Many or all companies we feature compensate us. Compensation and editorial
research influence how products appear on a page.
Auto Loans

What to Know About BMW Financial Services Before You Borrow

  • Few details available without applying first
  • Make payments on a weekly, biweekly, or monthly basis
  • Balloon loan option available

Opting for dealership financing can be beneficial when you’re looking to finance a car lease or purchase. That’s true in the case of BMW Financial Services, but these loans also have a significant drawback.  

Just as BMW relies on its flashy appeal to sell cars, it does the same with its loans. There are many interesting loan options to choose from that you won’t find with any other lender. But when you look for more substance—how much does the loan cost? How do you qualify?—you may feel a bit led on. 

BMW Financial Services doesn’t provide any meaningful and specific details about its financing unless and until you actually apply for a loan—a practice that’s not fair for consumers looking to compare their financing options. The upsides may be enough to sway you over, however. 

BMW Financial Services auto loan at a glance

Here are some quick bites of info about BMW Financial Services loans, although we’ll cover it more thoroughly in the rest of the article.

Loan amountsUp to the full cost of a new or used BMW
Down payment required$0
Repayment period24 – 84 months
Unique featuresOffers loans with balloon payments and special deals for military members, recent college grads, international executives, and disabled people

How does a BMW Financial Services auto loan work?

BMW Financial Services is the lending division of the BMW car company. Dealerships all around the U.S. partner with it to help customers finance the lease or purchase of a new or used BMW. 

It’s not the only potential financing option you may have—if you’re denied, your dealership may help you work out another option—but it is the only official BMW-linked financing option. 

Customers who take out a loan with BMW Financial Services have access to an online portal and an app—My BMW—that they can use to manage their loans. 

What kind of automobile can I buy with a BMW Financial Services loan?

BMW Financial Services loans are, unsurprisingly, only able to be used to access a BMW vehicle. You can use it for a new or used BMW, as well as leasing a BMW, with one important caveat: it can only be used to finance a purchase from a BMW dealership. 

Who’s eligible for a BMW Financial Services auto loan?

Unfortunately, BMW provides almost no details about what it takes to qualify for an auto loan from the company. It will consider your credit score and income, but it doesn’t specify any specific requirements you’ll need to meet for these—or other—qualifications. 

You can apply with a coborrower in a joint application if you’re worried about not qualifying. Many people do this anyway if they share the car with someone else, such as a spouse. 

What are the costs and fees of a BMW Financial Services auto loan?

Again, BMW Financial Services doesn’t provide any details on how much financing actually costs. You’ll only be able to find out specific details if you reach out to a local dealership or actually apply for a loan. 

This isn’t a very customer-friendly approach because by then, you’re already in a high-pressure sales situation. A good alternative would be to shop around in advance so that you already have your comparisons ready by the time you reach out to BMW Financial Services about a loan. 

How do you repay an auto loan from BMW Financial Services?

One of the more unusual aspects of BMW Financial Services loans is the variety of options you have for repaying your debt. You can make payments on a weekly, biweekly, or monthly basis with most loans. 

In addition, “well-qualified customers” may be able to choose a balloon loan, allowing them to make smaller, mostly interest-only payments for most of their loan term. 

This is more affordable at first, but you’ll need to make one massive payment to pay off the remainder at the end of the loan term. Since you’re not making steady progress in building equity in your car, you run a real risk of ending up underwater on your car loan. 

Pros and cons of BMW Financial Services


  • Excellent J.D. Power rating

    This independent rating organization gave BMW Financial Services the top spot on its 2023 auto loan customer satisfaction survey in the luxury car category. 

  • Special programs and deals

    BMW offers special financial deals and incentives for current and former military members, international executives, recent college graduates, and disabled people. 

  • Multiple loan and payment options

    You’ll get the standard range of financing options, plus a few unique ones that could come in handy if you’re prepared to handle the disadvantages, too. 


  • Limited customer reviews

    Aside from J.D. Power, there’s very little information on review websites from actual customers—and most of that material paints BMW Financial Services in a negative light

  • Can only be used for BMWs

    You can buy a used or new car—as long as it’s a BMW and you purchase it directly from the dealership.

