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Yamaha Financing Tools?

1K views 18 replies 9 participants last post by  boom 
#1 ·
I want to get a yamaha 06 YZF r6. I'm 18 and have a job, I get around 400-500 every two weeks. Since yamaha has their own financing tools, would I have to go to a bank and get a loan? Or would I just make the payments directly to yamaha? Also, I dont have any credit as of yet. How badly would that hurt my chances of financing through yamaha?
 
#2 ·
Just need to go into a dealership and talk to a salesman.

You have NO credit at all right. If so its easier to get a bike with no credit at all than just a little. You can get a bike under a first time buyers loan through yamaha. Usually have high interest rates so save a bit of cash to put down and it will help you out a good bit.

And yes you would be paying straight to yamaha's financial department.
 
#4 · (Edited)
Yeah, I was thinking about putting 1000-2000 down. And yea, I have not credit at all. And also, does anyone know of any tracks in Ga? I know theres Road Atlanta, but I live in Milledgeville so thats like 2-3 hours away. I'm moving to TN soon so im sure there are some good tracks up there. Anyone here live in TN? Knoxville
 
#5 ·
dont do the special 69 or 99 a month deal. Go in there and ask for the flat interest rate that does not change. Its gunna be somewhere between like 9.9-17 or something. but if you do the specials and miss one payment your interest instantly shoots up to 25% of something rediculous.
 
#6 ·
dont be stupid and fall for dealers financing through yamaha....your interest rate will shoot up to 25% after the first year or so.... instead, do what I did... go to your bank or a credit union(cheaper interest rates) if you have one and get a loan...you will probably need a cosigner with no credit, but your interest rate will be 5.5%-9% and will save you a lot more money in the long run... and this is coming from a finance major so... hope this helps
 
#7 ·
boom, the bike is just part of the expense; interest, insurance, maintenance. track time - crash-damage, tires, protective gear.

Your job won't be a casulty of this F'd up economy?

think this through cause this bike will cost you more then 50% of your yearly income. and know your total cost of the loan before you sign any loans - cause it's loans that have gotten this country into the mess where in now.

work and get some cash in the bank, and think this through.
 
#8 ·
I doubt it'll cost me 50% of my yearly income, maybe while im paying the bike off yea, but after that it'll be good. But I live with my parents so I dont have to pay any bills.
 
#10 ·
As far as the yamaha financing it is basically a Yamaha credit card an you make payments on it the same way you would a card. The intrest rates can get a little crazy. Most of the bigger banks wont give you a loan, unless its a personal loan. If you have collateral you might try someone like American General finance or one of the smaller lending institutes.

Depends on what kinda tracks you are looking for Boom. You have Road Atlanta in Braselton they do track days, and then you have Jennings down by Valdosta right over the line in FL. All kinda strips if you just want to drag it. Im kinda new to this, but thats all I know of thats close to us in GA.
 
#12 ·
you need to price insurance before you by anything. If the bike in financed you have to have full coverage. I'm gonna bet you insurance is in the neighborhood of $300 a month. My best advice is to get a older used bike. 00-02 for 4k. Dude I was in your shoes what feels like yesterday. TRY TO KEEP YOU DEBT LOW!!! It to me till 27 to pay off debt I started building at 17.
 
#13 ·
Wow, $800 to $1000 a month? Good luck paying the bill
Like other said, you have insurance to pay, and since it is through finance, i think it has to be full coverage? (Correct me if i am wrong) which is around $1500/year

Also don't forget about the personal expense such as car
gas: $200/month
hang out with friends: $400/month

I thought of financing a bike too but if your job is not a stable job, i really recommend you get a used bike on craigslist or something. Just save up around $5000, you can get yourself plenty of great bike.

On top of that, your insurance can then be reduce to liability only.
$200/year for me
 
#17 · (Edited)
haha dude, you have one expensive life. $400 just to hang out with some friends? geez, id be looking for some cheaper friends haha. and I dont think it'll be 1500 a month. and if its too much, ill just put it on my dads insurance and pay it like that.

200 just for liability? dude, switch to a different insurance company. that pretty high for just liability. just for liability for me is like 115 i think. and im 18.
 
#14 ·
The worse thing you could do is to get approved for a yama card before you price insurance, and then the rate goes through the roof. Then drop the bike and see what happens. Claim it and you insurance goes up even higher? or try and fix it yourself and not have the money to do so.

My god honest advice is to spend your money on school 2yr trade school) and then in a few years you can have more toys than you have time to ride..
 
#15 ·
I already checked the insurance, the only thing that you HAVE to get when financing is collision and comprehensive. but all that will be 225.27 a month for insurance, plus with the bike it'll be around 513.00. not that bad i dont think.
 
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