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Discussion Starter · #1 ·
As suggested by tigershark, here is my question I had posted in the intro section originally!

I see Yamaha has a financing program labeled "low monthly payments". From what I can read you need about 10% down, on anywhere from 4%-14% interest for 72 months. I have good credit, so ill probably fall around the 6% mark.

I am wonder if anyone else on here took this route, how much are you ACTUALLY paying a month? Penalty for paying off early? (Thats what I plan on doing) And who is the loan through? Ive read a few places about a Yamaha "card"? that doesn't require to have full coverage insurance? Is this similar?

And by paying of early I mean 3 years instead of the 6 :blob8:

Thanks everyone!
 
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As suggested by tigershark, here is my question I had posted in the intro section originally!

I see Yamaha has a financing program labeled "low monthly payments". From what I can read you need about 10% down, on anywhere from 4%-14% interest for 72 months. I have good credit, so ill probably fall around the 6% mark.

I am wonder if anyone else on here took this route, how much are you ACTUALLY paying a month? Penalty for paying off early? (Thats what I plan on doing) And who is the loan through? Ive read a few places about a Yamaha "card"? that doesn't require to have full coverage insurance? Is this similar?

And by paying of early I mean 3 years instead of the 6 :blob8:

Thanks everyone!
If you have a smart phone download a amortization calculator and play with the numbers. Example being if you end up at say $8k out the door after putting down 10% and you take a 72 month loan at 6% your payment would be $132.59 per month.
 

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If you're going to finance it, my recommendation would be to check with a few local credit unions. I snagged a 3.5% interest rate through my credit union. Yamaha (Capital One) wanted over 5%. Credit unions also rarely have a penalty for paying off early and are generally much easier to work with. I had a Capital One credit card once and they were terrible.
 

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Discussion Starter · #4 ·
Thanks guys! I will have to stop by a few credit unions and see what specials they have going on, on top of the Yamaha special.

Here is another one for you guys. How really do I carry myself in the steal-ership ? Meaning, how do I settle on a price, then ease into financing and working that out? Also, when do I say how much I am willing to put down? I have herd many different tactics, so I am just wanting some opinions here. Any help is always appreciated.
 

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Thanks guys! I will have to stop by a few credit unions and see what specials they have going on, on top of the Yamaha special.

Here is another one for you guys. How really do I carry myself in the steal-ership ? Meaning, how do I settle on a price, then ease into financing and working that out? Also, when do I say how much I am willing to put down? I have herd many different tactics, so I am just wanting some opinions here. Any help is always appreciated.
The number one thing I would remember during negotiations is that the fz-09 is a toy and nothing more. You might really want one but it is in no way essential to your survival. So don't be afraid to walk out if your not 100% happy with the price, interest rate, or any other aspect of the deal.
 

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The financing is actually a credit card, except they keep your title. So they don't require you to have "full coverage" insurance, or any for that matter. If you finance thru a bank or credit union you will be required to have full coverage. You can pay it off early with no penalty.
 

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Here is another one for you guys. How really do I carry myself in the steal-ership ? Meaning, how do I settle on a price, then ease into financing and working that out? Also, when do I say how much I am willing to put down? I have herd many different tactics, so I am just wanting some opinions here. Any help is always appreciated.
Walk into the dealership pre-approved is the first step. What was previously mentioned is correct, you can get a much better interest rate from a credit union (mine gave me 3.1%). I wouldn't expect, with the popularity of the bike and the MSRP, that you'd get the dealership to come down much on the price, but you may be able to talk them into a deal on accessories if you're willing to actually walk out the door when/if you make the threat to. If you inform the salesman that you're pre-approved for the bike, but need some boots or gloves or what have you they may work with you there.

Another option, if you have a couple of local Yamaha dealerships is to play one against the other. If Bob's discount Yamaha will give you a better price than Larry's Motorsport emporium, but you prefer Larry's, they may budge if you tell Larry what Bob is willing to let one go for.
 

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My only other recommendation is check insurance rates first. I about crapped my pants when my insurance tripled over what I was paying on the harley I came from. Had I known before hand I wouldn't have bought the bike (even though I do love it).
 

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Credit unions get all of my financing business. Lowest rates possible except for when Suzuki gets desperate and run's their 0 percent deal on the DRZ-400.
 

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My rate was 3.99% for 36 months. I traded a bike, so I financed ~6850. Payment was $200.00. I use credit unions as well, but none of them were as low as Yamaha.
 

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Personally if the interest rate is the same from say 48-72 months then I can see going for a longer period and paying off early. That way, if you have a month where you need to pay a low minimum, you can. If you can get a better rate at 48 or even 36 months I would strongly consider saving more to put down to make your payment affordable at that lower interest rate.

Paying off early is never a penalty - it's a reward - interest typically accrues monthly so eliminating months off your amortization schedule eliminates wasted money going to the bank.

As others have mentioned check a few insurance quotes - they seem to be getting very high.
 

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Paying off early is never a penalty - it's a reward - interest typically accrues monthly so eliminating months off your amortization schedule eliminates wasted money going to the bank.
Many loans do have early pay off penalties for this reason. The bank wants to ensure that the loan is a worthwhile investment for them. It's always best to look into this for any loan you are interested in.



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I personally don't finance motorcycles. But a couple of times I've taken the bonus checks my credit cards send me to transfer balances from high interest rate cards and bought new motorcycles with no interest for anywhere from 12-24 months. You can't use the card till it's paid off or have a previous balance or it screws the whole thing up.

I just call them on the phone and they deposit the cash in my checking account. Walk into the dealership with the amount you want to spend. I've never walked out without the motorcycle. The dealership wants your money cash in hand makes you a SERIOUS buyer.

I laughed at them once when they brought the finance guy out with a book of papers to fill out. I told them I'm not giving you my SS# or filling any of those papers out. He asked how I planned on paying and I told him cash. That got me a seat in the GM's office.
 

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Actually, most dealerships LOVE to finance stuff....it's a win/win for them......if you have decent credit. They money on the backend of the sales like you wouldn't believe unless you've been in the business. Life ins., gap ins., loan sales, aftermarket accessories financed. There is a whole host of reasons for them to finance you. I will agree though, cash shows that you are a serious buyer, but they know that they aren't going to make as much off of you as they are someone that's financing.
 
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As suggested by tigershark, here is my question I had posted in the intro section originally!

I see Yamaha has a financing program labeled "low monthly payments". From what I can read you need about 10% down, on anywhere from 4%-14% interest for 72 months. I have good credit, so ill probably fall around the 6% mark.

I am wonder if anyone else on here took this route, how much are you ACTUALLY paying a month? Penalty for paying off early? (Thats what I plan on doing) And who is the loan through? Ive read a few places about a Yamaha "card"? that doesn't require to have full coverage insurance? Is this similar?

And by paying of early I mean 3 years instead of the 6 :blob8:

Thanks everyone!
I've got the yamaha card, tier 3 credit, 1000 down @ 170 month with the additional 5 year warranty
 
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