What Do I Need to Get BMW Car Finance?
If you want to finance a BMW, there are important things you should know. BMW provides different flexible
finance
options. These can meet your needs whether you go through a credit broker, visit a local retailer, or use
online car
finance services. Here are the key points you need to qualify for BMW car finance:
1. Proof of Identity
To apply for BMW finance, you need to show valid ID, like a passport or driving license. This is important to
confirm your identity during the credit acceptance process. If you go to a BMW showroom, remember to bring
these
documents with you.
2. Proof of Address
Lenders need proof of your address. This usually means having recent utility bills or bank statements. If you
are
applying in-person at your local retailer or setting up a virtual appointment, it is a good idea to have these
documents ready. This will make the process go faster.
3. Proof of Income
One key thing to get BMW finance is showing that you can handle the monthly payments. Lenders
will
request recent payslips or bank statements to check your income. This rule applies to retail customers and
business
users who choose business contract hire.
4. Employment Details
You will need to provide details about your current job. This includes your job title and how long you have
worked
there. This information helps the lender check your financial stability. This is important for credit
acceptance.
Whether you go to a BMW Group dealership or use a credit broker, having this information will make the process
easier.
5. Credit History
Your credit history is important when it comes to your interest rates and finance options. BMW has a chosen
group
of lenders who will look at your credit score when you apply. If you worry about having a low credit score,
don't worry. There are flexible finance options you can still explore, but the rates might change.
6. Deposit
BMW has options for low monthly payments, but some finance plans may need an initial deposit. The amount of
the
deposit can change based on the length of the agreement and the finance plan you pick. This could be BMW
Select,
Hire Purchase, or Personal Contract Hire. Remember, BMW sometimes has special deals during events like BMW
Month,
when deposit amounts can be less.
7. UK Residency
To get BMW finance, you need to live in the UK. Some lenders want proof that you have lived in the UK for at
least
three years. This is usually part of their credit acceptance rules. This rule touches both personal and
business
contract hire applicants.
8. Age Requirements
You must be at least 18 years old to apply for BMW finance. However, many lenders like applicants to be over
21 and
to have a good credit history. This rule applies whether you are setting up a virtual appointment or going to
a BMW
retailer in person.
9. Driving Licence
A valid driving license is needed to get BMW car finance. You can use a full license or a provisional one,
but a
full license is usually better. When you are about to complete the deal at your local retailer or through a
credit
broker, make sure you have this document ready.
10. Vehicle Details
If you want to get a loan for a specific BMW model, like a BMW 3 Series or BMW X3, lenders will ask you for
details
about the car. They want to know its value, age, and mileage. BMW retailers can give you this information to
make
sure the vehicle fits the lender's rules. The use of cookies on BMW’s website can help you look at vehicle
options. This way, you can find a model at a convenient time that works for your budget.
