Yamaha financing

[Greg larose]

Does anyone know the qualifications for the different tiers of the the Yamaha financing

 

[RightStuff]

For the current offering out there ($0 down and as low as 2.99%) there appears to be 4 tiers of rates that you can be approved for (2.99%, 7.99%, 14.49% and 15.49%). According to some things people have posted the lowest rate and $0 down will be offered to the top 2 tiers of credit ratings that Yamaha uses.

Here's some past discussion on the topic when the offer was released, looks like someone said this in there "Tier 1 = +780 Tier 2 = 740 - 779 credit rating":
https://jetboaters.net/threads/yamaha-2-99-promo-is-back-for-june.6242/

 

[haknslash]

It doesn't matter and it's totally up to their discretion despite your credit score or tier qualifications. I had tier 1 credit score (792 IIRC) with minimal debt to income ratio and was turned down in the 2.99%/$0 down promo. Yamaha tried to give me a whopping 14.95% APR with get this..,.. A $200 down payment lol, as if $200 is going to do anything on a $50k+ loan lol. Anyone who pays that much in interest is freakin' crazy!! I'm not even sure why they countered with a 14.95% since it isn't even one of the rates on their promo (14.99 is though).

Funny thing about Synchrony Financial, which is who Yamaha uses, I was approved by several lenders at 4% or so with the standard boat financing of 10% down. I've also had previous loans with Synchrony Financial on a Lowes and CareCredit line and both were closed in good standing but that didn't help either. I asked the lenders if they had any idea why Yamaha declined me for the promo and why the big jump to 14.95% and they were baffled as much as I was. Doesn't matter though since I decided to hold off until next year to see if Yamaha/Synchrony comes around. If not I'll just give someone else the $.

TLDR: it really doesn't matter.

 

[Bill D]

I'm not sure about the qualifications, but I had the same experience as @haknslash. They offered me the same ridiculous rate and some goofy small $ down payment. I decided to buy a used boat and went through BB&T (don't think they have those in your area) for about 4%. The guy at the bank said I f I went with a new boat, they could have gone lower. I was already too pissed about the offer from Yamaha to buy a new boat.

 

[haknslash]

I'm not sure about the qualifications, but I had the same experience as @haknslash. They offered me the same ridiculous rate and some goofy small $ down payment. I decided to buy a used boat and went through BB&T (don't think they have those in your area) for about 4%. The guy at the bank said I f I went with a new boat, they could have gone lower. I was already too pissed about the offer from Yamaha to buy a new boat.

To be honest I wouldn't doubt it if they used these promo offers to lure in unsuspecting buyers bit by the boat bug and hit them with big fat interest rates. Before they know what's happened their upside down in the boat big time the second they pull off the lot. I had a friend that worked for a Mercedes dealership that told me horror stories about how they would get buyers lured in that had the 'new car bug eyes' look on their face. I was stupid like that once when I was a teenager buying my first 'new car'. I'm sure lots of us were when we didn't know better. Live and learn though and understand the world of financing is all about making money on their end and very little, if anything, about who you are as a person. Afterall it's a business.

At this point in the season if he can't get qualified he's better off waiting until winter when anyone will give good deals to move inventory or buy used like you did and save on the big hit of depreciation when buying new. Hopefully at the end of the year or early next year there will be a few owners looking to offload their 2015 boats on the used market and I can take advantage of them eating the depreciation.

 

[Par190sx]

I was told 760 for the 2.99%. They came back at 7.9%. Which I turned down. Jus went thru credit union.

 

[OrangeTJ]

I have to imagine that boat dealerships operate in the same way as car dealerships with regards to financing. That is to say that it is in their interest to sell you higher rate financing than what the lender will actually provide. I'm not sure that's what is going on in these cases, but I wouldn't be surprised if that's at least part of the equation.

 

[billyb]

I got 2.99 with just my trade in as a down payment (about 10k).

I would have walked if they came back with anything other than that rate.

I recently bought a new car and they gave me 0% for six years, nothing down. I guess that's about the only good thing about this economy.

 

[Geiger41]

I got 1.99% through Yamaha back in 2013

 

[haknslash]

I have to imagine that boat dealerships operate in the same way as car dealerships with regards to financing. That is to say that it is in their interest to sell you higher rate financing than what the lender will actually provide. I'm not sure that's what is going on in these cases, but I wouldn't be surprised if that's at least part of the equation.

My dealer did the opposite and came back with a better deal. He was equally baffled by Yanaha.

 

[veedubtek]

Another point worth noting, they use your transunion score, not the other 2. Which kinda baffled me, and at the same time hooked me at 7.99 on my ski. I'll be paying it off shortly anyway so I didn't really care. I also had 5K to put down, and they didn't even seem to care, and didn't ask for anything.

 

[GiddYupJoe]

I got 1.99% through Yamaha back in 2013

What's the rate on the 2017's @geiger41 Not the boat!

 

[Geiger41]

What's the rate on the 2017's @geiger41 Not the boat!

I think that one will cash in hand.

 

[ruztew]

I got 2.99% with zero down, credit scores in the mid 700s to 800s..

 

[S6T6]

Ditto

 

[SamCF]

Same here. Zero down 2.99%. My wife and I both are in the high 700's.

 

[Edward]

There are many factors when it comes to whether or not a bank will finance you at the best rates available or not; credit rating and income to debt are just a few. Whatever the reason it's the banks reason and not Yamaha. Some banks have higher or lower standards, some use weird computer models. I've always banked with USAA and always gotten the best rates with them on everything, and every time I took those rates to other lenders they could not compete....until about a year ago and my Honda was financed elsewhere as another lender gave me a better rate. Why? Only the banks know and it wasn't really worth my effort to dig in as in the end I get the BEST rate available.

Of course, YMMV.

I got 2.99 with synchrony with upper 700 s and excellent credit history.

 

[Englewoodcowboy]

I went through a credit union as well. Better rates and easier to deal with then Yamaha. I couldn't even get qualified for Yamaha last year and this year they came back at 14% no thanks. I don't blame Yamaha as they are not personally financing things but I have always ended up with better rates through a credit union. As my score improves I even set up this loan for a 1 time refinance through them with no penalties or points, just a straight up refi at a reduced interest rate when my score gets above 750.

 

[diveDave]

Impressive interest rates! But I didn't like their service, surprisingly. I completed the online application and I waited a very long time for an answer from them. I couldn't call because I was abroad, so I decided to contact an online bank. I took out a loan on L'EASY Minilån Login ® Lån fra 10000 kr op til 50000 kr ᐈ Min konto | Credit-10 Approval was given within 24 hours, as it was written there. Yes, I took this boat for 10%, but at least I saw a responsible attitude to customers.

 

[scokill]

Another point worth noting, they use your transunion score, not the other 2. Which kinda baffled me, and at the same time hooked me at 7.99 on my ski. I'll be paying it off shortly anyway so I didn't really care. I also had 5K to put down, and they didn't even seem to care, and didn't ask for anything.

Yep. It's kinda hard to know what your score really is. I had pulled some reports before buying a car one time, and went to creditkarma, etc. It was in the 770 range. The dealer showed my their report and my score of 813. I'm sure it goes the other way sometimes too.