Securing an auto loan for your vehicle purchase should be a straightforward, transparent process. At Mercedes-Benz of Naples, we work hard to make that a reality. Our mission with every customer is to provide you with a hassle-free and discreet auto lending experience. Visit us for auto financing expertise and a personalized approval process today.
Proof of employment and income
Estimated monthly expenses
Your credit score and history
The down payment amount, including trade-in value
The purchase price of your vehicle
All of this information is used to determine the approval status of your vehicle loan, as well as the interest rate of the loan. Our financing specialists will help you organize this information and present it in a positive light to our lending partners. Additional documents you will need include:
The amount of your auto loan payments is determined using three different factors, including:
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Your credit score is used by lenders to determine the potential risk of providing you with financing. This is a number that credit reporting agencies determine based on several factors, and scores can range from 350 to 850 points. A higher score can help you to secure financing, although it is just one factor that is used to determine your approval status.
Credit scores are calculated based on your credit history and include factors like:
A number of financial situations can affect your credit score. For example, first-time buyers typically have not established credit, and therefore, have low or non-existent credit histories. Whatever the reason, our financial specialists are skilled at helping you address your credit issues, secure financing and start rebuilding or building a credit history. In fact, buying or leasing a vehicle is an effective strategy for improving your score.
Our finance team will work tirelessly to secure the best rates for you, regardless of your credit score. Yet, there are a number of steps you can take to help yourself get approved for an auto loan with bad credit. These include: