2580 Enterprise Way, Kelowna, BC, V1X 7X5 Sales: (250) 712-0505    Toll Free: 1(800) 922 3405

Finance Department

Auto Finance and Credit, Kelowna Mercedes-Benz

As a full service dealership, we are able to offer you plenty of purchase options on new and pre-owned vehicles. Many clients have questions when purchasing a new vehicle about what payment methods we accept. Our finance team and sales staff are here to help assist and guide you through the options open to you.

But our financial services are not just limited to payment methods; a variety of vehicle protection plans are available for purchase with your next vehicle.

Purchase Options

Most shoppers have questions about their purchase options and which of the many methods of payment is best for them. Depending on which vehicle you decide to buy-whether it is new or pre-owned, make, model, etc.-your options will vary, but we are bound to have some attractive options for you to select from.

While you might feel that you know how you want to pay for your vehicle, it is important first to explore all of your options. Our financial services team will work with to you ensure that you are well informed and comfortable with whichever option is best suited to your needs, before you decide to make your final decision.

Financing

All manufacturers offer competitive rates on new cars, and now on all Certified Pre-Owned vehicles, too. Mercedes-Benz Financial offers financing rates on new and Pre-Owned vehicles starting at 0.9%.

We also work with many financial institutions, including: BMO, TD, General Bank, RBC, Scotia Bank, and major credit unions. Our finance team will work with you to help you get the most competitive rate for your new vehicle.

Leasing

New vehicle leasing is available through Mercedes-Benz Financial services. This is definitely one of the most popular methods for purchasing a luxury vehicle.

With leasing, you are in a joint ownership with the manufacturer. You can still trade in your car or sell your car just as if you had it financed or if you had paid for it in cash. When you finance a vehicle, the bank holds the security interest, and in a lease, the manufacturer does. By leasing the vehicle, you remove all the risk of the unknown from your purchase, such as market fluctuations, accidents, model changes, and economic factors that can affect the value of your car, because if the market value does not coincide with your residual value at the end of the lease, you can walk away from the car. Essentially, you are eliminating your risk of accelerated depreciation.

Cash

Cash purchases have become less and less common over the years, due in part to the popularity of financing, leasing, and low-interest rates. There are many reasons for not paying for a car in cash, with the most apparent reason being that with low-interest rates, you can put your money to work in investments or tax-free savings accounts that will generate you larger returns in the interim, thus offsetting the interest accrued on your vehicle purchase.

While some consumers do have the savings to pay for a car, others are acting outside of their best interests by using a line of credit for their purchase. There are many traps associated with lines of credit, the most significant being that the interest compounds on an annual or semiannual basis and most consumers pay the lowest payment or interest-only payments; in the end, the result can be that the consumer pays more for their vehicle compared to a fixed auto loan from the dealership.

Warranty

Whether you are buying a new or pre-owned vehicle, it is good to know your warranty options. Mechanical protection plans can be added at the time of sale and can be incorporated into your purchase, finance, or lease contract.

If you are purchasing a new Mercedes-Benz, you will be covered under the manufacturer's warranty. For Certified Mercedes-Benz, vehicles we can offer the Mercedes-Benz Extended limited warranty program.

We also offer coverage through First Canadian and Global Warranty.

New Vehicle

The warranty coverage on a new Mercedes-Benz is a 4-year/80,000 km comprehensive warranty. The warranty start date, also known as the in-service date, is when this warranty coverage begins. Mercedes-Benz warranty coverage also has full roadside assistance that runs under the same 4-year/ 80,000 km time frame.

Mercedes-Benz Extended Limited Warranty

The Mercedes-Benz Extended Limited Warranty is a product that can be purchased at the time of sale on your new or pre-owned vehicle. The coverage is similar to the new car warranty with some limitations. This warranty would start at the end of the new car warranty, or, if it is a pre-owned vehicle that is already past the original manufacturer warranty, then the start date would be the date of purchase. Coverage can be for 1, 2, or 3 years, and this would also include an extension of the roadside assistance program. The cost of the Extended Limited Warranty varies per model, and your sales consultant, sales manager, or financial services manager will help you to choose the product that best fits your needs.

First Canadian Warranty

First Canadian is the largest automotive warranty company in Canada and is well recognized and accepted throughout Canada. The mechanical protection plans that are offered by First Canadian vary, comprising many affordable options. There is even a money back option that gives you a portion of your premium back if you never use the coverage.

The First Canadian Warranty coverage can be tailored to many driving styles with coverage up to 7 years, or 180,000 kms. Depending on the vehicle that you are buying, the length of time and kilometer coverage will vary, but we will work with you to ensure that you are getting the proper coverage to fit your driving needs.

Global Warranty

Global warranties are also offered at our dealership. Just like the other warranty options that we offer, the coverage can be tailored to your driving needs. Global offers everything from powertrain protection, right up to a comprehensive and detailed warranty with 5 different coverage options. Global mechanical protection plans are available on any model year of vehicle, new or pre-owned.

Cosmetic Protection and 3M

No matter whether it is new or used, when you buy a new vehicle you want it to look good for many years to come. At our dealership we offer top-of-the-line cosmetic protection packages, including: paint, leather, undercoating, rust protection, and 3M ClearBra. Visit our Detail and Protection Page to learn more about these products and the benefits behind them.

Frequently Asked Questions

Q: How old do I have to be to finance or lease a vehicle?

A: Federal law dictates that you must be at least 19 year of age to enter into a contractual obligation.

Q: Is there a penalty to payout my loan?

A: No, there is not a penalty for early payout of your finance contract.

Q: Can I make lump sum contributions to my finance contract?

A: Yes, lump sum payments can be made at any time. This does not change your payment; it lessens only the amount owed, speeding up the repayment of your loan.

Q: What kind of finance rate would I get?

A: We work with a number of financial institutions to ensure that we get you the most competitive rate for the vehicle that you are purchasing. A number of factors may affect the rates we can offer. Our financial services managers will work diligently to ensure that we are getting you the best rates and terms for the vehicle that you are buying.

Q: Where do I get insurance?

A: Insurance agents come right to our dealership and can assist you with your insurance needs.

Q: How long does it take to do a credit application, and how long until I get approved?

A: The credit application takes only a few minutes to fill out. The approval times vary, and there are a number of factors that need to be considered, such as time of day, week, and the volume of contracts being processed. This process can take from a few moments, up to 24 hours.

Q: What documents do I need to bring with me?

A: Depending on your method of payment, we will let you know what documents you will need to bring with you in order to complete your transaction. A void cheque and driver license are common items that you need to bring. If you are trading in a vehicle or reside out of province, we may require additional information such as your vehicle registration, proof of residence, and health card.

Each case is different, so we will let you know what to bring with you.

Q: Can I finance or lease under my company?

A: Yes, you can purchase your new or used vehicle through your company. Additional information may be required; however, we will work closely with you in this process.

Q: Can I finance my warranty and protection package?

A: Absolutely! You can add these items into your contract, which makes things very simple and affordable.

Q: If I buy a warranty from you, do I have to return to your dealership for the work?

A: Although we would love for you to come back to our dealership for your vehicle servicing, we understand that will not always the case. If you have a Mercedes-Benz warranty, you can visit any Mercedes-Benz dealer in Canada for the work to be covered under that plan. If you have a First Canadian or Global warranty, we will also help you identify a local repair facility that can perform your repairs.