What Is BMW Select Financing?

January 15th, 2023 by

2024 BMW iX driving down the highway
 

Do you want to get into the luxury segment with your next new vehicle? Consider BMW Select financing as an option to lower your monthly payments while driving a world-class sedan, coupe, or SUV around Pekin. Our finance team will cover the basics of what BMW Select is, whether BMW Select financing is worth it, and how to qualify for BMW Select financing for your next car in Pekin.

What Is BMW Select?

The automaker describes the BMW Select financing program as a retail installment sales contract with a balloon payment. Is BMW Select financing worth it as an option for you?

Discover what BMW select financing is, how it works, and what benefits you can derive from it with this list here:

  • BMW Select financing serves as a way to purchase your vehicle for your Dunlap drives. The difference between this and conventional financing is that part of the purchase balance is added to the end of the contract as a final balloon payment amount.
  • Is BMW Select financing worth it? You’ll get lower monthly payments during the contract, giving you short-term cost benefits similar to a lease, but this is for ownership instead.
  • When your BMW Select financing contract is complete, you have two options: refinance the final payment or pay off the balance due.
  • The final balloon payment amount depends on several factors, including the estimated future market value of the financed vehicle, your creditworthiness, and the contract terms.

Please note that BMW Select financing is not available in the following states: IL, NC, ND, NH, NV, PA, TX, and WV.

Now that you know what BMW Select is, we’ll examine one other aspect of this program that is available in a few states, including IL. Keep reading if you want to know more about whether BMW Select financing is worth it for your Galesburg drives.

What Is BMW OwnersChoice Balloon Financing?

BMW OwnersChoice balloon financing is now available in Georgia, Illinois, and Texas. This program is similar to BMW Select financing but with a larger balloon payment at the end of the contract.

BMW OwnersChoice is a retail installment sales contract with a balloon payment much larger than the previously scheduled monthly payment. It combines the advantage of low monthly payments associated with leases and the security of vehicle ownership.

Much like BMW Select Financing, the final balloon payment amount is determined by several factors:

  • Contract terms
  • Creditworthiness
  • Estimated future market value of the vehicle at the end of the contract term

Talk to BMW of Peoria About BMW Select Financing

Are you ready to explore more about what BMW Select is? Contact us or call (309) 316-0835 to talk to a member of our finance team. While we have your attention, calculate your monthly payment and value your trade to help you find out what kind of financing you could get for this program.

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