Considering a used BMW? While used vehicles are typically more affordable, that doesn’t mean you have to pay cash. There are plenty of financing options for you at BMW of Silver Spring.
How Does Financing Work?
Financing is designed to help people buy a vehicle without draining their savings. A vehicle is a major investment and not everyone can part with that amount of money at once.
When you finance a vehicle, you’ll apply for an auto loan from a lending institution. They’ll cover the cost of the vehicle for you, so you can drive it home today. Then, you’ll pay your lender back in monthly payments until your loan is paid in full.
Can I Finance a Pre-Owned Vehicle?
Yes! In fact, buying used can be a smarter financial decision. Used cars are typically more affordable than new vehicles. Plus, you’ll avoid a lot of the depreciation you’ll see with a new vehicle, which can help prevent you from getting upside down in your loan.
However, it’s riskier for a lender to loan money for a used car that may not last the life of the loan. So, they could charge higher interest costs to help them recoup their money sooner.
How Do I Get Approved?
We work with a multitude of lenders, both on the local and national level. We’re confident we can help you find a competitive loan offer.
Stop in to apply or you can conveniently apply online anytime. Our online portal is fast, easy, and secure. Simply answer a few questions about your employment, income, and expenses. Then, one of our team members will reach out to get started.
Visit our car dealership near Takoma Park, MD to peruse our extensive pre-owned inventory and find just what you’ve been looking for. Come see us today!