I negotiated 12% off the msrp incl loyalty for a new 2024 glc300 but at 8.99% for the loan from Mercedes Finance and am buying the car tomorrow.
Is there a realistic way to pay less interest than 9 points on a new auto loan?
Yes, credit unions are around 5-7%. Pretty sure other banks are close to it. Unfortunately, if you’re looking to pickup tomorrow, you won’t have enough time to get financing squared away. Process usually takes a few days, to either have the funds wired to the seller or a check overnighted.
Or get a personal loan, like from Lightstream. That’s assuming your credit score is excellent, no derogatory remarks on your credit, etc.
Try penfed
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Buy it and refinance it right away
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Look in Wiki for the credit union thread.
All the big banks (Chase, WF, BoA, US Bancorp, etc) will pre-qualify and pre-approve account holders for auto loans fairly quickly. But their interest rates won’t be as good as most credit unions. The bank can send the authorized loan amount and forms to the dealer’s finance manager so it’s pretty seamless for you.
If you’re a tier 1 (good FICO and good wages) client, most good finance managers will have connections with credit unions already to help expedite a new client to get a car instead of using MBFS.
One thing about refinancing… many times the interest rate is a bit worse with refinance and you may get hit with fees.
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How’s your credit and what’s the term? Shotgun effort, I’d try Florida based gold coast FCU
4.49% to 15.74%
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See if you can find a demo, its 2.99% for cpo 36mos, something that has 1k or less miles
9% sounds like a 72 or 84 mos?
I just bought a GLE53 and anything past 48 months was the same rate. It was 9% but the dealer knocked it down to 7% since I put a big down payment.
Wow that sucks, but its funny when i had to renew my CDs at the bank they weren’t giving me more than 5% lol
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Rates are simply crazy. Just based on rates, sometimes its cheaper to lease then to buy
Now makes sense to lease, and maybe when lease is over rates will settle down
Yeah. I am going through same issue again trying to buy a GLS63… Do I buy a used with a rate of 8-10% or lease a new one at 7%. Lease is $300 more a month but most will be out of warranty so I would have to spend $7-10K to add on warranty, other maintenance…
Lol wish you all the best
Credit unions are always the best rates, at least in my areas. Not just car loans, but any loans.
If you’re taking about an 84 month loan you can’t afford it.
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Thats what i thought, but @djrabbi said past 48 thats how it goes for benz
Lol after 5yrs car lost value and your still paying top dollar 
And then the negative equity gets rolled into a new one, rinse and repeat every 5 years.
It’s almost as if banks lend out at higher rates than they give out to depositors in order to make a profit. Those bastards!!
Thx to all for you input!
We ended up taking the 8.99% from MB Finance. Based on a 60 month term, the rate from an alternative lender wouldn’t have made sense.
If I understand correctly, the loyalty incentive of $1,000 would have been removed and lease disposition fee of $595 would have been added back into the deal if we didn’t use Mercedes Benz Finance as the lender?