Finance/Trade
We provide a broad range of BMW financing options, providing you with a solution that works.
Fast Applications
Our finance professionals work hard to get your application completed and processed quickly.
The entire finance process is simple and transparent, plus our lenders won't share your personal information.
Financing Decisions
At BMW of Louisville our financing professionals leverage their incredible knowledge and abilities to find a solution that works best for your situation. Because of our relentless efforts and flexible options, we have people from all over the Louisville area who come to us when they want a luxury vehicle.
In the interest of being transparent about the financing process, we want to explain how everything works. When you have the details, it makes choosing the best option more manageable, leaving you feeling happy and satisfied with your purchase.
There are several factors that directly affect the kind of financing we can secure. Some of the key points are:
- Size of your down payment. No matter your situation, putting down more money up-front will provide better options.
- Value of your trade. The more your trade-in vehicle is worth, the better.
- Credit. The higher your score, the more financing options that open up. Even if you have poor credit, we can usually find a solution, so don't let that discourage you.
- The intended purchase. Finance companies base part of their decision on the make, model, year and mileage on a vehicle. They also weigh the purchase price.
- Personal information. We need important facts like your income, time you've been living at your current address, and length of employment.
Manageable Payments
When people start shopping for a car, they often first worry about what the monthly payments will be like. Our finance team understands this concern, which is why we are here to help you find an option that works with your budget.
There are three key items that will impact the monthly payment amount:
- Length of the loan. Going with a longer term actually makes the monthly payments decrease.
- Total loan amount. The more expensive the vehicle, the higher the monthly payment amount.
- Annual percentage rate (APR). A lower number means lower monthly payments.
How Your Payments Are Affected
| Total Amount Financed | Number of Months Financed | Annual Percentage Rate | Monthly Payment | Details |
|---|---|---|---|---|
| $17,500 | 60 months | 10.00 | $372 | Standard financing |
| $15,500 | 60 months | 10.00 | $335 | Reducing 10% of the financed amount equates to 10% less in payments |
| $17,500 | 66 months | 10.00 | $346 | Increasing length of loan by 10% equates to a 7% reduction in monthly payment |
| $17,500 | 60 months | 9.00 | $363 | A 10% reduction in interest equates to a 3% payment reduction |
Your Credit
Working to have good credit pays off, literally, since it allows you to afford a better vehicle. The lower the APR, the more manageable the monthly payments. To figure this out, lenders look at your credit score and history. If you don't know about yours, our finance professionals can look it up and explain the details.
Your credit score is impacted by several items. Some of the most important ones are:
- Payment history. Not paying on loans or being late negatively affects your credit.
- Open accounts. The number of credit lines you have and what kind they are also is important.
- Total debt. Lenders look at how much you make versus how much you owe, figuring out what you can truly afford to pay back.
- Recent credit inquiries. If you have too many hard inquiries in the recent past, your credit score is lowered.
- Public records. Judgements and liens hurt your credit score, limiting your options.
We Can Work with Challenging Cases
Instead of assuming your situation is hopeless, know that we routinely help people with difficult credit get approved for a luxury vehicle purchase. There are lenders who want to help you get the car of your dreams, and we have big influence with them since we sell so many vehicles. That means we can pull off what other dealerships find impossible.
Talk to our professional team to see what we can do for you.
- What to bring with you
- A valid driver 's license
- Proof of Insurance
- Proof of Current Income
- Proof of Current Residence
- Proof of Current Phone Number
- In some cases, you may be asked for additional information. We’ll walk you through every step of the way and respect your privacy and concerns.
- Payment Estimator
- Leading Credit Reporting Agencies
- Experian:
www.experian.com
1.888.397.3742 - Equifax:
www.equifax.com
1.800.685.1111 - TransUnion:
www.transunion.com
1.877.322.8228
- Your Monthly Budget
- Many lenders suggest that you spend less than 15% of your gross monthly income (GMI) on your car payment monthly. Some examples include:
- $2000 GMI = $300 or less per month
- $4000 GMI = $600 or less per month
- Monthly payments normally range from $20 - $25 per $1,000 financed.