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  1. #1

    Yamaha 3.99% Financeing, GE Capital or....

    Hey guys I am looking to get the best rate at the dealer.

    What is best way to do the financing? Online (Yamaha web form) or at dealer? I see online, Yamaha lists "Capital One" for the company when you apply online. Is that for a line of credit?
    I'm confused a bit because they say GE Capital on the 3.99% Banner and then when you click to apply is says Capital one at the bottom.

    I just want a fixed loan for the unit I purchase, Should I request to go through GE Capital or?

    Thanks


  2. #2
    jkflow's Avatar
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    Ignore company names, make sure it's a reputable company and go with the lowest interest rate. There is no benefit being loyal to a 'brand' when it comes to financing. If the rate is the same go with whatever is more convenient in making payments i.e. online payments etc.

  3. #3
    Captain Spalding's Avatar
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    As a reference I got 1.9% on my sea doo last year from a credit union. If you have great credit the "factory" financing isn't your best option.

  4. #4
    DrivingZiggy's Avatar
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    In May 2013 I got 2.99% through Yamaha/Capital One. It's set up more like a credit card: no fixed payment, just a minimum.

  5. #5
    I checked my local credit union where I have had car loans in the past and the posted rate for toys is 9.5%

    I was just wondering because I did hear someone say capitol one is like a credit card and it ruined their credit because it shows it to be maxed out.
    I don't have much experience with capitol one. I am just used to the dealer looking after their best interest, so I am trying to get the low down.
    I think my credit is pretty good but you never know what has come up.

  6. #6
    r33pwrd's Avatar
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    Quote Originally Posted by tyler durden View Post
    I checked my local credit union where I have had car loans in the past and the posted rate for toys is 9.5%

    I was just wondering because I did hear someone say capitol one is like a credit card and it ruined their credit because it shows it to be maxed out.
    I don't have much experience with capitol one. I am just used to the dealer looking after their best interest, so I am trying to get the low down.
    I think my credit is pretty good but you never know what has come up.

    I have had a Yamaha card for many years... it did not hit my credit that much. If you are that worried ask for a higher credit than you need so you don't show maxed on your credit report. Unless you are buying a house soon I would not be worried about the effect it will have.

  7. #7
    bryantjopplin's Avatar
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    Quote Originally Posted by tyler durden View Post
    I checked my local credit union where I have had car loans in the past and the posted rate for toys is 9.5%

    I was just wondering because I did hear someone say capitol one is like a credit card and it ruined their credit because it shows it to be maxed out.
    I don't have much experience with capitol one. I am just used to the dealer looking after their best interest, so I am trying to get the low down.
    I think my credit is pretty good but you never know what has come up.
    You dont have to go with the union your with or even one in your state. Shop around with ones that have low boat loans.

  8. #8
    Q in Arizona's Avatar
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    Quote Originally Posted by tyler durden View Post
    I checked my local credit union where I have had car loans in the past and the posted rate for toys is 9.5%

    I was just wondering because I did hear someone say capitol one is like a credit card and it ruined their credit because it shows it to be maxed out.
    I don't have much experience with capitol one. I am just used to the dealer looking after their best interest, so I am trying to get the low down.
    I think my credit is pretty good but you never know what has come up.
    I'm in the middle of getting 2 Sparks and a trailer and I just got turned down yesterday by the credit union that financed my GTR at 6.25%...and I have no idea why...I even added my wife to it for $34k more in annual income and they still fucked me off.

    I have good credit but my credit cards are now pretty full and had 2 new air conditioning units put in my house last Summer and that put a big $14k onto a Lowes credit card. FML. Anyways...I got approved from BRP for their credit at 7.99%. Pay to play...

  9. #9
    KamikazeGPR's Avatar
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    Back in 06, I bought my gp1300r with Yamaha credit. It was backed by GE money bank.

    In 09, I bought the FZS at boat show again with Yamaha credit(no $ down) This time it was backed by HSBC bank. It was a fixed installment loan at 6.9% for 5 years. They sent me a yamaha credit card to go with the account. It had a $15k line total (including the new ski purchase) The card could only be used at Yamaha dealers (parts & accessories) and the rate was 22.9% for any purchases. I'd never use that.

    I believe capitol one bought out HSBC back in 2011-12. That is when I noticed their name on the Online payment site and mailed paper statements. If they have GE capitol now. I guess they bought out GE money bank as well and are the sole backer of Yamaha credit.

    If you use Yamaha credit to make a ski purchase. Watch the fine print. Those 2.9-3.9% rates are usually for the first 2 years only of the loan. I don't know what the remaining balance % rate goes to after 2 years. To me, it's safer to have the rate a little higher(6.9%) and have it locked in for the entire length of loan, than to still owe $9-10k after 2 years and have the rate jump up 13% or more.

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  11. #10
    bryantjopplin's Avatar
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    Quote Originally Posted by KamikazeGPR View Post
    Back in 06, I bought my gp1300r with Yamaha credit. It was backed by GE money bank.

    In 09, I bought the FZS at boat show again with Yamaha credit(no $ down) This time it was backed by HSBC bank. It was a fixed installment loan at 6.9% for 5 years. They sent me a yamaha credit card to go with the account. It had a $15k line total (including the new ski purchase) The card could only be used at Yamaha dealers (parts & accessories) and the rate was 22.9% for any purchases. I'd never use that.

    I believe capitol one bought out HSBC back in 2011-12. That is when I noticed their name on the Online payment site and mailed paper statements. If they have GE capitol now. I guess they bought out GE money bank as well and are the sole backer of Yamaha credit.

    If you use Yamaha credit to make a ski purchase. Watch the fine print. Those 2.9-3.9% rates are usually for the first 2 years only of the loan. I don't know what the remaining balance % rate goes to after 2 years. To me, it's safer to have the rate a little higher(6.9%) and have it locked in for the entire length of loan, than to still owe $9-10k after 2 years and have the rate jump up 13% or more.
    You are correct it jumps up to 13.99% I believe. Thats why I canceled the loan with Yamaha and got the credit union to do mine at 2.89% on a 14.2k loan. Always go through a bank or credit union.

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