Mercedes Finance Deals

What Types of Car Finance Can I Apply For?

Hire Purchase

If you're considering financing your next car, but don't want to complicate things then a hire purchase contract that might be suitable for you. With this finance option, you'll be making payments consisting of the car's value plus interest and will be the vehicle owner once everything is paid in full. There are no annual mileage restrictions to worry about either.

Personal Contract Purchase

Car finance can be a great way to drive new and used cars before returning them for a different make and model. With PCP finance, you can have access to high-spec vehicles without having to pay upfront. With PCP you have the option of returning the vehicle once the contract ends, or you can make a larger final payment in order to own it. This usually means that the monthly repayments will be cheaper by comparison than a hire purchase finance agreement as you aren't paying the car off in order to own it. You will have to agree to annual mileage restrictions and keep the car in the condition mentioned in the finance contract. Failure to do so will result in additional charges.

Is Applying for Mercedes Car Finance Easy?

When it comes to applying for finance, you'll first need to make an initial application in order to determine your eligibility. This is known as a soft search and it won't harm your credit score. At Rix Motors, we have created a straightforward application process where we'll request the following:

Your date of birth
Employment status
Marital status
Residential status
Monthly income

Once we have this information, we can better determine your eligibility for used car finance.

What Financial Requirements Are There?

If your initial application is accepted, you'll then be asked to provide proof of the following:

Proof of identity e.g. Driver's licence
Proof of income
Proof of address

You'll also be expected to put down a deposit that is at least 10% of the car's value, however, you can increase the size of your deposit in order to reduce how much you borrow.

Before applying for car finance, it's important to consider the likelihood that you'll be able to make the payments on time. HP and PCP finance are secured loans, meaning that the loan is taken out against the vehicle. If you fail to make payments on time or fall behind, it's likely that the car will be repossessed.

Why buy a used Mercedes Benz on finance?

Mercedes-Benz, like BMW, is often associated with prestige and high performance. Since they typically provide saloons and estates like the E-Class and GLC-Class, purchasing a used Mercedes on PCP finance would be a great option as a vehicle for work.

You get the choice of choosing the right car for your business needs and won't have to worry about selling it if those needs change, you can simply return it once the contract ends.

Check out our great range of vehicles today and contact us if any take your fancy!

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