I'm going nuts trying to figure out the best option to pay for my MINI.

I don't really know much about this "MINI Select" other than it's a balloon financing type of thing. I'm thinking it might be good, because I can keep my payments low through school, but everything I've read about it says these programs are nothing but a scam to get people to buy a car they normally couldn't afford.

I can afford traditional financing, but I thought I'd ask about this as well. Is anyone familiar with it?

 

The BMW/Mini USA financing is a good option. Just like at a bank, you get a rate to work with.

As for the "Mini Select" I would probaly steer clear of it unless you are the kind of person who can save the "rest" of the payments in some kind of interest bearing account until the end of the term. Then pay the baloon payment and pocket the intrest. I am NOT that kind of person.

I arranged for financing through my local bank and MINI/BMW. I couldn't get the APR on the MINI/BMW until I was ready to pick the car up. When they quoted me the rate, I countered with my banks offer. They matched it and we were done.

Good luck with the numbers.

 

Stay away from the select program if you can afford the payments. You are correct that it will make the payments lower now, but what do you plan to do when the balloon is owed? You will either have to pay the money right then and there or refinance the car and that will add up to so much more money than if you had gone traditional in the first place.

 

Ok, I'm going with the traditional financing.

 

Shop around for a better rate. We financed ours through our credit union. 1% lower rate than with MINI!! They said that there was no way they could match it.

 

yeah, I plan on going through a different bank. My dad has found some really low rates for me. My parents have perfect credit, so that helps me out a bit.

 

If you have spotless credit history, try www.capitalonefinance.com. Loan approvals in 15 minutes (Online during business hours) and "Blank" check sent to you via express mail 2 days later. I have financed my 2 MINIs through them (One is already paid off) and my MINI dealer has gladly accepted the checks, no questions asked. MINI Financial Services has never been able to match thier low rates.


Right now their rate for a 30-36 month low is 4.05% APR.

Worth a try!:smile:

 

Thank you. I just went to their website. It looked really good until I read "financing available in all states except for New Hampshire"

I wonder why that is?