If you haven’t factored in your tax refund into your budgeting for Mercedes-Benz financing, you may be surprised how much it can help. Putting your refund to work when financing at Mercedes-Benz of Fort Washington will assist you in accessing better interest rates, exploring even more exciting trims, or just avoiding ending up upside-down on a long-term loan. Take advantage of the benefits of a major windfall like a tax refund and make your next drive even more luxurious.
Applying for Less Credit
When you increase your down payment on a new car, you’re reducing the amount for which you’re applying for financing. That means you’ll be spending less every month over the course of your loan. Every $1,000 more you’re able to put down when applying can reduce your monthly payment by around $15-20, although the exact amount will depend on your interest rate and financing plan.
Better Rates
If you’re entirely financing your Mercedes-Benz car or are only making the minimum down payment, you may need to have a stellar credit score to access some offers. However, by lessening the amount you’re trying to finance, you can improve your chances of getting approved for the best interest rates. If your financing plan is already solid, a larger down payment can help you access the same plan on an even more powerful model.
Avoiding Depreciation
One of the biggest reasons to make a significant down payment is to help offset the cost of depreciation. While depreciation is a fact of life, it also makes it easy to end up owing more on your new car than it is currently worth. This can become a major headache if you get into a serious accident, so investing your tax refund in your down payment gives you even more peace of mind on the road.
Test-Drive a Mercedes-Benz Car in Fort Washington, PA
Your tax refund can be your ticket to a more accessible financing plan, or to a higher tier of luxurious Mercedes-Benz performance. Find out more about how easy it is to find a one-of-a-kind drive at our Mercedes-Benz dealership in Fort Washington, PA. Explore our financing plans and take a test drive in a luxury SUV today!
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