Welcome to Grayson BMW's Finance Department!
Most people need a car loan to finance their new car or used car purchase. Grayson BMW helps people with all credit situations; here you can use our online auto finance form to get a quick and accurate response on financing your next vehicle. Your auto financing information is encrypted in a safe digital format and is never sent through E-Mail. As we take every precaution to protect against identity theft, we will also need a faxed or digital image of your drivers license.
Our finance experts at Grayson BMW help people with all types of special finance needs drive their dream car home!
Questions about financing a new or used car? Call: 865-693-4555
or request contact online!
It is important to know which financing option, buying or leasing, suits your situation best:
When you buy a car, you pay for the whole vehicle. You will usually make a down payment, pay the sales taxes in cash (or roll these taxes into your auto loan) and pay an interest rate. You usually will make your first payment a month after you sign your contract. This option is great if you like to keep your cars for a long period of time and have a need to put unlimited miles on the vehicle.
With a lease you have options you don't have when you purchase a car. When you lease, you are paying only for the part of the car you use. With a lease, you pay for the use of a set number of miles on your leased vehicle (15,000, for example), and the natural depreciation of the value of the car as it ages in your possession. You do not have to put any money down, you typically only pay sales tax on your monthly payments, and are charged with a 'money factor' that is similar to the interest rate on a loan. You make your first payment at the time you sign your contract. When the term of your lease is over, you have the option of buying the car for the 'residual amount' (which is determined at the time you sign your paperwork to lease the car).
You also have the option of just giving the car back and getting a different car, taking no negative equity with you! You will of course be liable for any miles you use over the contracted amount, and any damage to the vehicle beyond normal use. Finally, you also have the option of selling the car and paying off the residual amount, or simply trading in the car to do the same, since in some instances the leased car ends up being worth considerably more than the 'residual amount.'
Want to learn more about your options with buying or leasing a new BMW?
We are ready to make your auto buying experience a stress free one. Our friendly and knowledgeable staff is always eager to help you: call us at 865-693-4555 or contact us online with any questions!
It can be tough to find a decent car loan or lease option, but Grayson BMW is dedicated to finding you the best possible rates on a car loan in the Knoxville Area. We work with some of the nation's top lenders to offer you affordable monthly payments and the lowest interest rates available. We are a preferred source for the best car loan rates on a new BMW or used car in the Knoxville, Maryville, Oak Ridge, and Tri-cities!
Keep it simple - here's why you should come to Grayson BMW in Knoxville, TN for your next Knoxville area car loan:
Browsing our dealership's extensive inventory, we're confident you will find your next new BMW , Certified Pre-owned BMW , or other Used Vehicle! Pictures, prices and details are available for all of our new and used vehicles, and when you find yours you can contact us at 865-693-4555 or online to find out more! Ready for a test drive? Visit us in person by coming to 10671 Parkside Drive, Knoxville, TN!
Let us customize a car loan program to fit your needs!
10671 Parkside DriveKnoxville, TN 37922
Loan payments contribute to the eventual ownership of a vehicle, while lease payments apply only to the short-term use of a car.
Owning a lease vehicle is possible if purchased outright after the lease period ends.
A typical lease period runs between 24 and 48 months.
Three important factors - adjusted capitalized cost, residual value and the money factor - determine the monthly rate of a lease.
Closed-end leases set a fixed residual buy price at the beginning of the term, while open-end deals base the final buy price on a vehicle's actual market value at the end of a lease.
Pay more money down initially to reduce monthly loan payments. Otherwise, a typical down payment ranges between 10 to 20 percent of the total cost.
Many used vehicles require down payments of at least 20 percent and include interest rates between 9 to 10 percent.
Lease agreements usually limit mileage from 12,000 to 15,000 miles annually. Beyond these figures, fees in the range of $0.10 to $0.25 per mile begin to accumulate.
If you plan on customizing your vehicle, you need to finance with a loan. Leased vehicles must be returned under factory specification.