-
Read the WELCOME ALL BMWFANATICS post.
finance
- Thread starter slogger
- Start date
Bernard///M3
BMW Car Club Member
There are different situations.
Some tips from own experience and with my clients.
Even you have a big deposit put done nothing or the minimum deposit required because then they generally give a better interest rate then after a month or 2 pump in your deposit and notify them that it's a capital payment, the interest rate won't change and you will save some $$$
Then stay away from ballon payments, unless it can work for you! I bought my car with a ballon because it arrived before expected date & the buyer of my Double Cab was waiting for some money to come in 2 months later. So when he paid me I paid in my ballon, and some capital, which would have brought my installments down, but I opted to keep the installment as is which in turn reduced my term by 15 months.
With the New Credit Act you can pay off a vehicle at any time with no penalties, however if the finance is in the name of a company you get a 3 months interest penalty or you can give a 3 notice to avoid the penalty.
Finally I financed my 335 through BMW Finance and I'm very happy with them. You can try negotiate for a better rate, no harm in trying, I did a squeezed ,5 out of them.
Good luck
Some tips from own experience and with my clients.
Even you have a big deposit put done nothing or the minimum deposit required because then they generally give a better interest rate then after a month or 2 pump in your deposit and notify them that it's a capital payment, the interest rate won't change and you will save some $$$
Then stay away from ballon payments, unless it can work for you! I bought my car with a ballon because it arrived before expected date & the buyer of my Double Cab was waiting for some money to come in 2 months later. So when he paid me I paid in my ballon, and some capital, which would have brought my installments down, but I opted to keep the installment as is which in turn reduced my term by 15 months.
With the New Credit Act you can pay off a vehicle at any time with no penalties, however if the finance is in the name of a company you get a 3 months interest penalty or you can give a 3 notice to avoid the penalty.
Finally I financed my 335 through BMW Finance and I'm very happy with them. You can try negotiate for a better rate, no harm in trying, I did a squeezed ,5 out of them.
Good luck
Sabretooth tiger
///Member
I bought my car through BMW finance, they very hassle free, and service is good, they gave me a rate of 5%.
Sabretooth tiger
///Member
How do their home loans work? Perhaps I must switch to them.
PRZA74
New member
Sabretooth tiger said:
The best would be to give them a call and ask them to explain exactly how it works. It is quite a bit to explain.
I guarantee you that u will be gobsmacked!
U will see just how much the banks rip u off!!...I went thru this exercise about 1 1/2 yr ago....and it was worth the effort!
U get their number from the BMW site.
Good luck and let me know how u get along on this.
:thumbs:
Bernard///M3
BMW Car Club Member
obbzie said:
Yes but you can give a 3 month notice and then the penalties don't apply
