BMW is a brand that has been synonymous with luxury and performance since its inception. For those who want to experience the ultimate driving machine, BMW offers a wide range of financing and leasing options through its financial services division. In this article, we will explore the various financing and leasing options available from BMW Financial Services.
Table of Contents
- Introduction
- Financing Options
- Traditional Financing
- Balloon Financing
- BMW Select
- Leasing Options
- BMW Lease
- BMW OwnersChoice
- Benefits of Financing and Leasing through BMW Financial Services
- Competitive Rates
- Flexible Terms
- Convenience
- How to Apply for Financing or Leasing through BMW Financial Services
- Frequently Asked Questions
- What credit score do I need to qualify for financing or leasing through BMW Financial Services?
- Can I customize my financing or leasing terms?
- What happens at the end of my lease term?
- Can I finance or lease a used BMW through BMW Financial Services?
- What happens if I want to end my lease early?
Financing Options
Traditional Financing
The most straightforward financing option offered by BMW Financial Services is traditional financing. This option allows you to purchase a BMW with a traditional auto loan, which is paid back over a fixed term at a fixed interest rate. Traditional financing is an excellent option if you plan to keep your vehicle for a long time and want to own it outright.
Balloon Financing
Balloon financing is a financing option that allows you to have lower monthly payments by paying a large lump sum at the end of the term. This lump sum is called the balloon payment, and it allows you to have lower monthly payments than traditional financing. Balloon financing is an excellent option for those who want a lower monthly payment but plan to keep their vehicle for a long time.
BMW Select
BMW Select is a financing option that allows you to have lower monthly payments by deferring a portion of the purchase price until the end of the term. This deferred amount is called the Future Value, and it is calculated based on the projected value of the vehicle at the end of the term. BMW Select is an excellent option if you want to have lower monthly payments and plan to trade in your vehicle at the end of the term.
Leasing Options
BMW Lease
BMW Lease is a leasing option that allows you to drive a new BMW every few years without the commitment of ownership. With BMW Lease, you pay for the depreciation of the vehicle during the term of the lease, which results in lower monthly payments than traditional financing. BMW Lease is an excellent option if you enjoy driving a new BMW every few years and want lower monthly payments.
BMW OwnersChoice
BMW OwnersChoice is a leasing option that combines the benefits of financing and leasing. With BMW OwnersChoice, you make monthly payments that are similar to those of a lease, but at the end of the term, you have the option to either return the vehicle or purchase it for a predetermined price. BMW OwnersChoice is an excellent option if you want the flexibility of a lease but also want the option to own your vehicle at the end of the term.
Benefits of Financing and Leasing through BMW Financial Services
Competitive Rates
BMW Financial Services offers competitive rates that are often lower than those offered by traditional lenders. This is because BMW Financial Services specializes in financing and leasing BMW vehicles, which allows them to offer lower rates than other lenders.
Flexible Terms
BMW Financial Services offers flexible terms that can be customized to fit your needs.
Convenience
Financing or leasing through BMW Financial Services is convenient and hassle-free. You can apply for financing or leasing online, and the process is quick and straightforward. Additionally, BMW Financial Services offers a range of tools and resources to help you make informed decisions about your financing or leasing options.
How to Apply for Financing or Leasing through BMW Financial Services
To apply for financing or leasing through BMW Financial Services, you can visit their website and fill out an online application. You will need to provide some basic personal and financial information, as well as information about the BMW you are interested in financing or leasing.
Once you have submitted your application, BMW Financial Services will review it and determine if you qualify for financing or leasing. If you are approved, you will be presented with various financing or leasing options that are tailored to your needs.
Frequently Asked Questions
What credit score do I need to qualify for financing or leasing through BMW Financial Services?
The credit score required to qualify for financing or leasing through BMW Financial Services varies depending on several factors, such as your income, debt-to-income ratio, and credit history. However, BMW Financial Services typically requires a credit score of at least 680 to qualify for financing or leasing.
Can I customize my financing or leasing terms?
Yes, BMW Financial Services offers flexible terms that can be customized to fit your needs. Whether you want a short or long-term loan, or a lease with a high or low mileage allowance, BMW Financial Services can provide a solution that meets your specific requirements.
What happens at the end of my lease term?
At the end of your lease term, you have several options. You can return the vehicle and lease a new one, purchase the leased vehicle for a predetermined price, or extend the lease term.
Can I finance or lease a used BMW through BMW Financial Services?
Yes, BMW Financial Services offers financing and leasing options for both new and used BMW vehicles. However, the terms and rates for used vehicles may be different than those for new vehicles.
What happens if I want to end my lease early?
If you want to end your lease early, you may be subject to early termination fees. Additionally, you may be responsible for any remaining lease payments and excess mileage charges. It is important to review the terms of your lease agreement to understand the potential costs associated with ending your lease early.
Conclusion
BMW Financial Services offers a wide range of financing and leasing options that are tailored to your needs. Whether you want to own your BMW outright or enjoy the benefits of leasing, BMW Financial Services can provide a solution that meets your specific requirements. With competitive rates, flexible terms, and convenient online application processes, financing or leasing through BMW Financial Services is an excellent option for those who want to experience the ultimate driving machine.