Yamaha Financing

So I went down to my local Yamaha shop to get me a 06' WR 450F and I get turned down in thirty seconds after filling out about a six line credit app.

Now my credit isn't that good or bad, I just don't seem to have much of a history. Which would be a better deal, grovel at the bank for a loan or bug the snot out of the dealer until they get tired of dealing with me and call the cops? It's frustrating. You can tell by the avatar that I'm jumping off the red brand and am just curious if anyone else has had problems financing a bike through Yamaha.

I got financed back in 2002 when I bought my 426. If you don't have much credit history then you need to start somewhere, my best advice is a credit union.

Credit is a funny thing. I am lucky and have neve had a issue. I would start with a credit union or bank anyway. Factory financing is way too expensive and the rates are out of sight. Forget the minimal payment plan. A bud is trying got buy a 04 WR250, and they guy still owes 4900. That is a perfect example of the minimal payment screw you in the end deal. Just buy the bike with a full payment program, or buy a older used and save up to buy a new one with one payment.

If you have to finance a ride, check with your local credit union-they usually have lower interest rates for toys than a normal bank-they just might make you open an account-$100 or so.

I might be out of touch but the Yamaha Finance thing is just a credit card app.

I hate to break the bad news but you have NO or very BAD credit if you can't get one, don't try to fool yourself.

I got mine in 04, it's paid for now but the percentage rate then was 3.9%, that is low IMO, in fact so low I put the bike on the card for the first summer while I bought other goodies for it.

You need to go to a Credit Union as mentioned above to fix or create some good credit.

Just like the guy above said, bad credit or no credit. Typically the reason for getting rejected is no credit. People, even with bad credit, can get approved. If you have at least 1-2 things out there known as "circulating credit" you're golden. IE-credit cards, house, car loan etc that you faithfully pay on for some time. First thing would be to sign-up for a credit card or two put some money on them and leave a small balance each month. This appears as Circulating credit and looks good, if paid on time, everytime. If you can do that for 6 months you'll be set to buy anything. Keep in mind though that each time you apply for credit it puts an inquiry on your report which looks bad to a company trying to provide credit to you. Too many inquiries spells "desperate". So, make sure what you apply for is what you want and go for it. Hell, Yamaha approved me for $25,000. God knows what'll happen with this lil blue card!

bank loan rates are much higher then yamaha's finance rates, i looked at a new 450 a few months back here in ontario and the financing was like 5.9% over 2 years and 6.9% over 3. My bank wanted like 14% over 2 years and like 12 over 3 years. Factory financing is always cheaper then the banks in most cases........suzuki has 4.9% right now.............that cheap as hell

bank loan rates are much higher then yamaha's finance rates, i looked at a new 450 a few months back here in ontario and the financing was like 5.9% over 2 years and 6.9% over 3. My bank wanted like 14% over 2 years and like 12 over 3 years. Factory financing is always cheaper then the banks in most cases........suzuki has 4.9% right now.............that cheap as hell

Things must be different in Canada - rates are topped out here at 6.35 if you have decent credit (or the CU is otherwise willing to take a chance on you). Of couse if your credit is :ride: then maybe you'll pay 14%. If you have no credit, show them a steady paycheck and a small debt to income ratio and you shouldn't have too much of a problem.

You local neighborhood credit union is the way to go.

Yamaha financing is great but the catch of course is that Yamaha wants to issue that card. I also received a ridiculous amount of credit on their card. If one pays the minimum payment that would just as ridiculous. I can’t see anyway around paying less that 300.00 a month to take advantage of Yamaha’s offer.

But boy do I love this WR 450! It’s funny all the large street bikes available for roughly the same amount of money - No doubt the WR 450 is pricy and that’s what makes the Yamaha card attractive.

Keith

The credit part can be a pain if you are not established. I actually bought my street bike on Yamaha Financing back in 2002 and between the low interest rate and 0 down, it was a good deal and the interest rate was actually lower than what I could get thru my credit union at the time. I walked away with the bike for free and didn't have to make a single payment for 3-4 months....

I might be out of touch but the Yamaha Finance thing is just a credit card app.

I hate to break the bad news but you have NO or very BAD credit if you can't get one, don't try to fool yourself.

I got mine in 04, it's paid for now but the percentage rate then was 3.9%, that is low IMO, in fact so low I put the bike on the card for the first summer while I bought other goodies for it.

You need to go to a Credit Union as mentioned above to fix or create some good credit.

I had no credit when I bought my TT-R and had my Dad co-sign for me. I got approved for the 2.9% for 24 months deal at 0 down :lol:. I think if you go in there with someone with good credit to co-sign for you its all good. Good news is paid the bike off 6 months early and now im saving for a bigger bike. :busted::smirk::ride::banana:

You must be young with no credit history or older with bad credit. I am not sure which applies.

All of this can be overcome with a good down payment. With 25% down and a good job, anyone will sell you anything, but at a higher interest rate of course. Its all about managing risk.

Surprisingly, cars and houses are easier to qualify for than motorcycles. In the minds of finance companies, houses and cars are "must have" items and people will have a big commitment to the payments. These are as important as food and electricity.

Things like mototcycles, jetski's, boats, etc... are luxury items. They are toys. If times get hard and your money is short for the month, that is the one payment that you will definitely skip.

There is a way around this, you just have to be creative and find a co-signor.

Once you get your credit established, protected it as if your life depends on it. Well, at a minimum, the "quality" of your life will depend on it. Remember, the difference between people who are well off and people who are not is sometimes determined by their relationship with the bank.

Good luck.

I had no credit when I bought my TT-R and had my Dad co-sign for me. I got approved for the 2.9% for 24 months deal at 0 down :lol:. I think if you go in there with someone with good credit to co-sign for you its all good. Good news is paid the bike off 6 months early and now im saving for a bigger bike. :busted::smirk::ride::banana:

Correction, your dad got approved for 2.9% based on his credit as he was the only reason they gave out the loan....in their eyes you didn't even exists at that point, they had a cosigner who they could go after if the loan was not paid. That is all they care about.

I know what you are sayn though, it can be done you just need to be creative.

I did not have a good experience with Yamaha Credit ( Retail Bank) first the low 3.9 introductory rate did not apply to the WR only the YZ could be a dealer scam. then after one payment i got mad and paid the bike off in full. BTW my credit is good. Then I spent the rest of the year trying to get Yamaha Credit to remove the lein from my registration. This made getting my licence plate that much more challenging. My advise go to a bank or credit union someone you know get a co signer and pay it off quickly this will also help you build credit. Good Luck.

Banks make loan on houses so readily because they have real collateral. A dirt bike can wrecked in a crash, and if you stop paying, they have no collateral of any value. Bikes are easily transportable (such as out of State), many times they are transferred without being registered (like in Nevada), etc.

I did not have a good experience with Yamaha Credit ( Retail Bank) first the low 3.9 introductory rate did not apply to the WR only the YZ could be a dealer scam. then after one payment i got mad and paid the bike off in full. BTW my credit is good. Then I spent the rest of the year trying to get Yamaha Credit to remove the lein from my registration. This made getting my licence plate that much more challenging. My advise go to a bank or credit union someone you know get a co signer and pay it off quickly this will also help you build credit. Good Luck.

I bought my 04 YZ on their 2.9/0 down deal. I was gonna pay cash but could put my six grand to work for better than 2.9. Anyway I made a couple of big payments then just rode the minimum payment out to the 24 months. Last month before the interest was going to go up to 14.9 I believe, I paid it off. I received my title in the mail inside of a month.

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