Each year, when a new line of Mercedes-Benz sedans, coupes, sports cars, SUVs, and station wagons arrives at Mercedes-Benz of Jackson, our sales and finance departments stay busy helping car buyers with their purchases. Mercedes-Benz is one of the most popular luxury car brands among drivers in Jackson, and the most common way to get financing is through a loan or signing a lease.
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Finance A New Mercedes-Benz In Ridgeland
Before you drive away in a new Mercedes-Benz, members of the Mercedes-Benz of Jackson finance center will help you close the transaction. Our finance team will handle the wire transfer if you have sufficient cash to pay the negotiated sales price. Most of our customers, however, choose to either lease their new Mercedes-Benz or take out a loan. Let's go through what each option offers so you can decide which suits your budget, lifestyle, and financial objectives.
Paying for Your Mercedes-Benz with an Auto Loan
A car loan is a secured debt instrument that you can use to finance the purchase of a Mercedes-Benz. Whether the model you are interested in is new, used, or pre-owned certified, the loan will be secured by the car, which means the lender can take possession of the car if you default. Automotive loans are typically offered by banks, credit unions, and special institutions such as Mercedes-Benz Financial Services.
To qualify for a car loan, you must go through the application process, which consists of evaluating your income, assets, and credit history. Lenders use this information to determine your eligibility for the loan and the interest rate that will be charged. The loan amount is based on the negotiated price, the down payment you can bring to closing, and the terms the lender offers.
Generally, automotive loans are amortized so that you can make monthly payments until the loan is repaid in full and the lender comes off the car title. The monthly payment will include the principal amount of the loan, the interest, and any applicable fees you agree to when signing the loan agreement and note.
Leasing Your Mercedes-Benz
When you sign a lease contract, you are not financing the vehicle; instead, you are paying for the right to drive and use a new or pre-owned certified Mercedes-Benz. To a certain extent, this acquisition arrangement is similar to renting a car, but a set term typically lasts between 24 to 60 months. There are also mileage and maintenance provisions in each lease agreement.
Similar to the purchase price, the value of a Mercedes-Benz lease contract can be negotiated to a certain extent, and a monthly payment schedule is figured out. These agreements can also feature down payments and fees unique to leasing contracts. At the end of the term, and sometimes before the end, an option to purchase the car outright becomes available.
Is Leasing Better Than Borrowing?
In comparison to other automotive brands, Mercedes-Benz gets more interest from drivers who prefer leasing, and this trend is all about lower monthly payments. In essence, leasing lets you get "more car" for lower payments than most car loans. Even without a considerable down payment, the monthly amounts due will be lower for Mercedes-Benz lease contracts.
Drivers who prefer auto loans are more likely to focus on the end of the term when the car is paid off and the lender comes off the title. When taking out a loan for a Mercedes-Benz, there is an implication for future owners that lease contracts do not offer unless drivers decide to keep the car down the line.
Visit Mercedes-Benz of Jackson Today!
Whether you're in Ridgeland or Madison, contact Mercedes-Benz of Jackson in Jackson today and get in touch with our finance center. Be sure to check out our service and parts center to learn more.
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