14 wr450f financing questions


48 replies to this topic
  • SilvFx

Posted December 13, 2013 - 09:46 PM

#21

Use your down payment $4000 to buy a used WR450F.  With some patience you should be able to find a clean low hour  '08 or 09 for that price.  Dont finance a bike.

 

If you want to build your credit get a visa/mastercard (have your Dad co-sign if willing) and use it each month and pay it off in full each month.  That is how you begin to build a decent credit score and credit history.  You could even add a couple of gasoline credit cards or department store credit cards.....but pay them off in full each month.



  • mudguy

Posted December 13, 2013 - 09:51 PM

#22

Ok, so if you have a chance to get zero down, or just a one or two percent rate you wouldn't finace it? That is stupid. Lrn2economics.
It must be a concept lost on the "old and unintelligent but I'm old so I think I know what I am talking about" generation.


Not if I didn't have the cash on hand to pay it off immediately, as the OP indicated.

  • Team_Oatmeal_Pie

Posted December 13, 2013 - 10:21 PM

#23

I would line up financing before your even walk into a dealer, thru your bank or credit union.

 

Many dealerships have credit set up with rip off outfits that will offer rates in the teens or twenty percentile, they will tell you since you have no credit history that is all they can get you.  Keep in mind they often get (points) a percentage, so they are incentivized to steer you to the option that makes them the most money.

 

If you have the loan already set up -  you have leverage.  They will ask how are you going to pay for this, and upon learning you have a loan, they have no option other than to try and beat the rate, versus steering you towards the most expensive option.

 

You dont want the dealer to also be the guy selling you the loan/money.



  • Bazuka Joe

Posted December 14, 2013 - 12:03 AM

#24

Financing a dirt bike is the dumbest financial decision you can make. Your parents should kick you in the nuts.

Work before play. A concept that is lost on the "right now" generation



This is so ignorant I don't even know what to say, your probably 30 years old working at a restaurant as a dish bitch. Im only 20 with nothing but a diploma and work 40-50 hours a week with 15 an hour starting pay, because I work my ass off every damn day.

I started this thread mostly to get advice from people who have financed before and was looking for advice, not some moron with an ignorant opinion.

Like I said I could pay cash if I wanted to but figured this would be a good opportunity to start some credit as it would help me in the future when it is time to finance a car and house.

Work before play. A concept that is lost on the "right now" generation

you obviously have no idea what your talking about and if you weren't completely retarded and read the thread you would understand why I'm looking to finance and not pay cash,

Ignorant people like you is who ruin forums like this



  • Bazuka Joe

Posted December 14, 2013 - 12:08 AM

#25

Use your down payment $4000 to buy a used WR450F. With some patience you should be able to find a clean low hour '08 or 09 for that price. Dont finance a bike.

If you want to build your credit get a visa/mastercard (have your Dad co-sign if willing) and use it each month and pay it off in full each month. That is how you begin to build a decent credit score and credit history. You could even add a couple of gasoline credit cards or department store credit cards.....but pay them off in full each month.


I respect that opinion, and think it's a very good input but I don't war to go for anything less that a 12 as it's a totally diffident bike with the frame/suspension/and fuel injection. If anything I would wait an extra 2 months or just sell my kx250f and just pay cash but if I can finance for 2 years and pay the 500-600 in interest on a 2 year loan, It would be a good opportunity as somewhere to start for a credit

  • Bazuka Joe

Posted December 14, 2013 - 12:12 AM

#26

I would line up financing before your even walk into a dealer, thru your bank or credit union.

Many dealerships have credit set up with rip off outfits that will offer rates in the teens or twenty percentile, they will tell you since you have no credit history that is all they can get you. Keep in mind they often get (points) a percentage, so they are incentivized to steer you to the option that makes them the most money.

If you have the loan already set up - you have leverage. They will ask how are you going to pay for this, and upon learning you have a loan, they have no option other than to try and beat the rate, versus steering you towards the most expensive option.

You dont want the dealer to also be the guy selling you the loan/money.


Great advice! I will see what my bank can do before trying to finance when the time comes unless yamaha has some good deal going on like the ride on sales event going one now, I appreciate the input and will definitely take that into consideration before trying to finance through the dealer, giving them something to "compete against"

Thanks!

  • Bazuka Joe

Posted December 14, 2013 - 12:17 AM

#27

Ok, so if you have a chance to get zero down, or just a one or two percent rate you wouldn't finace it? That is stupid. Lrn2economics.
It must be a concept lost on the "old and unintelligent but I'm old so I think I know what I am talking about" generation.


Well said my friend, well said. Even at a 2 year loan with even say %8 interest on 4500 dollars, your really not paying that much interest. sure it's not as cheep as paying cash but if it helps build credit it's worth every penny to me

  • Tanis

Posted December 14, 2013 - 12:39 AM

#28

At the end of the day its a loan at high interest on a quickly deprecating asset, I don't know how credit ratings work over there, but i would not finance a bike. You ideally only borrow against an appreciating assist or at least one that had some chance of it.

  • 5270ADVRIDER

Posted December 14, 2013 - 03:00 PM

#29

There are several 2012-2013's out there right now at a decent price. I'm picking up a 2013 WR450F for $6599 from the dealer that I work for Monday.

Keep in mind that Yamaha has a $600 rebate on the WR (and several other bikes), but it ends 12/31. As far as I know it's not being extended.

