Most people don’t have the ability to pay for a vehicle outright, which is why financing provides such a good alternative. And while you can finance a new car, is this an option for a pre-owned BMW car? The team at BMW of Catonsville answers this question.
What Financing Offers
If you want to pay for your vehicle over time, financing lets you do this. Plus, no matter which type of car you’re thinking about – new, pre-owned, or BMW Certified model – you will be able to finance your purchase. This enables you to put up just a fraction of the sale price and lets you pay off your vehicle over a time frame that meets your needs.
How Financing Works
Once you know which vehicle you want – or at least how much you want to spend – the next thing to think about is your down payment. It’s a smart idea to put up at least 20 percent. The rest of the money you need will come from a lender. Then you will choose a term – which is the length of the loan – and start making monthly payments.
Ways to Reduce Financing Costs
Going with a pre-owned vehicle is a great way to reduce costs, but there are other things you can do. Trading in a car, for example, can help you make a larger down payment, and it will also lower your sales tax. Going with a shorter loan term – while it will increase your monthly payments – will reduce the amount of interest you end up paying.
Get the BMW Financing Process Started Now
Ready to start the BMW financing process? Our BMW dealership in Baltimore, MD, makes it easy. Just fill out our online application to quickly get pre-approved for your loan.