I have:
credit score approx. 630 (high debt-to-limit on 2 credit cards and limited history is the reason for my low score; no late payments.)
Good income–I can afford a car payment and still save a good amount each month.
Being a young businessperson I need to improve my vehicle situation, I drive a poor vehicle now.
I’m looking for a 1991-1995 Mercedes in the $3000-5000 range, probably a private party purchase to get the best deal.
I don’t have the cash right now (the income situation only recently improved, and I have other uses for my savings in the next few months).
I need to get a private party auto loan. Wells Fargo, B of A, and others offer this, but I’m not sure I’ll get accepted.
Any input on any aspect of the process is appreciated. Please, I don’t need lectures on what to do with my money. I’m looking for advice on car purchase, sources for loan, likelihood of loan approval, etc.
Incoming search terms for the article:
- im looking for parts accessories for mercedes ml320 europe
- purchase mercedes through credit union
- what credit unions do mercedes benz go threw?
February 13th, 2011 at 7:41 pm
since im pore and dont have much money i would just say choose shouldnt be that hard seeing as you can pretty much get w/e u want if u can afford a mercedes
February 13th, 2011 at 8:14 pm
Try a credit union if you can go through Military Credit Union
you will do well.
You have some debt and you want a MB and you can afford
a payment on it. Can you afford the upkeep as that will
be costly if something goes wrong. If you go thru a Credit Union
buy a gap like policy to cover yourself and they have policy for
motor problems too. I had a friend who had to have a
beamer and got it but someone clipped his tail light and could
not afford the constant repairs.
Do you know a great mechanic that can check over
auto before you put your $$$ down.
Oh and get a loan from bank or credit union and
THEN go to auto lot and do not tell them you have
your own financing until you have them at the price
you are willing to pay for auto. I love to auto trade
and have bested car salesmen. The credit loan officer
VP of my credit union cannot believe my final cost for
autos. I went with him once and let him watch and
and got a great price on auto for his girlfriend.
Good luck.
February 13th, 2011 at 8:21 pm
Ok your credit score is not that bad. As long as you have a history of payment on time you should be good to go. I would stay away from the big banks because they make it really hard to get an auto loan through them. Try a local credit union where you live. They will offer you better terms and a lower interest rate. Also try and save up some money so you can pay for the taxes, tabs, plates and insurance. Honestly I would not get a mercedes that old. I would get a Honda or Toyota or something like that. Just a hint but most banks and credit unions will not give a loan on a car with more then 100,000 miles on it, and a car that old would be hard to find one with less miles then that. Also most of them have to be with in 125% of Kelly Blue Book value. If it is more then 125% you must pay the difference in the form of a down payment. I think you have a good shot at getting the loan if you go through a credit union, big banks chances are slimer. Remember that the more monry you put down the higher chance you will get the loan! Good luck!