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Financing is all about finding a reputable dealer and a good interest rate on your loan.
Before you decide on financing, consider whether you want to buy your vehicle or lease it. Each have their benefits, so use this list as a guideline before you make your final decision.
Leasing a car or taking out a loan with a balloon might come with low monthly payments. But it could cost you more than you’d planned if you can’t afford that one-time payment at the end. In that case, you might have to refinance your car loan — which means more interest payments.
Check out our article on how balloon payments work to properly weigh the risks and benefits.
BMW is a luxury car brand, and its prices reflect that. You can expect to pay over $30,000 for its most base models, and the more high-end options may cost you $80,000 or more. And if you choose to customize your car, the amount you pay may well exceed the base MSRP.
6 Series Gran Turismo
Whether you decide to buy or lease a BMW, familiarize yourself with each option. Dealer financing may be convenient, be sure you’re getting a deal you can afford. If you opt for a balloon repayment plan to keep your monthly costs low, keep in mind that the final payment will be much larger and include all of the remaining principal and interest due on your loan.
When comparing your financing options, remember that the price advertised on a vehicle usually doesn’t reflect the total cost you’ll end up paying. Factor in a range of other expenses into your calculations, including:
Finally, make sure you’ve compared all your financing options before you walk into a car dealership. This will ensure that you know how much you can afford and allow you to negotiate with confidence.
Every loan has its own terms, but in order to qualify for most financing you’ll likely have to have excellent credit with a long and positive history. Lenders may want to confirm your employment and your spouse’s employment. This includes where you work, how long you’ve been working and your gross annual income.
This information helps your lender determine your capacity to repay the loan, but even if you hit all the marks for a specific lender, you may not be approved. Try to find offers from multiple lenders before visiting a dealer so you know you have backups in case one loan falls through.
Like other luxury cars, BMWs are quite expensive to maintain. This is because many of the parts have to be specially imported from Germany and the mechanics who work on the cars must be certified to complete the repairs.
After the three-year dealership warranty is up, expect to pay high prices for the work you need completed, even things as simple as oil changes and basic checkups can add up.
You should also expect for your car insurance premiums to increase after buying a BMW.
Before you settle on a loan, compare the features of the loans that are offered by different lenders. The loan term, interest rate and fees all play a role in how much you’ll end up paying, but be on the lookout for additional features that may impact your ability to pay.
Create a list of your available loan options and make special note of the APR. This is the final amount of the loan that includes both interest and fees, and it’s often a good indication of how much your BMW purchase will end up costing.
If you want to hit the road in a BMW, there are many finance options available to help you buy your next vehicle. Just make sure that you carefully compare them before deciding on the right one for your financial needs.
Pictures: Shutterstock and BMW official page
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