Are you attracted to that “M” designation on certain BMW models?
If so, that would be understandable. The BMW 4-Series M convertible, to take just one example, goes from 0-62 mph in around 4.6 seconds. It’s stylish and fast!
There are many other such examples in the BMW stables. However, BMWs don’t have the reputation of being the cheapest cars in the marketplace. The above-mentioned Series-4 has prices starting at around £40,000 upwards.
That combination of price and performance means that for many of the more prestigious BMW models, you may need specialist BMW car finance.
Why special finance is required
From the viewpoint of an organisation lending you money to purchase a vehicle, there may be a significantly different view taken when the sums involved are around £25,000 pounds versus £65,000.
True, to some extent the differences may be mitigated by your overall financial standing. However, it is simply a fact of life that some traditional car finance providers may not feel comfortable funding vehicles in that price range and above.
As the cost and performance characteristics of the vehicle you are considering go up, that tendency for the finance requirements to be considered as “special” will increase. For example, the BMW M760Li xDRIVE has prices starting at close to £140,000 and a 0-62 mph performance figure of 3.7 seconds.
Vehicles in this class, including those of other marques, will always typically be considered as special financing cases.
The differences in providers
There is no suggestion here that some BMW car finance providers can afford these sums whereas others can’t.
This is much more closely related to whether or not the provider concerned feels comfortable about operating in the prestige vehicle marketplace. Surprising as it may sound, some providers may not offer such finance due to worries about these performance levels and associated pricing.
The net effect of that is not only might you need to consult a specialist provider of BMW car finance but you may also see that the cost of your financing varies considerably depending upon the individual provider concerned. Some may interpret the risks quite differently to others and decide that they must price any funding they offer on that basis.
Your personal position
Of course, any provider of specialist BMW car finance will need to satisfy themselves that you are an acceptable risk in terms of offering you finance.
They will make their judgment based upon typically conventional factors such as your income level, your existing financial commitments and your overall financial position in terms of financial reserves and so on.
In almost all cases you will be subject to some form of credit history check in order to ascertain whether your past financial behaviours indicate that you will be able to cope with the sums being advanced.
It’s worth being clear that these checks are made partly as a mandatory professional requirement as demanded by a regulator. They exist not only to protect the fund provider’s interests but also yours.
An initial review
It’s typically always advisable to be clear about your finance before starting to become too fixated on a pending purchase.
It can also be very advantageous to have an offer of finance, in principle, in your pocket at the time that you start to deal with a potential car dealership. That will allow you to separate off your hard vehicle price bargaining from the business of seeking finance at the same time.
A good starting point for all of this might be an initial discussion with a specialist provider of BMW car finance.