  • Doesn’t offer prequalification

    You’ll have to submit a full auto loan application online—credit check included—to see your potential rates. 

  • Provides few meaningful details

    BMW Financial Services provides almost no details upfront you need to know to decide whether it’s the right loan for you. You’ll get them if you’re approved for a loan contract, but by then, you’re often feeling pressured to sign.

Is BMW Financial Services a reputable lender?

There’s a lot of information about BMWs in general, but when it comes to BMW Financial Services, customers have tended to be quite tight-lipped about their experiences. We could only find reviews from actual customers for the North American branch of BMW Financial Services on one website:

SourceCustomer ratingNumber of reviews
Better Business Bureau1.22 out of 523
Collected on February 20, 2024. 

There are some clues elsewhere, though, although they don’t consistently point in the same direction. On one hand, J.D. Power ranked BMW Financial Services as the top lender for luxury car brands in 2024. 

Over the past seven years, however, the Consumer Financial Protection Bureau (CFPB) has received nearly 700 official customer complaints. Buyers have cited many problems to the CFPB and the Better Business Bureau, often centered around poor customer service.

Does BMW Financial Services have a customer service team?

BMW Financial Services offers basic customer support channels but doesn’t go much beyond that. If you’re already a customer, you can also send a secure message through your online portal or the My BMW app. For everyone else, here are the only contact options:

  • Contact form: Via its website
  • Phone number: 1-800-831-1117
  • Mailing address: BMW of North America, LLC, 300 Chestnut Ridge Road, Woodcliff Lake, NJ, 07677 
  • Hours of operation: Monday through Thursday, 9:00 a.m. to 9:00 p.m. EST and Friday from 9:00 a.m. to 6:00 p.m. EST. 

How to apply for a BMW Financial Services auto loan

BMW Financial Services links up with local BMW dealerships to offer financing for a new or used BMW. Presumably, you can head to a local dealership, take some vehicles for a test drive, and apply there. If you start the process online, however, here’s how it’ll work:

  1. Apply online: BMW Financial Services doesn’t offer a prequalification form, so you’ll be completing a full application with a hard credit inquiry immediately. You can find the application form on its website. 
  2. Select a local dealership: One of the first questions on the application form asks for your local dealership, who will coordinate the final details of your purchase. You can plug in your ZIP code to find the nearest location.
  3. Receive a decision: You’ll be notified within one business day whether you’re approved. This is when you’ll learn what interest rates, monthly payment amounts, and other loan details will be for your financing offer. 
  4. Head to the dealership: Regardless of whether you’re approved, the next step is to head to your local BMW dealership, which can wrap up the loan or help you find alternative financing options. 
  5. Show documents: Bring two forms of official photo I.D., a check for your down payment and fees, and your auto insurance details. If you have a trade-in, bring your title and the vehicle with you. 
  6. Close on the loan: You’ll wrap up the loan at the dealership, after which you can drive off with your new BMW. 


What if I’m denied an auto loan from BMW Financial Services?

Being denied an auto loan from BMW Financial Services doesn’t mark the end of your car financing journey. You should first understand the reason for the denial. BMW should provide you with a document stating why it has denied your loan application. 

If the issue is credit-related, consider improving your credit score before applying again.

What credit score do I need to qualify for a BMW Financial Services auto loan?

The minimum credit score requirement for a BMW Financial Services auto loan tends to vary, but the lender prefers borrowers with solid credit scores. According to FICO, a credit score of at least 670 is good, so a score in that range might improve your chances. 

Remember, a higher credit score can increase your chances of securing a better interest rate.

Can I refinance my BMW Financial Services auto loan in the future?

Refinancing your BMW Financial Services auto loan is possible if you meet certain conditions, such as a solid repayment history and a satisfactory credit score. However, the final decision will depend on BMW Financial Services’ terms and regulations at the time. 

Refinancing often involves new terms, such as a lower interest rate, different loan length, or both.