How to Budget for a New Mercedes-Benz Car

Is a new Mercedes-Benz in your future? Before you shop, it’s important to budget for your new car. Our finance experts at Keyes European have a few tips to help ensure you’re ready for your new purchase.

Set a Budget

The first thing you want to do before you start shopping for a new car is to set a budget. When considering new vehicles, experts recommend that you spend no more than 15 percent of your monthly take-home pay on car expenses. That includes both your car payment and your additional costs associated with owning a car such as insurance, maintenance, and fuel.

Use an Auto Payment Calculator

Once you have an idea of what your monthly payment should be, you need to determine what the total investment is that you can spend. An auto payment calculator lets you enter a total price for a vehicle and get an estimate of your payment by adding in an interest rate, term, and down payment. You can play around with these numbers to get the best idea of what you can spend and what you need to save.

Get Pre-Approved Online

Getting pre-approved is another important part of shopping for a new vehicle. This helps give you confidence when you shop and also helps you avoid any unwelcome surprises during the application process. You can also directly apply for financing online too if you prefer. You’ll just need to submit your buying criteria through our secure online portal:

• Employment status
• Occupation
• Gross salary
• Mortgage/rent payment
• Co-applicant’s info (if applicable)

Have questions about the financing process? We encourage you to reach out to our Mercedes-Benz dealership serving Sherman Oaks, CA to chat with our financial experts. We’re happy to discuss your options with you anytime!