Mercedes-Benz is one of the top-selling premium vehicle brands in the world, having sold over 2.3 million vehicles in 2018. The German auto manufacturer is also one of Canada’s favourite luxury car brands, beating out such prestigious names as BMW, Audi, Jaguar, Bentley, Land Rover, Tesla and Porsche for the number of vehicles sold in 2018.
Known for its iconic logo and sleek, stylish cars, this premium brand certainly comes with a premium price tag. But there are quite a few financing options available if you want to turn your dream of sitting being the wheel of a Benz into a reality.
Special discounts are available for members of the Canadian Armed Forces and the RCMP. Furthermore, vehicle owners have the opportunity to buy premium tickets reserved exclusively for Mercedes-Benz customers to attend popular concerts and live shows across Canada through the company’s Star Access Program. Some dealerships even offer discounts for students, graduates, first-time buyers and returning customers as well.
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If you’re looking to get behind the wheel of this luxury brand, the most obvious financing choice is to take out a secured car loan. While it takes time to compare lenders, this is likely the most cost-effective option and typically comes with the lowest rates. However, if you default on your payments, your lender can repossess your car to recoup the loss. Another option is an unsecured personal loan. This doesn’t require you to use your car as collateral, but it generally has higher interest rates and is more difficult to get approved for.
Prefer to go with the fastest option? Then you might want to consider financing or leasing directly through an authorized Mercedes-Benz dealership. Here are your two choices:
Financing through Mercedes-Benz Financial Services. Getting financed at the dealership is one of the fastest and easiest options, though it can come with higher interest rates than you might get with an external lender. The rates you’re offered will depend on what car you’re looking to buy and where you live. In the past, you could get a 2019 C300 4M Sedan for $46,100 financed across 60 months at 1.99% APR and monthly payments of $727.05 ($4,610 down payment required).*
Leasing through Mercedes-Benz Financial Services. If you want to upgrade your car every few years, you can save money by choosing a lease. While deals vary based on where you live, past offers include 1.9% APR on a 45 month lease for B-Class 250 4MATIC Avantgarde Edition Sports Tourer hatchbacks with monthly payments of $348 and $3,650 cash back ($4,120 down payment required).*
The local dealership you visit may also offer its own special promotions as well. As with all loans, the actual rates you qualify for will depend on your credit history and personal financial situation.
*Rates as of May 17, 2019.
Compare car loans to finance a Mercedes-Benz
Representative example: Deborah buys a Mercedes
Deborah, a B.C. resident, has been working tirelessly for more than 10 years to grow her real estate agency into one of the most successful agencies in Western Canada. She feels that it’s high time she celebrate her achievements by trading in her old vehicle for a more luxurious set of wheels. Deborah has her eye on a 2020 Mercedes AMG E 53 Cabriolet convertible with a Polar White trim priced at $101,599.00.
She trades in her old car for $7,000.00 and puts a 20% deposit of $18,920.00 on the new Mercedes. Then she applies for dealership financing to cover the rest of the cost ($75,679.00) plus 15% GST/PST (luxury vehicles are subject to a tiered tax system in BC). Thanks to her solid credit history and high income, Deborah is approved. She also pays around $50.00 to register her car with the Insurance Corporation of British Columbia (ICBC).
Cost of new vehicle
Auto loan (term loan)
Interest rate (APR)
3.00% origination fee ($2,837.96) $0.00 application fee (waived by dealership)
$1,176.63 monthly or $542.50 biweekly
Total loan cost
$112,956.48 with monthly payments or $112,840.00 with biweekly payments
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.
Does Mercedes-Benz offer special discounts or programs?
Mercedes-Benz offers the following special programs:
Perks for being a Benz owner: the Star Access Program
If you purchase a Mercedes-Benz new or Certified Pre-Owned vehicle or van from an authorized Canadian dealership, you have access to concierge services to buy premium tickets for Live Nation Canada concerts all over the country. Live Nation is the world’s leading live entertainment company, selling hundreds of millions of tickets a year to shows around the world.
As a Mercedes-Benz owner, you can email or phone the company’s dedicated concierge services to buy tickets reserved especially for Mercedes-Benz customers to attend performances and concerts across Canada. Service is available Monday through Friday in both English and French.
For military members, national service people and their immediate families: the Canadian Armed Forces Program
Customers who currently serve, or have served, in the Canadian Armed Forces, as well as their immediate families, can enjoy special discounts on new Mercedes-Benz, AMG or smart vehicle purchases in addition to any existing special discounts or offers. National Defense employees and members of the RCMP are also eligible for this discount.
Customers must provide proof of their participation in a qualifying professional service at the time of purchase. Discount cannot be applied to pre-owned vehicles.
For students, grads and first-time car buyers: the Rising Stars Program (not offered at every dealership)
Some – but not all – dealerships in Canada offer a discount designed to accommodate those with little to no credit, particularly students, graduates and first-time car buyers. This program makes it easy to qualify for financing to either lease or buy a Mercedes-Benz.
Requirements differ between graduates and current students (including the amount of down payment that’s required and the minimum length of credit history that applicants must have). Below are some of the criteria and restrictions that apply to students/grads who qualify for financing:
Must be in, or have recently graduated from, a 4-year college, university, graduate or registered nursing program.
