How to Lease a BMW: The Basics
Do you dream about driving the newest, hottest BMW model around town? Are you looking to keep your monthly payments as low as possible? These are just two of the perks you’ll experience when you lease a BMW vehicle.
Still, if you’re looking to lease, it can be tricky to know where to start. The team at Serra BMW of Champaign has prepared this guide to leasing to introduce all the basics you should know. Here are some steps you should take when preparing to lease a new BMW.
Review Your Credit Report
Leasing is a contractual arrangement in which you agree to make monthly payments to drive a car for a limited time. Unlike buying or financing a car, these payments don’t lead to increased equity in the vehicle (that is, you never truly own the car), so it’s important to be in good financial standing for the duration of your lease.
Like all forms of auto financing, the terms in your contract are influenced by your credit score. As you likely guessed, the better your credit score is, the more favorable the terms in your agreement will be.
Drivers who want to lease one of the new BMW vehicles on our lot should check their credit report a few months before they talk to one of our leasing experts. If you notice any inaccuracies in your report, you should have them corrected. It can take several weeks for corrections or improvements to show up on your credit score, which is why you should take a look at your credit report early on.
Learn the Language
When you contact our Savoy, IL BMW dealership to inquire about leasing, we use specific terms you might not be familiar with. Before you lease a car, you should learn what some key terms mean. Here are some key phrases:
- Mileage limit: The fixed number of miles you can drive during your lease without incurring a penalty.
- Lease length or term: The length or term of your lease is the number of months your contract will last. While most leases last multiple years, the term is almost exclusively expressed in months (e.g. a 24-month lease).
- Disposition fees: Fees you may have to pay at the end of your lease to prepare and sell your formerly leased vehicle.
Get Pre-Approved to Lease a BMW at Serra BMW of Champaign
Just like it’s a good idea to get pre-approved for an auto loan, it’s advisable to do the same for a BMW lease. Getting approved in advance will let you know exactly how much you can spend on a leased car. To get pre-approved, apply for BMW financing through our BMW finance center today!