Mercedes-Benz Refinancing (August 2025)

What does a Mercedes-Benz mean to you? Luxury, comfort, performance - perhaps all this and more! However, if you own one, nothing hurts more than overpaying on your car loan payments. Refinancing your Mercedes-Benz could be the key to optimizing your finances and saving money in the long run!

Mercedes-Benz refinancing through Way.com can help you lower your APR, lower your monthly payment, get better loan conditions, and save hundreds of dollars every year.

What is Mercedes-Benz Refinancing?

Refinancing means taking on a new auto loan with better terms and conditions and using that to pay off the current auto loan that is causing you financial stress. Typically, the new loan will have a lower APR, which means lower monthly payments for you and better savings every year.

Why Should I Refinance My Mercedes-Benz?

When you first financed your Mercedes-Benz, you may have been given a high APR because of various factors like your credit score, payment history, etc. It's also possible that your dealership overcharged you - it happens more often than you think!

Refinancing can help you rectify that and help you get the following benefits:

• Lower your APR: Even a one-point reduction in APRs can lead to significant savings throughout the loan
• Lower your monthly payment: Find an amount that fits your budget without being a drain on your finances
• Add more benefits to your loan: Adding GAP, ESC, and other coverages could help hedge against any future car damages
• Add or remove a co-borrower : You can get a lower APR by having someone take a loan with you
• Get cash-out refinancing: For immediate expenses, you can borrow against the amount of equity you own in the car
• Buyout your lease at the end of the term

If done right, refinancing can help save as much as $1500 every year!

When Should You Consider Mercedes-Benz Auto Refinance?

It's always best to consider refinancing your vehicle only if your financial standing has improved since you first took out the loan. This will guarantee a lower APR for you and better savings.

Consider refinancing your Mercedes in the following situations:

• If at least 60-90 days have passed since you first took the loan
• If your credit score has increased by a few points
• If you've become eligible for a better loan
• If your monthly expenses have increased and you want to save money
• If you want to add a co-signer to your loan
• If your car has become old and is not worth the high monthly payments

Mercedes Benz Refinancing Rates (June 2023)

What Documents Do You Need to Refinance a Mercedes-Benz?

Before applying, keep all the necessary information ready. This will smoothen the process and get you better quotes in a short time!

Have the following information at hand:

• Your credit score : Ideally, a score over 660 will get you a better APR than you currently have. Use the free annual credit reports from bureaus to keep track of your score.
• 14-days payoff amount: It is the amount you owe to your current lender, including the next 14 days' principal and interest.
• Car Loan-to-value ratio : Ensure you are not (upside-down) on your car loan (which means you owe more than what the car is worth)
• Loan term remaining : Ideally, at least six months should have passed since your initial loan, or you should have at least a year left on the existing loan.
• Prepayment penalty : If you initially financed using Mercedes-Benz, you will have to pay a prepayment penalty.

You'll also need other personal and vehicle details ready, like:

• Vehicle information: Vehicle Identification Number, title, registration, number, and mileage
• Income information: Pay stubs, salary slips, and tax returns
• Personal information : Driver's license and Social Security Number

How to refinance your Mercedes-Benz with Way.com?

Step 1: Calculate how much you can save through refinancing

Use an online auto loan refinance calculator to input your desired APR or new loan term. If the estimated monthly payment is lower than your current payment, you'll likely make a ton of savings by refinancing your Mercedes.

Step 2: Apply to refinance lenders with Way.com

You don't want to repeat the same mistakes you made the first time. Instead of applying to just one refinance lender, use Way.com to compare rates from multiple trusted lenders simultaneously. Several lenders will give you pre-qualified offers based on a soft credit pull too.

Step 3: Choose an offer and start saving!

Once you find an offer you like, you can easily submit all the supporting documents and complete the application. At this point, there will be a hard credit inquiry which will temporarily affect your credit score. However, you can easily improve it in the coming months by being consistent in your payments.

Will My Mercedes-Benz Qualify for Refinancing?

Your Mercedes-Benz will typically qualify for refinancing if:

• The car is less than 10 years old
• The car has a mileage of less than 150,000
• You have a valid driving license
• You have a valid registration
• You have made your previous car loan payments on time
• You have a verifiable income source
• You have full coverage insurance

What Else Can I Include when Refinancing my Mercedes-Benz?

Refinancing also allows you to include additional benefits like:

• Guaranteed Asset Protection (GAP): If your car is badly damaged in an accident, GAP insurance covers the difference between what the car is worth and the amount you owe on it.
• Extended Service Contract (ESC): Also called Extended Warranty or Vehicle Service Contract, it covers any unexpected breakdowns and problems arising after the expiry of your manufacturer's warranty.

Can I Refinance a Mercedes-Benz with Bad Credit?

Though it's best to refinance when your credit score has improved, you can also refinance a vehicle with bad credit. However, you may have to make some expensive adjustments upfront to get a better APR.

• You might have to make a larger down payment at the time of refinancing
• You may have to get a co-borrower or co-signer to reduce the risk on the lender's side
• Some lenders specialize in bad credit loans, but be wary of fraudsters and high rates
• Use refinance aggregators like Way.com to compare multiple bad credit loans and choose the better option
• Ensure you have a consistent payment history and improve your credit score by a few points before applying.

Why choose Way.com to refinance your Mercedes-Benz?

We understand how hard it is to finance and maintain your vehicle. Owning a car should be a joy, not a struggle. However, rising vehicle costs, fuel prices, and auto loan payments can put stress on your wallet! That's where we come in - to make car ownership simplified. And we're starting with lowering your car payments!

With Way.com, you can get connected to the best refinance lenders, compare their rates, and choose a refinance deal of your choice. We also offer additional insurance, refinance with bad credit, lease buyouts, and excellent customer support.

Save more through our car services marketplace offering affordable auto finance, refinancing, parking, car wash, and roadside assistance. Way.com has a 4.5 rating on Trustpilot, with more than 3 million satisfied customers. The Way app also has a 4.7 rating on Google Play and 4.9 on the iOS app store.