Must provide proof of enrollment or graduation.
Must provide pay stubs (up to 3 of the most recent stubs may be required for current students).
Must have a clean credit history.
Financing is limited to $50,000.
For international students, the financing term cannot exceed the length of their student Visa.
First-time car buyers can receive financing of up to $20,000 towards the lease or purchase of a Benz if they have 24 months of established credit, a clean credit history, pay stubs or bank statements from the last 3 months, references and proof of residence. No down payment or security deposit is required and the length of the loan can vary.
For brand enthusiasts: official Mercedes-Benz clubs
Over 60 officially-recognized clubs exist around the world for Mercedes-Benz drivers to share their passion for the elite automobile brand, swap technical information and get answers for questions relating to their vehicles. Club members may also get to participate in both casual and competitive driving events at 5-star destinations.
There are at least 40 clubs across Europe – 20 of which are in Germany alone – but organizations also exist in Canada, the United States, Mexico, Brazil, Argentina, South Africa, India, Japan, Australia, the Philippines, New Zealand and other countries.
Even though these clubs have the Mercedes-Benz seal of approval, they are privately managed and run by volunteers. As such, benefits and conditions of membership may vary from organization to organization. Nevertheless, all members of officially recognized Mercedes-Benz clubs have the privilege of carrying a ClubCard and enjoying all of its perks.
One such perk is a Loyalty Discount on the purchase or lease of any brand new Benz. Clubs typically require that you be a continuous member in good standing for at least 12 months before you qualify for the discount.
Mercedes-Benz Club of America offers Canadians a Loyalty Discount of up to $1,500 off new vehicles (excluding Demonstrator and AMG models).
The Canadian club also offers a discount on new vehicles, the amount of which is not specified on the club’s website. Also included are discounts on parts and labour costs at a number of Mercedes-Benz dealerships, mostly in Ontario.
Other benefits include discounts with various retailers and free admission to the Mercedes-Benz Museum in Stuttgart, Germany. Some clubs, including the Canadian one, also sell merchandise like license plate covers, apparel and mugs.
How much will a new Mercedes-Benz cost me?
A new Mercedes-Benz will generally cost between $34,000 and $170,000, though you may be able to get a better price if you negotiate at the dealership. Here are the starting manufacturer suggested retail prices (MSRPs) for Mercedes-Benz’s 2019 models:
AMG GLE Coupe
Mercedes-AMG GT coupe
Does a new Mercedes-Benz come with a warranty?
Yes, new 2019 Mercedes-Benze vehicles come with a basic limited warranty that lasts for 4-year or 80,000 km — whichever comes first. The following components are also covered:
Wear and tear. 2 years/40,000 km
Adjustment period. 1 year/20,000 km
Emission system. 2 years/40,000 km. Certain emission parts are covered for 8 years/130,000 km
Surface corrosion. 4 years/80,000 km
Perforation corrosion. 5 years/unlimited km
Roadside assistance. 4 years/unlimited km
An extended warranty is available for purchase in which you can choose to extend your coverage for an additional 2-3 years up to 160,000 km, whichever occurs first. Roadside assistance is extended along with the warranty, powertrain coverage is extended for 1 year, and there is no deductible.
The extended warranty is a good way to avoid having to pay for unexpected maintenance or repairs. You can also transferring it to another person through a Mercedes-Benz dealership if you need to.
Mercedes-Benz is famous for being all about luxury — and its prices reflect that. Fortunately, you have several different financing options to choose from no matter what your main priorities are – cost or speed. And remember that you may qualify for a special buyer discount, depending on where you buy from. Check with your dealership to to find out what deals are available to you.
A new Benz is going to have the most warranty coverage and will allow you to customize and add extras. However, a used vehicle can be just as nice and save you a significant amount of money, because you’re buying the car after it’s new-car value has declined (thereby reducing its price) even though technically the car might still be in great shape.
Mercedes-Benz sells Certified Pre-Owned vehicles, all of which have passed a detailed, 150-point inspection that tests each vehicle’s engine, fluids, electrical systems, undercarriage/drivetrain, safety, security and appearance. An on-road test is also conducted, so you know that you’re getting a reliable car.
After the standard new vehicle warranty runs out (the earlier of 4 years or 80,000 km), the Star Certified Limited Warranty kicks in, which adds another 2 years’ worth of coverage up to a maximum of 120,000 km. The warranty covers the powertrain and other major components of the vehicle. The Extended Warranty is also available for purchase on Certified Pre-Owned vehicles.
See above for details on the standard new car warranty and the Extended Warranty offered by Mercedes-Benz.
Mercedes-Benz makes its Canadian Armed Forces discount program open to a wide variety of customers including current and former military members, their immediate families, National Defense employees and members of the RCMP.
You usually have 60 days to find a car after getting pre-approved for a car loan. The exact amount of time you have varies by lender, however, so check with your lender to know for sure.
Stacie Hurst is an editor at Finder, specializing in loans, banking products and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, she can usually be found messing around with games, photography or floral arrangements in memory of her former days as a flower shop assistant.
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