FAQs

Lenders assess the credit profile and other details in a lending application to arrive at the interest rate they will offer to that applicant. The amount requested, which may reflect the pricing of the BMW, may affect the interest rate. But the fuel system – electric, petrol or diesel, should not have a bearing on the interest rate offer.

No deposit funding is subject to lender approval. It is available to applicants with good credit and strong financials. No deposit credit allows for the full purchase price of the vehicle to be borrowed.

Motor vehicle credit can be approved for terms of up to 7 years/84 months for many applicants and many vehicles. The term approved will be subject to the lender guidelines.

The amount borrowed, the term and the rate will determine the repayments. The difference between credit for a convertible compared with a sedan will depend on the loan amount requested and the interest rate. The interest rate is determined primarily by the credit rating of the applicant.

Both Leasing and Chattel Mortgage can be effective credit facilities for BMW business buyers. The suitability of each depends on the accounting method, tax strategy, balance sheet approach and financial objectives of the enterprise.

Online lending calculators are set-up to generate estimates only. They do not allow for lender charges, nor do they have the functionality to allow for differences in users’ credit ratings. The credit rating affects the interest rate. Offers can differ from estimates generated with a calculator as they are based on the rate for the applicant and will include the lender’s fees and charges.

Buyers acquiring a BMW for use as their business vehicle can select from Chattel Mortgage, Hire Purchase and Leasing. If a new enterprise does not have complete financials, it may seek No Docs BMW funding through brokers and specialist lenders. Low Docs and No Docs funding may also suit enterprises that do not meet minimum trading period criteria.

The monthly payments on a motor vehicle Lease are fully deductible. GST is applied to the monthly payments and can be claimed by enterprises that are registered for GST.

The term approved by individual lenders for individual loan applicants can vary. Terms of up to 7 years or 84 months can be approved by many lenders.

Yes. Applications for motor vehicle credit may be submitted and approved prior to purchase. The amount required for the credit can be estimated and finalised when the purchase is made, and an invoice from the dealer is provided.