Curious about how to lock in the interest rate on a car loan? Many automakers offer interest rate lock options to qualified buyers. Does a pre-approval lock in the interest rate? Typically it does, but you need to confirm this with your dealership or lender. Learn more about how to lock in an interest rate in this guide from the finance experts at BMW of Gwinnett Place, then visit our dealership near Atlanta to explore your options today!
The interest rate lock programs offered by manufacturers vary, so it is important to do a little research beforehand. Buyers looking to lock in an interest rate will find that these programs are usually only offered on new vehicles, and in most cases your credit score will determine your eligibility.
The higher your credit score is, the lower your interest rate will be. It may be possible to secure an interest rate lock if you have bad credit, but it is challenging and subject to the eligibility requirements of the manufacturer.
Most automakers that offer 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 noted previously, pre-approval should lock in the interest rate, but it depends on the lender.
Wondering how to lock in the interest rate on a new BMW near Suwanee? The BMW Credit Rate Lock Program at BMW of Gwinnett Place can help you to secure an interest rate on a loan or lease that will be the perfect fit with your budget. Here are some of the details:
For more information on the BMW Credit Rate Lock Program and available models, please feel free to contact us online or give us a call at (470) 200-2865.
The friendly and knowledgeable team at BMW of Gwinnett Place will be happy to fill you in on how to lock in the interest rate on a new BMW. Meanwhile, apply for financing with us online to get pre-approved from the comfort of your Suwanee-area home. You can also custom order a BMW online and choose all of the features and options that you want. We want to put you behind the wheel of the new BMW that is the right fit with your lifestyle and budget, so stop by our dealership in Duluth today!
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