MB Finance

[sebcyril]

Hey everyone, first post from a newbie to MBO.

On Sunday I am going to take a look at a C43 at a local garage which I like the look of. I will be looking to put down up to 30% of the car value in deposit and finance the rest. MB Finance from what I can see (website) is at 12.9% APR but I can get 8.9% APR via a private company. Has anyone had any experience using external finance when buying an MB from a main dealer? I can understand why they would want/force you to use MB finance for obvious reasons but it seems harsh if their rates are 4% higher than what is available widely on the street. I believe its law that they cant offer below 12.9% to customers so maybe they have other ways of making the gap up to get a deal done? Any comments would be welcome. Thanks.

 

[Blobcat]

Hello and welcome,

I think the 12.9% thing is BS - I've just had loads of emails from them quoting 0% on a range of their EV's... so lower APR is available.

I'd look at what the payments are and compare those rather than just the APR's - I'd also not finance at all but that's just me.
I'd also check out what a personal loan would be payment wise instead, you might find that the cheapest method

 

[dry run]

I guess payments and APR rates are going to depend on how much you are financing and over what period. I've always found personal loans to be much cheaper than "car finance".

 

[sebcyril]

Thanks guys, will bare in mind and speak to them in person when visiting.

 

[JBell]

12.9%!!!!!! 7% of that is their kickback for arranging the Finance through their own finance company

HSBC will do a personal loan at 6.9%.

I would look on Martin Lewis web site for deals.

 

[malcolm E53 AMG]

Car finance rates are ridiculous at the moment and going in to buy with cash gets a reaction from the sales person as if you’ve thrown a cold bucket of water over them. They will low ball you on the trade-in if you pay cash to make-up the margin so beware especially on ‘freebies’ like diamond interior and exterior bodywork protection if you withdraw your trade-in they will charge you £600 for it.

There are a few good car buying tutorials on YouTube but they’re generally aimed at the US as they have a different tax regime by State.

I’d take a car loan out from Nationwide et all and go in and buy it outright

Ps, just been through the experience of buying from MB glad it doesn’t happen often but really pleased with the car they do keep the best back for sale and offer the best warranty (not as good as it used to be but still the best)

 

[sebcyril]

Thanks, the car I am looking at is a 2021 C43 used rather than new. I don't have the budget for a new one so going down the used route. It is up at £36k and will/can either part ex my current M135i or sell that privately and put in cash. I just want to finance the balance at a decentish APR really.

 

[JBell]

Thanks, the car I am looking at is a 2021 C43 used rather than new. I don't have the budget for a new one so going down the used route. It is up at £36k and will/can either part ex my current M135i or sell that privately and put in cash. I just want to finance the balance at a decentish APR really.

Try to sell the 135i to a specialist, MB will low ball on it as they can't resell. Have you asked CarWow etc for a price to buy?

@sebcyril where are you based, maybe someone can recommend somewhere

 

[malcolm E53 AMG]

Thanks, the car I am looking at is a 2021 C43 used rather than new. I don't have the budget for a new one so going down the used route. It is up at £36k and will/can either part ex my current M135i or sell that privately and put in cash. I just want to finance the balance at a decentish APR really.

I bought with cash and was offered a low ball price for my S212 which I declined and sold the car in a couple of days of the advert being posted for £2k more than they offered.

If you put a link up to the car for sale you might get some useful comments as I did to help with the purchase

 

[malcolm E53 AMG]

I used Motorway for a guesstimate at what mine was worth and they still came in £1500 less than what I achieved. It ended up quite amusing in the end every few days they kept increasing the offer by £100 it’s all a joke really follow your gut feeling on it

 

[Srdl]

Thanks, the car I am looking at is a 2021 C43 used rather than new. I don't have the budget for a new one so going down the used route. It is up at £36k and will/can either part ex my current M135i or sell that privately and put in cash. I just want to finance the balance at a decentish APR really.

Regardless of which finance you arrange, go for the C43. Beautiful car and beautiful engine!

 

[sonic]

Hello and welcome,

I think the 12.9% thing is BS - I've just had loads of emails from them quoting 0% on a range of their EV's... so lower APR is available.

I'd look at what the payments are and compare those rather than just the APR's - I'd also not finance at all but that's just me.
I'd also check out what a personal loan would be payment wise instead, you might find that the cheapest method

Its 4 years since I bought our last car from MB, but fortunately I was paying cash. I was offered finance several times during the sale & each time the interest rate dropped.
I am sure there are deals to do, otherwise go elsewhere.

 

[malcolm E53 AMG]

I always find it amusing how long into the ‘I’m interested in a car’ conversation it is before the salesman asks the question ‘finance or cash’, first sentence, second sentence or third

 

[DSK]

I always find it amusing how long into the ‘I’m interested in a car’ conversation it is before the salesman asks the question ‘finance or cash’, first sentence, second sentence or third

Yes it is and when you say cash you see them just switch off. It’s very hard as a cash buyer as even private sellers price their car as a trader and then refuse to budge. The only place that cash works is with the right private seller.



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[malcolm E53 AMG]

Yes it is and when you say cash you see them just switch off. It’s very hard as a cash buyer and the only place that works is with the right private seller.


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Yep, cash is no longer king unfortunately, credit has consumed everything. I can’t change my habits regarding paying cash even when it’s 0 percent finance which you know you are funding when you make the purchase. My son doesn’t mind filling in all the forms but I see it as harvesting personal data so don’t get involved

 

[DSK]

Yep, cash is no longer king unfortunately, credit has consumed everything. I can’t change my habits regarding paying cash even when it’s 0 percent finance which you know you are funding when you make the purchase. My son doesn’t mind filling in all the forms but I see it as harvesting personal data so don’t get involved

I’m old school too, anything other than a house, must pay cash and buying materialistic items on tick, despite having tried it 10yrs from pressure, it isn’t for me and neither can I get my head around why anyone would have the extra headache of monthly costs. I know it’s each to their own but I’m out when it comes to finance.

As for the OP the m135/140 in good, clean unmolested state does have a strong market so another vote for trying a personal advert on autotrader.


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[sebcyril]

I would try sell the M135 privately but in all truthfulness I don’t have the time. I work in London 5 days a week and long hours so cba with people coming to see it and then messing about with offers. The online market place offers have been around what I think it’s worth so will probably go that way mainly due to ease and speed. Roll on Sunday then to see what fun I have with MB. I’m in no rush to buy so will happily walk away if they don’t want to play ball.

 

[DSK]

I would try sell the M135 privately but in all truthfulness I don’t have the time. I work in London 5 days a week and long hours so cba with people coming to see it and then messing about with offers. The online market place offers have been around what I think it’s worth so will probably go that way mainly due to ease and speed. Roll on Sunday then to see what fun I have with MB. I’m in no rush to buy so will happily walk away if they don’t want to play ball.

I totally get that! The London rat race makes you value your time.

Sadly even in trade you get tyre kickers just after a joy ride as they can’t afford a car or have nothing better to do with their time. No doubt I’ve probably annoyed a few as I like my time to inspect a car and if all the elements, the car and owner etc aren’t right I walk away. When it all comes together properly though it’s seriously good on both sides.

So long as your happy with the online quotes then it’s all good.


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[malcolm E53 AMG]

I’m retired so it’s all good fun to me, sold the car on this forum and a spare set of wheels

 

[Wearsafoxhat]

Why not look at taking the MB finance package, if they offer you a discount for doing so…. you have 14 days in which to pay this off in full with what ever funds you decide on. I did this and saved a few £k