Often, when someone purchases a new or used BMW, they also finance it through the manufacturer’s financial arm. This allows them to kill two birds with one stone, completing the financing process as they shop for their car.
However, this approach does come with risks. Credit applications typically incur hard inquiries on your credit report, which can lower your score.
Getting a Loan or Lease
Unlike many car makers, BMW actually has its own financing division, known as BMW Financial Services (BMW FS). Like other auto finance companies, it provides loans and leasing for drivers who purchase vehicles through one of its authorized dealerships.
When you finance your new BMW with the company, you can take advantage of a variety of unique programs designed to save you money and time. For example, you can get an interest rate lock for a specified period of time to ensure you have the lowest possible monthly payments.
If you’re a service member, BMW FS may be able to offer you a military loan that is in line with The Military Lending Act. This program can help you maintain your credit score while demonstrating to lenders that you’re responsible with your finances. The company can also work with you to defer lease or auto loan payments during a specific time period. However, this is determined on a case-by-case basis.
Loan or Lease Payment Relief
If your BMW lease is nearing the end, you have options to either return your vehicle to your dealer or purchase it. Unfortunately, many people are struggling financially at the moment and may not be able to take on such a large financial responsibility right now. BMW is aware of this problem and is working with its current owners on a case-by-case basis to provide them with loan or lease payment relief.
BMW has some unique financing and leasing options that you won’t find at most auto dealerships. For example, it offers balloon auto loans with lower monthly payments and a final large payment at the end of your term.
It also allows you to tinker with traditional lease terms. You can get BMW prepaid leases and programs that allow you to finish your vehicle in a single swoop, for instance. As a result, you can enjoy all the benefits of driving a BMW without worrying about your financial situation.
Loan or Lease Deferment
A loan or lease deferment is a great option if you are dealing with unexpected financial hardship. It pauses your payments for the duration of the deferment period, and it can help you avoid missing payments, which could damage your credit score. Depending on the lender, you may have to provide proof of an unexpected life event to qualify for a deferment, such as a medical emergency or job loss.
BMWFS offers a number of programs to help you with your auto loan or lease. Whether you are in the middle of your contract and facing an end of term decision or a recent college graduate, BMWFS has a solution for you.
The finance arm of BMW is known as BMW Financial Services (BMW FS), and its a little different from other auto lending companies. BMW FS works with BMW car dealerships to provide financing when you shop for your next vehicle, and also helps with the sale of parts and accessories, protection plans, credit cards, and more.
Its not unusual for the larger car makers to have their own financing operation, and BMW FS is no exception. Its the division that provides loans and leases for BMW products, as well as those from the companys other brands.
BMW FS is located in Columbus, Ohio, within the walkable Grandview community that features award-winning restaurants, independent craft breweries, one-of-a-kind boutiques, and other local businesses. Its home to about 900 Associates that support the United States, Canada, and Latin America sales and marketing operations for BMW Group vehicles. It also offers a wide range of innovative and personalized products and customer service to BMW customers. BMW Financial Customer Service