skotyjones
New Member
Posts: 19
Likes: 12
Registered: Apr 18, 2017 10:50:00 GMT -7
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Post by skotyjones on May 5, 2017 18:13:26 GMT -7
Finally test rode the FZ-10 here in Indy after 3" of rain yesterday. I'm in love, I've never been so ecstatic after riding any other motorcycle compared to the FZ!
I was curious if anyone had financed, if so, who did you go through? Yamaha is offering 3.9% I believe but I heard it goes on your credit as a credit card, which I prefer an installment loan over a CC. Have any recommendations?
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Post by Cruizin on May 6, 2017 9:51:51 GMT -7
Local credit union is usually your best bet for low interest rates and fees.
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Post by 0002s on May 6, 2017 9:58:29 GMT -7
^ this, unless the manufacturer is running their own finance deals.
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Post by evitzee on May 6, 2017 13:10:26 GMT -7
Agree Credit Unions are a good place to start, but some banks/credit unions aren't motorcycle friendly so the rates won't be as good as a car loan. It is very difficult to beat the sub-vented rates that the manufacturer give on their in-house financing. Yamaha just dropped their best rate to 2.99% APR which you are very unlikely to beat from any CR or bank. You stated that you prefer an installment loan vs. an unsecured (credit card type) loan, so you'll have to decide which is preferable; a cheap loan from Yamaha or a more expensive installment loan from a CU or bank which may require you to carry full insurance coverage on the bike. To me it is a no brainer, take the Yamaha loan for the overall lower cost, but your situation and reasons may be different.
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Post by Cruizin on May 6, 2017 13:59:28 GMT -7
My credit union is at 1.9% for powersports 48 month loans.
Deal directly with the credit unions because while the dealer finance guy will say they work with credit unions, what they do is add a couple extra % points to the loan for profit, where if you deal with the credit union directly you can often get in the 1.9 to 2.9 range and also have a lot more flexibility if you need to make a late payment or early payoff.
I don't deal with traditional banks anymore, and I'm not alone and that's why there are so many credit unions popping up now days. My credit union even offers Dave Ramsey courses for members to learn how to go debt free at a young age. A bank would never do that, lol.
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mother
Junior Member
Posts: 63 
Likes: 45
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Post by mother on May 6, 2017 18:31:29 GMT -7
One potential issue with credit unions is some aren't as... tech friendly... as conventional banks or manufacturer financing usually is.
If you're like me, and you are used to electronic payments, this can be a real inconvenience if you end up with someone who expects you to send a check every month like a freaking pilgrim. It's 2017, man. give me a break.
Just saying... make sure you do your research on how easy or difficult they are to deal with based on how you prefer to do business before signing up for a loan with them.
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