Mercedes finance

Wannabebuilder

Hi I am wondering if anyone knows how hard it is to get finance from Mercedes I am looking at buying a £25k car with a £6k deposit I have a fairly well paying job £45k per year I've had bad credit in the past when I was younger but all sorted now a late payment from December of Virgin media but it is all up to date now I have a credit card what I pay in full every month any help cheers.

Stevefromdonny

Check your credit file for free at Experian (cancel within 30 days by phone or its £15/month. They will try to sell you a watered down version of the service when you phone too, beware). Your late payment to Virgin might hit your file but you never know until you check it. And don't take it for granted, the finance company might not even look at the rating, just check that you haven't got too many commitments.

Before you go straight to Mercedes for finance, check what rate your bank will offer you (or another bank - Santander have 4.5% rep at the moment). You may get the car cheaper if you've already arranged finance elsewhere, effectively a cash buyer. . .

Wannabebuilder

Hi and thanks for your reply yes I have seen my credit report and it is on there sadly I am considering getting a loan instead but I'm worried that Santander ect will look badly in a stupid late payment

Gaz83

Generally most lenders will more or less overlook one missed payment in an otherwise good history. It's patterns of missed payments and defaults they're more likely to take into account.

Mr_F_Dorsetty

The reality is it depends how keen they are to move units.

I don't know if Mercedes has in house or farmed out finance, I tried to look for you but that part of the Mercedes UK site is not working; how useful.

It makes a huge difference how the finance is supplied, certainly a few years ago, as it has been for many a year, Renault would basically finance anyone as the finance was in house and was/is used as a bit of a 'loss leader'.

If it is just Mercedes branded finance supplied via Black Horse or Wagon Finance to name but two of the popular ones, it just depends on their criteria and also how much the Mercedes dealers cover their customers.

So for instance they (Mercedes dealers) might kick back ALL their commission back so that the HP/Finance company can take a more lax line.

Of course people like Wagon Finance also used to do HP direct to the public, not sure whether that is still the case but worth a look.

With you wages, vehicle devaluation, upkeep and spending £25k, I'm surprised you're not looking for an all inclusive lease package, would make more sense imo - it's certainly worth looking into.

But never just go to a dealer, any dealer, and simply swallow what they offer - they are desperate to sell or lease you a vehicle, remember that and always use it against them

Some years ago I knew a sales guy who worked for a major marque car dealership and he was sacked for something or other. However, so upset was he that he told myself and a few of my acquaintances when the bonus date was for the dealers. This is of course gold dust and dynamite in one.

I'm not sure if the dealer was happy or sad or just confused when myself and several other people in my circle turned up 3 or 4 days before the bonus cut off date and ever so gently forced the sales manager over a barrel on the price.

All dealers regardless of marque MUST hit the unit target or no bonus and no bonus, no business. If you can ever discover a dealers bonus cut off date... oh happy days :rotfl: