Some of the most common questions our BMW finance center fields from customers are regarding down payments. And with good reason — the down payment is one of the most important elements of a financing package. Here’s everything you need to know about putting a down payment on a vehicle from the friendly experts at Fields BMW Northfield.
Down Payment Tips for Purchasing a Vehicle
If you want to buy a vehicle, we’ll get you a great loan package customized to your budget. In most cases, drivers put down about 20% of the price of a brand-new SUV, sedan, coupe, or convertible and around 10% of a pre-owned model’s price.
However, not everyone has the cash available to put down 10% or 20%, and that’s no problem. When we build your custom loan, we’ll also consider the trade-in value of your old car and your credit score to give you a monthly payment, interest rate, and loan duration that help you drive home your favorite luxury vehicle.
Best Practices for Down Payments on a Lease
Down payments aren’t always required if you choose to lease a new or pre-owned BMW model. However, there are other upfront costs:
- Security deposit
- Acquisition and disposition fees
- State registration fees
- Sales tax
In addition to these costs, some drivers prefer to hand in a down payment when they sign their lease. Although not necessarily mandatory, putting money down can lower your monthly payments, which could help you with budgeting throughout the lease’s life.
Get a Custom BMW Finance Package Near Glenview, IL
Regardless of whether you fall in love with a new or pre-owned luxury vehicle—and regardless of whether you want to buy or lease your chosen model — we’ll design a great financing package for you. The financing experts at our BMW dealership near Glenview, IL are the best in the business. Come by to get behind the wheel today!