What’ the minimum credit score necessary to get a good lease deal on Mercedes Benz?
Spend some time reading the Leasehackr 101 articles on this site to learn how leasing works. Inform yourself. A good lease deal doesn’t happen because of a good credit score.
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Thank you!!! I’ve been learning all sorts of info on here! I was unaware just how much can influence a lease deal! I’m really determined to get all my ducks in a row to get the mercedes I want.i was just curious if im in a good enough position credit wise or if i still have some work to do!
There is definitely a minimum credit score required to get approved by Mercedes financial, but there’s a lot more to it than just the number.
Only way to Know for sure is to apply and find out, however I would not recommend doing this until you’ve Already negotiated the deal you want. Worst case is you don’t get approved of your credit isn’t worthy. We don’t know your credit history or what your credit score is and giving you a “minimum” number isn’t going to help you any.
There are too many factors to just break it down by a simple number.
Got it!! Thanks so much for the info! I didn’t plan on doing any drive by credit runs!!
Thank you!
Generally Tier 1 is 700 and above which will give you the best interest (known as money factor in leasing terms). Multiple Security Deposits can help with excessively high MF rates below this (and help get an even better MF for people with Tier 1 credit). Even if you check your FICO score before going it is likely the dealer will have a higher or lower credit score for you depending on your history with paying automotive debt in specific (since this is prioritized more with their systems).
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This is exactly what i was wanting to know!!! I always read " for qualified lessees"…meanwhile im wondering am i qualified enough?!
this forum has opened up a whole new world for me! Thx for the info!
Thank you!!
Have you checked your credit score lately? If not, you should do so before you start shopping for a car.
I have! Looks like Im in good shape credit wise! Ive never leased before so i was under the impression that better credit score allowed for better leasing terms…it seems like it’s true but there are also so many other factors that could land u a great lease deal if negotiated the right way!
If your credit score is above 720, then you are in good shape IMO.
The better your credit score, the better of a money factor (MF) you will get in principle. Think of MF as your finance rate for a portion of the car you are leasing (Leasing 101 has a more detailed explanation of all the lease terms). However, dealers can mark up the MF for profit even if you have a good credit score.
Hence, once you have narrowed down the model you are looking to lease, post your lease terms (number of years and mileage) in the Edmunds forum (you will have to sign up for a free account) requesting numbers for the MF buy rate and whether there are any applicable incentives.
Good luck.
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Thanks so much!
Also different manufactures/finance pull different credit scores. Make sure your actually checking your true fico scores and not Fako scores from credit Karma and other sources. Here is some more info
@ChocBeauty - One more thing. There are several factors that could help land a great lease deal. At the end of the day, you need to do research ( it seems like you are already doing that) and figure out what type of pre-incentive discount is possible on the car you are looking at.
You did not say what type of MB vehicle you were thinking of leasing. You can use the search function to see what type of deals others have gotten on a similar car. Wanted to also mention that just because “Joe” got 15% off MSRP before incentives on a new car at dealership X does not mean you can get the same deal at the same dealership on the same model.
If you are not in a rush to lease, keep reading and doing research. There is a ton of useful info here and lots of very knowledgeable folks who can provide some great advice.
If at the end of the day you don’t feel like directly negotiating with a dealer, you can always hire a broker (for a fee).
I am most def taking this time to gain knowledge! I want to go in prepared! I don’t want to get jerked around at the dealership! I prob wont even step into dealership until its time to finalize if possible! I’m specifically wanting a Mercedes c300 sedan. Id like to be able to make the deal on my own but not completely opposed to using a broker.
According to @jrouleau the only thing that matters is credit score.
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Has anyone found that MBFS is more willing to make a better lease deal based off of more favorable credit score? Just curious?
I got approved for an i8 with a 720…you’re not buying a house. Although the payment might be more than yours…of course bc you paid it off early, instead of investing that money and taking the interest on the mortgage as a deduction. A regular suze orman…
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