Lunatic Posted March 30, 2014 Report Share Posted March 30, 2014 if so what are you paying for an interest rate? im reading that outboard sales are rough so they charge north of 20% which is just insane. if this is the case yamaha is the last place ill be going through for financing. i ask because i dont want soft hits on my credit finding out what their rates are like. Link to comment Share on other sites More sharing options...
porkpie Posted March 30, 2014 Report Share Posted March 30, 2014 No I have never financed a recreational item, generally preferring my credit line when I have done in the past. Most recreational products the rates are much higher, even if you have exceptional credit, but 20 percent??? I can't imagine they would ever sell one through their own financing. They should give you a ballpark rate for someone with good credit without any kind of check, soft or otherwise. You know if your credit is good, bad or in the middle. Good luck! Link to comment Share on other sites More sharing options...
BillM Posted March 31, 2014 Report Share Posted March 31, 2014 Get a secured line of credit, purchase the motor that way.. Simple stuff. Link to comment Share on other sites More sharing options...
irishfield Posted March 31, 2014 Report Share Posted March 31, 2014 Keep stuffing the cookie jar and buy when it's got enough in it... Link to comment Share on other sites More sharing options...
Rod Caster Posted March 31, 2014 Report Share Posted March 31, 2014 20% is insane. I had one Yamaha dealer offer me 3.99% on a new ATV, 3yr term. I imagine you could find 5-8% quite easily from the dealers....generally they want financing now because they make money on the financing. I offered "cash" for an ATV and they said they preferred financing. Not sure you'd get much better than 5-6% on a secured LOC. Wayne's suggestion is best, but not always easy to do.... I ended up buying a used ATV to avoid indebtedness. Link to comment Share on other sites More sharing options...
BillM Posted March 31, 2014 Report Share Posted March 31, 2014 Not sure you'd get much better than 5-6% on a secured LOC. I'm paying less then prime on my SECLOC.... Link to comment Share on other sites More sharing options...
Lunatic Posted March 31, 2014 Author Report Share Posted March 31, 2014 ive really got no debts. my credit is good.so i dont mind financing an outboard but i wont if the rates are crazy. Link to comment Share on other sites More sharing options...
NANUK Posted March 31, 2014 Report Share Posted March 31, 2014 Keep stuffing the cookie jar and buy when it's got enough in it... The best way to buy toys !! Link to comment Share on other sites More sharing options...
DRIFTER_016 Posted March 31, 2014 Report Share Posted March 31, 2014 I re-powered my boat last summer and just went to my bank for the $$$. Got a pretty decent % rate too. 6 or 7 I think. Link to comment Share on other sites More sharing options...
Old Ironmaker Posted March 31, 2014 Report Share Posted March 31, 2014 (edited) It's never a good idea to finance a toy, it's actually a very, very,bad idea. I don't know where you heard 20% interest rate. I'd imagine that rate for someone with terrible credit. Don't finance a toy, buy what you can afford or don't buy it. A vehicle to get you back and forth to work and serves a real purpose I can see but never something like an ATV unless you need it for business. If you don't have enough equity to get a line of credit where they don't care what you do with the money you can't afford this purchase. Edit, I just read your profile and your interests, Harleys, cars and drinking? You can't afford a new ATV. I sound like my old man! Edited March 31, 2014 by Old Ironmaker Link to comment Share on other sites More sharing options...
Fisherman Posted March 31, 2014 Report Share Posted March 31, 2014 Sure thing, everyone wants their toys up front without saving. Like Old Ironmaker said, if it's not work related, it's not needed. Link to comment Share on other sites More sharing options...
Rod Caster Posted March 31, 2014 Report Share Posted March 31, 2014 I'm paying less then prime on my SECLOC.... I'm closer to 5 on my SELOC... maybe I need to talk to someone...I did just buy the house and had to do clever financing due to the large acreage which is not considered 'equity', maybe thats why I didnt get best rate. Anyway, Lunatic, if you can get 6 or below I'd say thats a decent rate for such an item. Link to comment Share on other sites More sharing options...
BillM Posted March 31, 2014 Report Share Posted March 31, 2014 Yeah, anything beats 20% through the dealer, lol! That's just highway robbery. Link to comment Share on other sites More sharing options...
bare foot wader Posted March 31, 2014 Report Share Posted March 31, 2014 looking at a new toy right now, dealership said their lenders are around 6-7, but up to 29.99% for recreational items, depending on credit...I sure hope nobody ever signs off on 20% ouch, most lenders will try to sell you on monthly payments, don't fall for that if you really want it, finance it, have some fun Link to comment Share on other sites More sharing options...
Lunatic Posted March 31, 2014 Author Report Share Posted March 31, 2014 not sure why this has become a moral lesson on savings..... as for cars,harleys and drinking,i suppose i should update my profile since i no longer own the race car or the harley and im lucky to have time for a beer or 2 a week these days. not sure why an ATV came into this,also i probably could spring and pay for it all up front or at least a majority of it but i like to keep cash aside for emergencies.so a finance would be best for me i think. ,but thanks for all the opinions on the matter. its good to know that 20% is not yamahas norm for financing. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now