Purchasing a BMW, no matter the model, is a big decision. Knowing what BMW financing options are available is important, and at BMW of Silver Spring we understand that it’s a complicated matter.
When you sit down with a dealer to discuss financing terms for your BMW, you may be asked to put forth a down payment on your vehicle. If you’re unsure why this payment is necessary or if it’s beneficial, we’ve got the answers for you.
Is a Down Payment Worth It for BMW Financing?
When you’re buying a car from a BMW dealer, you may be forced to put a down payment on your vehicle. Some models may not require any down payment, but even if this is the case, putting money down on your car at signing can pay off in the long run.
From a financial standpoint, you’re reducing the total balance remaining by a significant amount with a down payment. With a down payment, you’re showing the lender or financer that you’re serious about the purchase. That makes them more likely to give you better rates.
Can I Change My Down Payment Amount?
In most cases, the down payment amount your dealer gives you is a request rather than a hard demand. Depending on your credit, it’s uncommon to see down payments rise above 10% of the car’s value. However, there’s nothing stopping you from putting more money down — which reduces more principal in the long run.
If you’re still confused about down payments and BMW financing, then speak to the experts at the BMW of Silver Spring finance department. Our finance and sales teams will work with you to determine which financing options are the best fit for your situation.