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Yamaha bike finance

Discussion in 'Businesses and Service Providers' started by markformo, Jul 12, 2006.

  1. G'day all,
    I'm considering upgrading my Yamie and expect a $5K gap to fill. Does anyone have experience taking the Yamaha finance? I hear it's pretty cheap and painless. A rough idea of weekly/monthly repayments would be handy. Thanks.

  2. MF - it's fairly even. Of course there a variables. I checked this out recently when looking at a new WR450F. I was looking at about $10.5k loan. I compared this against my usual credit union of which I've had several loans with over the years and there was only about $10 difference per week repayments. I've now decided to wait until next year because I cant legally ride a 450 on the road until this time next year due to Victorian capacity restrictions for the first 12 months and because the 2007 model WR450F is coming out with an alloy frame. I think in the end I'll go through my credit union because the repayments are all automatic and pain free every fortnight and because I've never had a single drama with them in 17 yrs which is unusual for a financial institution. But everyone's situation is different. If you find it tougher to deal with a bank than YMAF, then go for it - it's not a bad deal. Just get a quote from a bank or credit union though just to know where you stand. I think YMAF is throwing in free insurance too at the moment, but check out the fine print. If you're on restrictions and trying to get finance for a larger bike on rec reg, you may come unstuck. Good luck.
  3. 5k over how many years?
    i took out a personal loan last time it was for 10k but that was through the bank. In the process of upgrading myself but not sure if i want to opt for another loan or withdraw from my home loan.. decissions decissions
  4. Dunno if YMF is cheap or not. The other day when in the local dealer I checked the figures advertising on an R1. At roughly $86 a week payments, I fired up my loan calculator (excel spreadsheet) and input the figures. According to it, the interest rate is around 16%.

    You could do better with a personal loan, but this usually means a bit of mucking around. If you have a deposit and it's a substantial one, then they (bank, CU) may do it unsecured. With YMF it will be a secured loan, which affects your insurance premiums as well.
  5. Generally speaking the dealer in house finance is higher than your bank so think about it carefully. 10 dollars a week is 40 a month , 480 a year ish.Depending on the loan period you could be saving - on a 3 year loan you can save 1440 without doing anything. Thats without taking the interest into consideration.
    What may seem like a small difference adds up to a lot of dosh in the long run
  6. I'm not on any restrictions and I don't foresee any problems getting a loan from anyone - but I heard that the Banks add additional charges (for administration) that YMAF doesn't. The interest is something like 10% for the life of the loan.
  7. 5k the banks not going to secure the loan. Just take out a personal loan, do it with the bank your with at the moment and its just a pain the butt signing documents.
    Otherwise just save for the extra 5k
  8. To Imajo : $5K over 2yrs i suppose. I haven't bought anything thru finance for over 30yrs so i'm out of touch with what the blood-suckers are up to and i suck at working figures. I would only expect to pay about $200 per month(?)
  9. YMF aren't exactly the best deal out there, but they are not total sharks either. So if you have the capability to source a secured bank/credit union loan, give that a go. If you qualify an unsecured personal loan may be a more painless option.

    Your best idea is to go somewhere that has an online calculator, like anz.com.au, and figure out your weekly repayments on a personal loan.
  10. Thanks Dan and Others. I may yet scrape the cash together anyway.
  11. 10% from an in-house finance is a good rate. But still check out the banks if you really need to borrow.
  12. YMF isn't 10%. It's more like 16%.

    $5,000 over say, 5 years at 16% is $121 a month.
    At 11% it's $108 a month or around $780 over the life of the loan.

    Find one of the bank sites where they have loan calcs online.
  13. YMF was %15 from what i read in a add and honda is 12.9.
    I was with honda ,got loan approved in 10 seconds at the dealer.
    If your got dodgy credit try a bank if you get knocked back ,one of the dealer loans will "probably" approve you anyway even if you tryed a bank the same day.

    I got crap credit ,never payed a bill on time and casual worker , no problem from a dealer.
  14. Hmmm sleddog... thats a good idea, honda finance is calling my name :)