes Designs That Have Aged Like Fine Wine
Verdad Gallardo
Flawlessly Restored Mercedes 190E Evo II Heads to Auction
Verdad Gallardo
Electric Mercedes C-Class Unveiled: 11 Things You Need to Know
Verdad Gallardo
Mercedes EQS Gets A Major Update: Everything You Need to Know
Verdad Gallardo
5 Underrated Mercedes-Benz Models That Don't Get the Love They Deserve
Verdad Gallardo
Mercedes 300D Has Pushed Well Past 1 Million Miles and It Ain't Stopping
Verdad Gallardo
10 Most Reliable Mercedes-Benz Models You Can Buy Used
Verdad Gallardo
Thread Starter
Newbie
Joined: Jul 2018
Posts: 6
Likes: 0
N/A
Im good love enjoy! Financed $12k due to my down payment. Paying $1k tomorrow when my direct deposit hits.
Senior Member
Joined: Sep 2013
Posts: 268
Likes: 37
From: near Birmingham, AL
2014 E350 Sedan; 2025 GLB 250
What is your degree in?
Thread Starter
Newbie
Joined: Jul 2018
Posts: 6
Likes: 0
N/A
I'm good... just leave it alone lol. It's done thank you for the advice sir.
