Auto Loan
BMW Financing
Unhappy with your current auto loan terms? Click here to refinance and drive home some savings!
Unhappy with your current auto loan terms? Click here to refinance and drive home some savings!
BMW Financial Services offers good deals on your BMW purchase. So, if you are planning to purchase a BMW, then pause. You might be missing the deals BMW offers through BMW Financing services.
For example, you might be surprised to find out the BMW finance rates and offers, which are undoubtedly competitive and save you money on your purchase from BMW. Here, we look at the options that BMW Finance offers according to specific financial situations.
Key Takeaways
The two main ways you can consider BMW Financing are buying or leasing a BMW. Here, we explore how you can choose the main BMW Financing options.
BMW provides traditional financing and leasing options for new and certified pre-owned vehicles. So, it comes with special deals for well-qualified buyers. However, the BMW finance offers vary by dealership and are time-limited.
Apart from standard loans, BMW offers unique balloon financing. Therefore, you are saved from paying higher monthly payments; instead, plan and save towards a substantial final payment with a higher amount. However, if you face any issues regarding the final payment, they offer options, including refinancing the balance or using trade-in value for a new vehicle.
Similarly, if you want to own a BMW but are not ready to commit to one yet, the Financial Credit Rate Lock program allows you to secure a rate for an extended period while exploring other options.
BMW financing offers conventional leasing for new vehicles, with options to extend leases and unique programs for flexibility.
Pre-Pay Lease Program: Pay your entire lease for a streamlined payment experience up front.
Security Deposit Option:Keep lease payments low by making up to seven security deposits.
Mileage Adjustment Program (MAP):Purchase additional miles if you exceed your allotted mileage.
Unused Mileage Loyalty Benefit: If you drive less than expected, receive a credit or refund to your original account.
Disposition Fee Waiver: Lease or finance a new BMW through BMW Financial within 12 months to have the disposition fee waived at the end of your term.
| Pros | Cons |
|---|---|
| Easy to handle as you can handle it all in one place. | The website doesn't give away much information. Follows the traditional way of getting such information from dealers. |
| Different leasing options catering to individual conditions | Deals are specific to location and may not be available everywhere. |
| There are promotional rates as low as 0% |
| BMW Finance Programs | What Does it Offer |
|---|---|
| BMW Military Incentive |
· Eligible for active duty, veterans, military retirees, and qualifying family members. · A bonus of $500 to $2,000 toward the lease or purchase of a new BMW.
|
| BMW College Graduate Program |
· Recent graduates with six months of good credit history. In addition, you should have a debt-to-income ratio of 45% or less to qualify. · $1,000 off a new or certified pre-owned BMW.
|
| BMW Mobility Program |
· Offers a one-time adaptive equipment reimbursement. · Good for those requiring mobility modifications.
|
| Group Corporate Fleet |
· Ideal for company car purchases. · Includes no-cost maintenance, roadside assistance, a BMW Assist safety program, and complimentary use of a BMW during service. |
Here is a stepwise guide on applying for BMW financing.
Initiate the process by contacting a BMW dealer; you get better deals by selecting the dealer and the deal you need.
Choose financing type, term, and down payment. However, for BMW leases, select an annual mileage option.
You should provide the personal details, including name, address, Social Security number, and date of birth.
Since you are applying for BMW finance, you should update the employment status, occupation, income, and employer address while applying for it.
Review your information and apply. Consequently, your dealer will contact you to advance the financing process.
Here is a table comparing the terms of a BMW auto loan with those from Lexus and Light Stream:
| Feature | BMW | Lexus | LightStream |
|---|---|---|---|
| Starting APR | 0.00% | 2.99% | 7.49% |
| Terms | Up to 72 months | 12-72 months | 24-84 months |
| Amount | Depends on dealers | Not disclosed | $5,000-$100,000 |
| Min. credit score | Undisclosed | Undisclosed | Good credit |
To see if BMW Financial Services is the right choice, one must explore the loans BMW Financial Services offers. Here are the types of loan and everything it offers.
| BMW Financing Loan Options | BMW 360˚ | BMW STANDARD LOAN | BMW BULLET PLAN | BMW BALLOON PLAN |
|---|---|---|---|---|
| What it offers | Easy and flexible option with low monthly payments, 24 to 60 months term, and Guaranteed Future Value at the end. | Unlimited freedom with fixed installments over the loan period, allowing terms of up to 84 months. | Lower regular EMIs by paying higher amounts at fixed intervals during the loan tenure. | Decide payment height with a contract of 12 to 60 months. Option to reduce further with a one-off down payment. |
| End-of-Contract Options | Trade-in your BMW. Refinance your Guaranteed Future Value. Return your BMW or keep your BMW. | N/A | N/A | Sell or upgrade your car at the end of the term. |
| Key Features | Low monthly payments. Contract term flexibility. |
Low down payment. Loan flexibility (up to 84 months). Steady monthly outflow. |
Lower monthly payments. Loan flexibility (up to 84 months). |
Low regular monthly payment. Option to sell or upgrade at the end of the term. |
However, if you think the BMW financial services are unsuitable, choose options like the Capital One Auto Finance or the Bank of America auto loan.
While Capital One Auto Finance offers financing for new and used cars, it will be provided by those dealers listed on Auto Navigator. Similarly, Bank of America has authorized dealers who can provide good loan deals.
Yes. However, it is not available throughout and not for all BMW cars. Similarly, the best BMW finance rates are given to the most qualified buyers.
Though BMW doesn't specify the credit score, it is quite obvious that you need a good credit score to secure the best rates. The interest rates will be higher if you have a low credit score.
A good credit score is the primary requirement for getting approval for BMW's financial services. However, it is better to consult a dealer to choose a suitable option.
Though it occasionally offers rates with 0% APR. The usual rate for BMW Finance is 2.99% p.a.
Yes, BMW offers finance for up to 72 months.