Interest Rate Lock Programs & How Tos

Are you wondering how to lock in the interest rate on a car loan? You’ll find that a wide variety of automakers offer interest rate lock options to qualified buyers. Does a pre-approval lock in the interest rate? In most cases it does, but you will need to confirm this with your dealership or lender. In this guide from the finance team at United BMW, we’ll take a look at how to lock in the interest rate on a car loan so you can get behind the wheel of an exciting new BMW with a finance package that will suit your Roswell-area budget.

How Does an Interest Rate Lock Work?

The terms and conditions of interest rate lock programs vary depending on the manufacturer and lender, so it is a good idea to do some research beforehand. One thing that most interest rate lock programs have in common is that they are typically only offered on new vehicles. It is also important to note that your credit score will determine whether you qualify to lock in an interest rate.

So, what kind of credit score do you need to lock in the interest rate? The minimum rate varies depending on the lender, but generally a credit score of 600 to 700 will allow you to lock in the best interest rate. Is it possible to secure an interest rate lock if you have bad credit? It can be, but it is challenging and subject to the eligibility requirements of the manufacturer.

Most interest rate lock programs require that you take delivery of the vehicle within 60 to 90 days. If you have locked in the interest rate on a vehicle you have custom ordered, the rate lock should still hold until the vehicle is delivered.

Does a pre-approval lock in the interest rate? As we noted above, pre-approval should lock in the interest rate, but it depends on the lender.

BMW Credit Rate Lock Program

Curious about how to lock in the interest rate on a new BMW loan or lease near Marietta? The BMW Credit Rate Lock Program can ensure that you secure an interest rate that will be the right fit with your budget. Here are the details:

• Eligibility and availability of the interest rate lock is subject to credit review and approval by BMW Financial Services NA, LLC.
• The vehicle must be leased or financed with BMW Financial Services through an Authorized BMW Center.
• Qualified interest rate lock applicants must take delivery within the rate lock period.
• The locked rate expires if the vehicle is not delivered within the applicable rate lock period.
• All offers are subject to availability from existing dealer inventory.

Contact us online for more information on the BMW Credit Rate Lock Program and available models.

Lock In the Interest Rate on a New BMW Today United BMW

Stop by our dealership in Alpharetta to learn more about how to lock in the interest rate on a new BMW. In the meantime, you can apply for financing with us online to get pre-approved today! You also have the option to custom order a BMW, which allows you to configure the vehicle to your personal preferences and lock in the interest rate. Please don’t hesitate to give us a call at 678-890-0741 if you have any questions.