What Does Guaranteed Car Financing Mean?

If a dealership offers guaranteed auto financing, it means that you’ll work out any financing deals in-house, rather than with the bank. Guaranteed car finance dealers are more likely to approve you for an auto loan, even if you have bad credit or no credit. Opting for a guaranteed auto loan may mean that you end up paying more in interest over time—but it may still be the best option available in some cases!

What Else Should You Know About Guaranteed Auto Financing?

When you apply for financing at Mercedes-Benz of Bedford, we’ll work with Beachwood and Mayfield lenders to ensure that you get the money you need at the rate you deserve. Although Mercedes-Benz of Bedford is not a “buy here, pay here” dealership, our financing team is more than ready to help you complete your purchase without a second trip to a bank or lending institution.

In the event that you have trouble getting approved, or have had similar troubles in the past, we may be able to offer you guaranteed car financing. Here’s what you should keep in mind:

• Guaranteed auto financing may not require a credit check. However, you may still be asked to provide proof of income or demonstrate your ability to pay.
• The interest rate on an auto loan is generally determined by the buyer’s credit score, but that isn’t necessarily the case with a guaranteed auto loan. The seller may have pre-set interest rates that they use for guaranteed loans, and these rates are likely to be well above average.
• If you’d like to see how a higher interest rate will impact your monthly payments, you can take advantage of our simple online payment calculator.
• Don’t forget that you can secure a better price—and a lower monthly payment—by trading in an old vehicle at our dealership.

If you need a vehicle and can’t find financing elsewhere, choosing guaranteed auto financing does have some advantages. Most importantly, you get the chance to prove your credit-worthiness by making timely payments. With most reputable dealerships, the finance department will report your payments to major credit bureaus, causing your credit score to go up. This means that choosing guaranteed auto financing could be a good way to rebuild your credit for future endeavors.

When all is said and done, guaranteed car financing near Bedford is a chance for Cleveland divers to get behind the wheel of a new car and build credit at the same time!

Explore Your Financing Options with Mercedes-Benz of Bedford

To learn more about flexible finance options or chat with a financing expert about ways you can boost your credit score, get in touch with our team. If you’re ready to apply for financing, get started online today!