BMW Financing FAQs

As if searching for your next vehicle wasn’t a challenge enough, paying for it can be a headache, too. Fortunately, with BMW financing, it’s easier than ever.  

Here at Serra BMW of Champaign, we want to help every customer. To that end, we’ve put together all you need to know about financing your next BMW. This should answer your financing questions. 

What Do I Need to Get Started? 

First, you have to figure out if you want to trade in a vehicle, how much you can reasonably spend on a down payment, and what your credit score is. You can value your car trade on our website. 

How Do I Know How Much I Can Borrow? 

You should first apply for preapproval from your financial institution. You can also apply for BMW financing on our website. 

What Is the Difference Between a Loan and a Lease? 

When you take out an auto loan to buy a car, you are agreeing to monthly payments in return for ownership. A lease is an agreement that also includes monthly payments, but ownership is never actually transferred to you. 

How Are Monthly Payments Determined? 

There are a number of factors that go into a loan and its monthly payments: cost of the vehicle, credit, interest, length, and down payment. 

How Can I Reduce My Monthly Payment? 

The best way to reduce what you need to pay every month is to put more money up front through either a larger down payment or a trade-in.  

Can I Finance a Used Car? 

Often, you can, though a larger down payment is sometimes required.  

Are There Any Other Fees Involved in a Car Purchase? 

Taxes, title, registration, and any additional warranties or service plans are added at purchase. These can be financed as part of your auto loan, too.  

How Do I Decide Between a Loan and a Lease? 

Leases often come with lower monthly payments, but you don’t gain equity or ownership. You can buy the vehicle at the end of a lease.  

A loan gives you complete ownership. You can customize it and resell it whenever you like.  

Still Have Questions? Pay a Visit to Our BMW Finance Center 

The best way to get started, even if you still have questions, is to come down to our Champaign BMW dealership and talk to our BWM finance center staff. We can help you figure out payments, discuss your trade in, and more. We look forward to helping!