[ABQ_M3]

Good evening,

Im thinking with the way the market is, and the fact that it is cheap to borrow money, I will finance my M3. Does anyone know the rates/ loan lengths offered by BMW financial? I know they are doing 1.9% but what loan lengths do they offer?

Is it better to go through a local credit union or do you find BMW financial to be competitive?

[BMWRacer523]

wow. looks like they increased to 1.9%. I got 0.9% in Nov. I was not able to find a lower rate from a credit union. DCU which I am a Plus member of offered me 1.5% (includes a 0.5% discount for Plus members). PenFed was more. Also, I heard PenFed has discontinued the $2500 rebate program for BMWs now. My advice is to secure a rate from a CU like DCU or PenFed and if the dealer tries to upcharge the 1.9% (sometimes they try and add 0.5% - 1% markup), use the outside financing as leverage to get the lower rate.

[chicagofan00]

I believe they offer all the way up to 84 month terms, however, probably doubtful they'll give the 1.9% rate on anything longer than 60 months.

[vj123]

Before the rate hike, BMW was offering 0.9% for 60 months and 1.9% for 72 months.

If the dealer is not marking up, BMW rates were competitive compared with my local CUs.

[SpeedyATL]

If you are a preferred customer (not sure exactly what that entails) BofA rates are pretty good too. They are taking 50bp off the current rate for "Platinum Preferred" account members.

[luckylingy]

Direct from Financial Services' website (for an M3):

Through January 31, 2022, 1.90% APR financing for up to 60 months on any new 2022 BMW M3 model is available from participating BMW dealers to very well qualified customers who meet BMW Financial Services NA, LLC credit requirements. Not all customers will qualify for down payment waiver or lowest rate. Other rates and payment terms available. Qualified rate lock applicants must take delivery within 60 days of initial lock.

Their website mention financing terms up to 72 months, but I don't readily find the corresponding APR.

[modat]

Originally Posted by luckylingy

Direct from Financial Services' website (for an M3):

[COLOR="DimGray"]Through January 31, 2022, 1.90% APR financing for up to 60 months on any new 2022 BMW M3 model is available from participating BMW dealers to very well qualified customers who meet BMW Financial Services NA, LLC credit requirements. Not all customers will qualify for down payment waiver or lowest rate. Other rates and payment terms available. Qualified rate lock applicants must take delivery within 60 days of initial lock.[/COLOR]

Their website mention financing terms up to 72 months, but I don't readily find the corresponding APR.

Ugh. Should we anticipate another increase at the end of January?

[luckylingy]

Doubtful on financing, since BMW FS just raised the rate a full percentage point this month. Lease base rate is more prone to smaller fluctuations.

[BMWRacer523]

Doubt that rate will change for Q1. Fed rate changes in Q2 will trigger increases for Q2 i bet.

[JDUNITNOW]

Dealership got me for 2.90 for 72 months when I picked my car up on the 18th of December. I knew they were holding a point but I can turn around and go to my CU and refinance which I will do.

[ABQ_M3]

Originally Posted by JDUNITNOW

Dealership got me for 2.90 for 72 months when I picked my car up on the 18th of December. I knew they were holding a point but I can turn around and go to my CU and refinance which I will do.

Sorry for being naive about these things but if you could get a better rate with the credit union from the beginning why go with BMW financial at the dealership? Do you have to go with their financing at first?

[JDUNITNOW]

Originally Posted by ABQ_M3

Sorry for being naive about these things but if you could get a better rate with the credit union from the beginning why go with BMW financial at the dealership? Do you have to go with their financing at first?

No, I could of went with CU first but I get a better rate by refinancing with them afterwards. Out of convenience for me, I did everything with BMW knowing I could get a point lower with my CU. It may not make sense to others but for me it was easy and convenient.

[SpaceGhost]

Randolph-Brooks Federal Credit Union offers 1.9 up to 72 months

[luckylingy]

Originally Posted by ABQ_M3

Sorry for being naive about these things but if you could get a better rate with the credit union from the beginning why go with BMW financial at the dealership? Do you have to go with their financing at first?

Some dealers will tie use of BMW FS to the negotiated price, especially in this supply-constrained market, since they get a kickback.

[ABQ_M3]

Originally Posted by luckylingy

Some dealers will tie use of BMW FS to the negotiated price, especially in this supply-constrained market, since they get a kickback.

Well we already agreed to MSRP and the price when I placed the order without discussing financing so hopefully they don't try and do that. However if BMW financial beats the CU then im all for it.

[luckylingy]

BMW FS is offering 1.9% financing for up to 60 months for customers with good credit. That's the base rate, if you apply for credit directly with BMW FS online and designate your dealership. Dealers can mark up that base rate by as much as 1.0%.

A number of credit unions offer lower rates. Whether the lower overall finance charge is worth it, is your call. (The amount you're financing also factors into that equation.)

For example, we've ordered an X3 to replace a Jeep Wrangler we own outright. We're applying a majority of its trade-in value to reduce the amount we're financing, such that a full percentage point of interest equates to about $1,000 finance charge over the 60-month term. We're locked into 1.9%; saving a quarter-point APR isn't worth the hassle of dealing with a new/different financial institution. (BMW FS and I go back to 1992.)

[GregM4]

Those rates are amazing!

Here is Australia, BMW Finance rate is 4.95%. I financed with a bank at 2.95% which is a good rate.

[TheKandyman]

Does anyone know if BMW FS (US) can extend a loan approval? I applied and was approved for financing at the end of November when the offered rate was 0.9%. Expiration of the approval is Jan 31st. However the vehicle I ordered is at the Bremerhaven port waiting for shipping.
Is there some way to get BMW FS to extend my existing approval at 0.9%, or will I now have to apply for the current 1.9% rate?

[Brpnw17]

Originally Posted by TheKandyman

Does anyone know if BMW FS (US) can extend a loan approval? I applied and was approved for financing at the end of November when the offered rate was 0.9%. Expiration of the approval is Jan 31st. However the vehicle I ordered is at the Bremerhaven port waiting for shipping.
Is there some way to get BMW FS to extend my existing approval at 0.9%, or will I now have to apply for the current 1.9% rate?

Unfortunately, you will have to re-apply. I asked my CA the same thing.

[vj123]

Originally Posted by TheKandyman

Does anyone know if BMW FS (US) can extend a loan approval? I applied and was approved for financing at the end of November when the offered rate was 0.9%. Expiration of the approval is Jan 31st. However the vehicle I ordered is at the Bremerhaven port waiting for shipping.
Is there some way to get BMW FS to extend my existing approval at 0.9%, or will I now have to apply for the current 1.9% rate?

Based on previous reports, your SA can request extension to the corporate and get the 0.9%.

[bhmax16]

Watch out, while BMW Financial is currently advertising 1.9% not all dealers "participate" and add up to 1% more. I walked away from a deal recently (in part) because the dealer's lowest rate was 2.9%.