2006 Wr450f Financed $$$


13 replies to this topic
  • LOCO

Posted November 02, 2005 - 10:10 AM

#1

Well guys i have been trying to get for a long time the 2006 WR450F I got a dealer in Arizona and so they told me the price for the bike was 6,300 but i got it financed and they are asking me for a downpayment of $1,300 and 60 months of $134 at the end of five years im going to be paying around $9,340 how do you see this deal is it a rip off, is it ok or they are seeing me a stupid face, :banghead: could you please give me a hand with this, thank you...

  • Indy_WR450

Posted November 02, 2005 - 10:16 AM

#2

That deal stinks!
Get Yamaha financing and dont go any longer than 2 years! Yamaha has a 2.9% for 1 year deal going on right now. usually it is 2 years. You have to qualify with good credit. Paying for a dirt bike over 5 years means you really cant afford it. You can always go and get a used one for $2,000. and have some fun. :banghead:

  • dbailey223

Posted November 02, 2005 - 10:36 AM

#3

Remember that a low monthly payment for a couple years means at the end of the term you are going to have to pay a large lump sum.

  • midwestmotocross

Posted November 02, 2005 - 10:36 AM

#4

According to some quick math, for financing $5,000 ($6,300 - $1,300) over five years at a $134 payment, you're talking about a ~20% interest rate. That's insane! Don't sign, dude.

For comparison's sake, five grand financed over three years at 5% would call for about $150/month. That's two years of your life back for only $16 more a month (if you can get that rate).

Interest rates make a big difference.

Either your credit really sucks, in which case maybe you shouldn't be buying a new bike right now, or these guys are looking to stick it up your rear. Either way, run away from this, man.

  • Johnny34

Posted November 02, 2005 - 11:45 AM

#5

DO NOT SIGN THAT DEAL!!!!

I financed my '05 WR450F through Yamaha last December. I got a 0 down, 0 interest, 0 payments for 1 year deal. I recently sold some stock and will pay the bike off completely by the end of this month.

I suggest waiting another month and seeing if Yamaha brings back that same financing deal for December. Otherwise, I'd get a loan from a credit union for no more that 2 years.

If your credit score is good, you can get a much better deal than what they are offering. If your score is not so good, walk away. Its better to save now than over extend yourself and get screwed. I waited a long time before I could afford my WR and the deal just makes riding it that much more fun.

FYI: my zero interest deal jumps to over 20%, plus accrued interest for the year if I don't pay it off before the end of the year. A month from now, my bike will be PAID IN FULL!!! :banghead:

  • dbailey223

Posted November 02, 2005 - 11:57 AM

#6

Part of the issue is that they could be adding salest tax, set up, etc to the loan balance. So, the interest rate might be less than 20%--but I agree with the others, run away!

  • s3706

Posted November 02, 2005 - 11:58 AM

#7

i would look for a used bike because there are a bunch of people dumping bikes so they can get an 06 model. I have found some good deals on 03, 04 and 05 models. :banghead:

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  • gobigblue

Posted November 02, 2005 - 12:33 PM

#8

run forrest run. don't do it. buy a used one for half the price. if you have the $1300 for the down payment, save up another 1500-1700 and get one that is a couple years old rather than having to cut that check every month for something that has depreciated in value

  • RichBaker

Posted November 02, 2005 - 03:29 PM

#9

Which dealer? If it's one of the AZ Motorsports group, tell em to stick it. They're a crap dealer chain and rip-off specialists...I've actually been in a couple of their shops and they act like a car dealer, not a MC dealer! Screw 'em....

  • Team_Oatmeal_Pie

Posted November 02, 2005 - 06:03 PM

#10

Never Ever Ever finance thru the shop unless its a posted Yamaha finance deal.
Many dealers will line up there own lenders with high rates. On top of the high rate many lenders will incentivize the shop sales person by letting them add points or additional percentages to the loan, so that sales person will use that lender instead of another.
Example. you walk in to buy a bike. sales guy offers you a loan. the loan from the lender is 18%, but you dont know this, sales guy adds 2% to the deal, so now you are at 20%. the bank/lender gives the saleperson that 2% back in cash. So not only are you paying a high rate, but you also paid a chunk into the salespersons pocket because he can rip you off.
Again Never Ever, Ever finance thru the dealer. Ask them if they add points to the loan see what they say.
2nd why would you finance for 20% when you can get any credit card for 10%, just put it on the card. If the dealer wont take the card, find another dealer.

  • rocksnsand

Posted November 02, 2005 - 09:13 PM

#11

You should be able to get Yamahas promo deal like I did Friday,24 months at 6.8%.With a down of 1300 you shouldnt have any problem paying it down in two years.Dont pay more than 6300 out the door,and have the dealer do the free mods(uncork it for you)I absolutely love this bike ,but then I thought the same way when I got my 01.

  • LOCO

Posted November 03, 2005 - 09:42 AM

#12

Guys thank you for all of your comments and suggestions, and of course I will run away from this deal, best thing to do is that im going to wait for December and pay for it full ca$h this way is going to save me lots of buck$ for all the extras and lots of time for the payments. Once again you were very helpful to me.

  • bcs

Posted November 03, 2005 - 01:11 PM

#13

Important point to remember: by law, the dealer has to disclose what the interest rate is--so ask them exactly what they are offering.

  • LOCO

Posted November 03, 2005 - 02:32 PM

#14

Since im from from Mexico and im bringing the bike here, I think they wont charge me any interest or taxes...




 
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