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Yamaha Finance

Discussion in 'Bike Reviews, Questions and Suggestions' started by Matt250R, Dec 22, 2008.

  1. Hi,

    Is anyone currently a customer of the Yamaha Finance service?

    If so, thoughts? Are you happy, would you have rathered a bank loan?

    Interest rates high?

  2. General advice here, because I've never gone through YMF.

    9 times out of 10 bank finance will be better, better structured, better interest rate and if you combine it with an existing service like netbank, or something similar, you can see everything when you log on. For a muppet that's terrible with money like myself it helps a great deal.

    Also, banks are far less interested in the security of your loan and things like that. YMF are good at what they do, and unfortunately this extends to making sure you have full comp on your bike. Not saying you can't afford it, or wouldn't want it anyway, but if you're under the pump financially it doesn't help to have to cough up the dosh year in, year out.

    Just something to think about.
  3. Cheers,

    From the moment I set foot in Moto Yamaha, this bloke was all over me with the 'Yamaha Finance will do this, this and this, we can set you up right now', the hard sell put me off so I thought I do some research.

  4. The fact is that manufactures finance is always a bigger sting than bank or financial institutional loans. The difference is that they will give finance to people that would normally not get through a banks lending process due to them ensuring that the bike is fully insured. The hold security over the vehicle and charge you for the pleasure.

    Just make sure you understand the interest rate that is sold (whether its fixed or variable) and the fees structure (early payment penalties etc).

    Just compare out what works for you
  5. I would highly recommend generally not going through finance with the dealer. They generally have a very high interest rate even if the loan is secured. Probably lots of nasty hidden fees etc if you make extra payments or pay out the loan early.

    I would recommend (from personal experience) going for a seperate personal loan through a bank.
  6. I did a search and came up with bupkus.

    Do you know if the banks 'Car Loans' apply to bikes aswell?

  7. Sure do

    Try at least your own bank and a credit union for a comparison.

    YMF also have to pay the dealer an upfront, so watch out for early exit fees
  8. Ahh, thats great, my banks interest rate is lower for car loans, and has all the flexibility with it.

    Seems like the finance looks great but ultimately bends you over.
  9. That's the general idea
  10. Car loan do not always cover bikes. Please do no assume that it would. ask when you enquire.
  11. Actually when I rung around recently I found that very few of the large banks would do a secured loan on a bike. CBA certainly dont the best they could do was an unsecured personal loan

    My advice for what its worth is find the cheapest loan you can then ring the dealer and ask him to better it. Most dealers have a fair margin they can play with.
  12. what a load of crap..

    do any of you actually know what the going rate for Yamaha Finance is ??

    NO.. I didn't think so..

    if you actually take the time to investigate what the different financiers can offer, you will find that manufacturers finance will often be LOWER than bank finance...

    try find a bank that will finance a motorbike at 10.99% or even 11.99%.. both of which YMF offer..

    dont take this the wrong.. I have nothing to do with YMF except for having a loan with them.. but all this hearsay is just rot..

    do the research.. check your early payment fees, late payment fees etc.. and compare comparison rates..
  13. My last bike was financed as a chattel mortgage at 10.95% and that was before the current round of interest rate cuts.

    I didn't have any real trouble finding that loan, I just went to the same broker I use for my small business loans and said "I want to finance a motorbike" and let them do the rest.

    I would expect if I did the same thing now that the interest rates would be lower than they were 2 years back.

    Having said that Yamaha finance actually isn't that bad and it's certainly much better than most finance companies would offer.
  14. a chattel mortgage is not a bike loan..

    the best way to finance a bike purchase is obviously a supp. loan against ones mortgage..

    but we are talking secured personal loans here..

    even the big banks are at least 13.99%

    St. George is pretty good if they'll finance you.. as are the Bendigo.. but both these have pretty strict criteria
  15. which shop was that matty?
  16. ye but interest rates isnt the same for every individual, its based on your credit rating / wage score, if your score is low and they accept your loan, interest rate will be higher
  17. Worked out much better for me to go through CBA.
  18. Got quoted 10.99% for my new Victory with BMW today through Brisan M/C. Didn’t even know they did finance but they also do any bike. Even better apparently no application fee, monthly charges etc and can also pay it out early with no charge. Sound good hey?
  19. Fair enough, YMF interest rate is lower, stilll have to pay the full terms worth of interest, only allowed to make a lump sum payment to end the contract. With a personal/car loan from a major bank, you can make lump sum payments, lowering your term, thus lowering the amount of interest you'll pay. May pay a higher interest rate at the big 4 banks, but you get the flexibilty that financiers don't allow.
  20. yes.. mostly true.. however there is just one early termination fee..

    yes banks offer more flexibilty, but when I bought mine.. YMF was a better deal all round.. and I am a very secure risk for the banks.. they seem to frown upon motorbikes as security