Who Are “Well-Qualified” Buyers and Lessees?

Are the competitive Mercedes-Benz offers at Keyes European catching your eye? You’ve probably noticed that many of the best deals are only available for “well-qualified” buyers and lessees. Keyes European can help demystify those qualifications so you can be better informed ahead of your visit. 

Have a High Credit Score

Lenders generally look at your credit score first. While each lender has different criteria for a high credit score, buyers typically need a score of at least 720 to be considered well-qualified.

Have a Solid Credit History

When lenders review your credit score, they also look at your credit history. They check to ensure that you pay back your loans in a timely manner. They also make sure you haven’t already overextended yourself with your existing debt.

Have a Good Debt-to-Income Ratio

Even with a solid credit history, it’s still essential that lenders feel confident that you can pay back your loan. So, they’ll also look at your income, existing debt, and expenses. While there’s also wiggle room here, most lenders look for a debt-to-income ratio under 36 percent.

Demonstrate a Stable Income

You can also help get approved by demonstrating that you have a stable income. Many lenders want to see that you make enough money to pay your car payment comfortably. Typically, lenders want your payment to be under 20 percent of your income.

Make a Sizable Down Payment

If you’re concerned about getting approved, a sizable down payment can help. You’ll have less to finance by paying down more, which would help lower your total debt and monthly payments. Plus, many lenders consider a buyer less of a risk if they show significant buying power.

Are you ready to start your luxury car journey? Begin your application process at our auto finance center near San Fernando, CA, today!