A BMW lease is a wonderful way to get behind the wheel of a brand-new luxury vehicle. Leasing is often less expensive than purchasing with a loan, and it lets you drive the latest models every few years. Here’s what to know before signing your paperwork with the financing experts at Fields BMW Northfield.
How Your Credit Score Affects Your BMW Lease
Your credit score will affect the terms of your BMW lease. The higher your score, the more favorable terms you’ll get in your lease offer. So before you sign, try to boost your credit score by practicing some good financial habits. For example, pay down your existing loans, pay all of your bills on time (especially credit cards and utilities), and try not to open any new accounts or loans. Every step you take toward raising your credit rating will help you save money during the years of your lease.
Understanding Your Lease Terms
Our finance center will create a custom BMW lease for you. As you get ready to pick out the model you want to take home, you’ll need to understand what your lease will include. Here are a few terms to familiarize yourself with:
- Lease life (usually two to three years)
- Upfront costs like security deposit, taxes, and registration fees
- Monthly payments
- The vehicle’s anticipated depreciation
- Inspection terms when you return the vehicle to our dealership at the end of the lease
To help you budget during your lease, there are a few additional costs. Be sure to account for fuel expenses, auto insurance, and routine maintenance, so your financial expectations are managed.
Drive Your Favorite Luxury Vehicle With a BMW Lease Near Chicago, IL
For many drivers, a BMW lease is the best way to drive the newest luxury models. Stop by our BMW dealership near Chicago, IL, today. We’ll craft a custom lease offer for you!