What do you think your credit score would have to be in order to finance a2007 Mercedes Benz?

Answer 1

Probably 650 Equifax or better.

Answer 2

Auto finance is what I do for a living and these kinds of questions are impossible to answer.

Auto loans are based on the following; LTV (loan to value), term, age of vehicle, miles on vehicle, credit score/profile, down payment, time on job, time at residence & monthly income before taxes.

If you have the credit profile needed for this kind of purchase, sufficent down payment and budget for the payment, you could most likely get approved with a score as low as 600.

If you do not have the credit profile for this type of purchase, have no down payment and do not budget for the payment, it would not matter if your score was 750, you would be denied.

Score is not everything people. You must have some type of credit established that shows that you can pay for this type of purchase. Like a home, boat, vehicle or personal loan that was at least 75% of the amount you are looking at borrowing and was paid as agreed.

I look at credit all day and see people every month with scores over 700 that can not be approved for a $20,000.00 car because their entire credit profile is made up of 1-credit card with a $500.00 limit paid 15-times and a couple of student loans.

Yeah, great score, but nothing there to show that they can actually pay for anything.

Answer 3

It would take a good credit score, income and a down payment.

Answer 4

600 or more. scores are not the only thing creditors look at though. they also look at your credit history. you could have a high score but not have such a great credit history.

Answer 5

You'd have to have near perfect credit, or more than half the cost as a down payment.

Answer 6

I don't know...but when u find out..let me know, cz that's exactly what I want!!! :)