"Finally" is an adverb that tells when you did something. It means that you did it at the end of a long process.

"Finally can come in several places in a sentence:

Finally we settled on "Recordbreaker".

We finally settled on "Recordbreaker".

The most common location for "finally" in casual speech is at the beginning of the sentence, as in the first example above. In written English, it usually comes just before the verb, like in the second example.