Keep away from this cartel! I have dealt twice with this company over 10 years and recommend you steer clear of them. They received a scathing mention in the recent Banking Financial Royal Commission. I can see why. My 40% residual came up in July during the Covid pandemic. BMW quickly chased me for the payout figure mercilessly. I asked them to continue the repayments as is but that was not allowed. They insisted I seek alternative refinancing or payout. Really seek alternative refinancing in this climate? Once pressed on Government Covid Legislation and rules they agreed to extend the payout for a few months but on a much higher interest rate. The RBA rate is 0.25% and my investment properties are on 3.44%. BMW are now frisking me for 9.75% unlike my original contract which was 6.75%. As per the Royal Commissions report keep away from this extortionist organisation! Wolves in sheep's clothing!
We love BMW finance as they gave us a go after being in a part 9 debt agreement and paying 20% interest through another company. Their online access is excellent but customer service isn't too great.
This is my 3rd BMW through BMW finance, each time I have refinanced with them they have been professional and helpful. I am able to increase my repayments to fortnightly so am always ahead with my repayments. I would recommend this company as they do try to help out if the client is under financial stress e.g.: I broke my leg and was unable to work, they assisted and put in place a payment plan until I was able to return to work. Not every finance company will do this.
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Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.67% would cost $34,096.76 including fees.
Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 4.89% would cost $34,276.58 including fees.
Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 4.74% would cost $33,949.23 including fees.
Terms from 2 to 5 years. Representative example: a 3 year $10,000 loan at 5.95% would cost $11,538.74 including fees.
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 4.69% would cost $33,888.17 including fees.
WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.
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