As for financing I suggest going to your own bank and talking to a loan officer. We use a couple of local credit unions because their rates are lower and it's just a better deal for our customers. My son is in college rught now, working part time, and needed to buy a car. I took him to my credit union (just happens to be one that we send our customers to) and they gave him a first time buyer loan. It's a bit higher interest rate, but I didn't have to co-sign and he's building his credit.

Shoot me a PM if you have any questions.



  • gscx

Posted December 14, 2013 - 10:07 PM

#30

Errrr, 8 percent is unacceptably high for me. The reason you don't pay something off when the interest is low, or only one or two percent is because of inflation. 1000 dollars today will be worth 800 in two years, or whatever. I think this is why banks got screwed so hard in 06 to 08. Inflation was so rapid and interest so low that even when thier customers were making the payments the banks still lost money, or didn't make enough to cover the couple of percent that defaulted.

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  • Navaho6

Posted December 17, 2013 - 10:40 AM

#31

I got my '13 a few weeks ago for $6,800 (before tax).  There was another one 80 miles away for $6,700 and a 2012 for $6,500  The dealer with the '12 would not negotiate so I got the '13. These prices already included the Yamaha "Customer Cash" discount of $600.  MSRP on a '14 is $8290.  Look on Cycletrader and use the  "Find a Dealer" function on the Yamaha site - http://www.yamahamot...r.aspx?ls=sport



  • electricme

Posted December 18, 2013 - 08:16 AM

#32

Take the 4000 you are going to put down and buy a nice used bike. 

 

If you want to build up your credit get a credit card and put your gas on it every month and then pay it off at the end of the month. Never go over the limit on the card and never carry a full card over to the next month pay it right off... do this for a year and your credit will be good to go.

 

Then amybe buy a car or truck at some point to hall you bike around.

 

I saw that you are not interested in anything lower than a 12... but a 07 up still has the aluminum frame you are looking for and actually weigh less than the new models with FI plus I like a carborated bike better...


Edited by electricme, December 18, 2013 - 08:22 AM.


  • grayracer513

Posted December 18, 2013 - 10:09 AM

#33

And that's where the co signer will hopefully come in to play, on top of almost half down payment I think it will happen

 

In most cases where a co-signer is used, the co-signer is primarily responsible for the loan, and the co-signer gets ALL of the credit score points for it, up or down.  Going with a co-signer is not going to help your personal credit rating at all. 



  • William1

Posted December 18, 2013 - 10:32 AM

#34

If you want to build up credit, get a credit card. Use it for regular expenses. Then pay it in full every month. Never pay interest. Some even rebate back 1% or so. Borrowers will see you have had UNSECURED credit for a period of time with no problems.

 

It is fools folly to think a secured loan on a motorcycle is going to build your credit.

 

Those that seem harse in this thread are only being 110% straight with you.



  • beezer

Posted December 19, 2013 - 06:28 AM

#35

I'd take the 4K and buy lottery tickets.



  • mudguy

Posted December 19, 2013 - 07:29 AM

#36

I'd take the 4K and buy lottery tickets.

 

Better yet, buy 10K and put it on your credit card



  • Bazuka Joe

Posted December 19, 2013 - 05:02 PM

#37

I would be interested in anything 07 and over, but the yz spec suspension and the EFI is a completely different bike, and considering the is will be keeping the bike for years to come, I would much prefer an 12+ wr.

I don't HAVE to finance I could just wait an extra 2 months or sell my kx250f,

But I don't understand how making steady on time payments over a period of a year or two would not help start to build credit

So if I got a credit card with a co signer your saying that it wouldn't help my credit because they are responsible for it ? Doesn't seem right to me

  • Bazuka Joe

Posted December 19, 2013 - 05:13 PM

#38

Also doesn't have to be financed through the dealer I have a credit union and bank I can try and get loans through for a few thousand

  • William1

Posted December 19, 2013 - 05:31 PM

#39

If you have a cosigner, you are standing on thier reputation and not your own. You would be wiser to get a card, even a secured card, use it, pay it in full EVERY month and establish you are a responsible user of credit.

 

A credit card paid in full, has no interest expense and in some instances, they will pay you to use the card. I never use cash, pay in full every month, have a no-fee card and get a check for about $1,000 a year.

 

A bike loan is secured by the title to the bike, meaning if you miss a payment, they can come and take the bike. They have little to loose and a lot to gain.

 

If you cannot get basic credit on your own in this day and age, you need to ask yourself why.



  • Bazuka Joe

Posted December 19, 2013 - 05:49 PM

#40

If you have a cosigner, you are standing on thier reputation and not your own. You would be wiser to get a card, even a secured card, use it, pay it in full EVERY month and establish you are a responsible user of credit.

A credit card paid in full, has no interest expense and in some instances, they will pay you to use the card. I never use cash, pay in full every month, have a no-fee card and get a check for about $1,000 a year.

A bike loan is secured by the title to the bike, meaning if you miss a payment, they can come and take the bike. They have little to loose and a lot to gain.

If you cannot get basic credit on your own in this day and age, you need to ask yourself why.


It's not that I CANT I just have not tried yet i have a clean slate, I just figured if I have 4-5 grand and get an unsecured load from my bank or credit union for rest, will that not help start to build up credit with it without a co sign?




 
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