BMW Car Finance
German automaker BMW is known for her luxury and good performance vehicles. The cars are manufactured in a variety of models ranging from saloons to SUV’s to suit the needs of most of the users. BMW’s are also quite pricey, and most customers cannot afford the entire one-off cost required to buy them. Fortunately, BMW Car Finance Stratton plans enable users to own the cars and pay for them in bits.
Depending on your financial situation, there are several types of BMW car finance plans. A secured loan allows you to borrow money from a lender while using the BMW as collateral. On the other hand, an unsecured loan provides funds to buy the BMW without any guarantee. One crucial difference between the two credits is the high-interest rate imposed on the unsecured loan.
Dealer financing is also a common BMW car finance option. A car dealer allows you to own your preferred BMW and make periodic payments. At the end of the repayment period, you are required to pay a lump sum payment to finalize the deal.
BMW car finance for leases allows customers to borrow funds to hire a BMW for a fixed period. There are two types of contracts depending on your financier. A novated lease can be provided your employer where the lease payments are made directly from your pre-tax income. An ordinary car lease is granted by a financier who already owns a BMW and leases it to you while you make monthly payments. Some people choose to buy the BMW at the end of the lease.
Reputable institutions that offer BMW car finance in Australia include Stratton Finance and Bank of Melbourne. Stratton Finance provides financing worth $18,000 minimum at 6.62 percent per annum for up to 10 years. The loan features monthly repayment of $927, an application fee of $499 and $7 as monthly service charge. Bank of Melbourne offers a secured loan of up to $80,000 at 9.6 percent per annum with $ 965 monthly repayments. Borrowers also have to pay an application fee of $195 and a monthly service charge of $12. Other BMW car finance providers worth trying include Latitude, IMB, Beyond Bank and RACV.