The vehicle of your dreams is a lot more affordable when you know what car financing options are available to you. Here are some tips to follow when you’re getting financing at your BMW dealer for the perfect next new vehicle.
Car Financing: 7 Tips for Financing Your New Vehicle from Your BMW Dealer
1. Read the Automotive Market
Like so many different aspects of the economy, the value of a vehicle and the prices a dealership offers are constantly fluctuating variables. Reading this ever-shifting market and timing your purchase accordingly can help you get a better deal. If possible, buy when the price of a vehicle dips so you’ll have made a good investment when the price comes back up.
2. Pick the Right Timing
Along with broader market factors, there are other considerations to make when it comes to timing your vehicle purchase. Later until the later months of the year, when less people are shopping for new vehicles, to potentially get a better deal. That decreased demand could make the deal you get more favorable.
3. Find Out Your Credit Score
As with most financial opportunities, the terms of the loan your dealership gives you is determined in large part by your credit score. Knowing what your credit score is before stopping in for your purchase will help you know what to expect. Check in with a free credit reporting agency to find out your score easily.
4. Cover Additional Fees Up Front
In addition to the price of the vehicle itself, the price you pay for your new vehicle also includes smaller fees such as taxes and title fees. You could get these fees included in your financing, but that will lead to higher payments or a longer loan term. Cover these fees in advance to save yourself money in the long run.
5. Go for a Shorter Financing Term
While extending the timeframe of your loan can lead to lower monthly payments, you’ll end up paying more over time by handling things this way. Instead, go for a shorter-term loan so that you can pay off your vehicle with the least amount of interest included possible.
6. Put as Much Money Down as Possible
While financing is a helpful way to get a vehicle without covering the costs out of pocket, putting more money down will decrease the overall amount you have to pay back. That will help you avoid paying higher interest fees than you would otherwise, helping you out from a financial perspective.
7. Make Your Payments on Time
Once you’ve got a financing deal worked out, its essential you hold to your end of the bargain by making your monthly payments in a timely manner. Doing so will avoid any additional fees being tacked on in addition to your loan. That means you’ll save money by sending your payments in as scheduled.
We’ll help you through the financing process so that you can drive off in the perfect new vehicle for your needs. Visit Tom Bush BMW today!
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