Current Rates

[foozed]

Our new 252sd is being delivered tomorrow. Our credit is 800+ and Yamaha offered 4.99 on 180, but the dealer offered us 3.99 on 180 and 4.24 on 240 using BB&T/Truist.
He said i needed to have 17500 down/equity in order to get the 4.24 on 240.
And then he said the bank offers a .5% reduction on the rate if I put an extended warranty on it - which was list price $2850 for 4 additional years.

 

[HangOutdoors]

@foozed Yea, the bank reduction in rate is bs for a warranty. All that means is that the dealership gets juiced so they grab you a lower rate by reducing their spread, which is their commission or kickback from the bank. The .5% in rate equates to about whatever they are making on the warranty.

If it were me I would tell him you want the .5% rate off and only the 1 year standard warranty. Then you can buy upto 4 additional years at or below that price next year directly from Yamaha.

I just did mine and extended it out. My 1 year is up on 5/30/2021 and they have been emailing me for 4 months. It has gotten cheaper since I ignored it. Just did mine today on the extension.

 

[Willabeast240]

The Yamaha website is currently showing a 2.99 for 60 months. That doesn't sound horrible for me but the only thing that's not clear to me is their condition of "Must take delivery from retail stock by 3/31/21 on purchase of new 2015-2021 Yamaha Sport Boat.". Not sure if the deposit I put down on an AR195 with an unknown delivery date qualifies as "retail stock". If anyone else knows... I'm all ears.

 

[LakesideLaw]

That would be a no - delivery means you have to actually take delivery and sign on the dotted line for the financing by 3/31. 2.99 for 60 months is ok - most want 120-180 on a boat and then throw as much at it to pay it off in 5 or less but you have a cushion. I always get pre-qualified with a credit union and know what the low rate is and then tell the dealer to beat it - they usually do. 3.9 for 180 is about the best I have seen.

 

[HangOutdoors]

The Yamaha website is currently showing a 2.99 for 60 months. That doesn't sound horrible for me but the only thing that's not clear to me is their condition of "Must take delivery from retail stock by 3/31/21 on purchase of new 2015-2021 Yamaha Sport Boat.". Not sure if the deposit I put down on an AR195 with an unknown delivery date qualifies as "retail stock". If anyone else knows... I'm all ears.

You don't have to take delivery, you just need to close on the loan. Delivery is between you and the dealer. Once you are closed the terms are set. So if it was close the dealer would make it work if your boat was showing up or in prep etc within days and they had all the documentation and numbers. But with a boat on order you will have to wait. I am sure the specials will still be there next month. They haven't changed much, since they need to keep people interested with the short supply.

 

[LakesideLaw]

Technicality.... you don’t actually have to physically take delivery. But the dealer has to have the actual boat to sell is the point. They can’t sell something they don’t have to close a loan... to get a loan on the boat the bank will need the HIN number. As long as they have a HIN for you can close the loan and secure the terms. But I agree the rates will be there still.

 

[Epsmith19]

180 months is a long time. I would get the shortest term I could go with a payment that's affordable. With the demand for boats the way it is now, it's bound to slow down in the next year or two, meaning boat values are going to drop. If the market tanks, at 180 months, you won't have any equity in it for at least the first 8-10 years. Just my .02 cents.

I with you. I'll never understand taking a 15 yr loan out on a boat, especially at rates pushing 400 bps

 

[Adrian @ JB Solutions]

I with you. I'll never understand taking a 15 yr loan out on a boat, especially at rates pushing 400 bps

Its a safety net. When interest rates are almost the same at 5 years or 15, your almost stupid not to take the 15. Emergency’s happen and being able to still make a payment on time helps when you minimum payment is much lower. You can also look at it as that extra $1000 a month you spend at 5 years would make you more money in the market than it would cost you in interest over 15.

 

[Epsmith19]

Its a safety net. When interest rates are almost the same at 5 years or 15, your almost stupid not to take the 15. Emergency’s happen and being able to still make a payment on time helps when you minimum payment is much lower. You can also look at it as that extra $1000 a month you spend at 5 years would make you more money in the market than it would cost you in interest over 15.

I wasn't trying to criticize anyone's decisions I'm not their financial advisor. For me a boat purchase was purely a toy so I didn't buy until I was able to pay cash. Maybe its just a mental thing with me I never want to pay interest on a pure discretionary, deprecating asset

 

[F.M.]

Not criticizing here either, just my opinion. But after using a calculator, I may be wrong.

70k loan
15 year term with a great rate at 3.99%
$518 payment
$23,137 in interest.

5 year term at 2.99%
$1257 payment
$5,449 in interest.

That's almost a $20k difference in interest.

But if you were diligent about investing the $700 difference in the payments.

$700/mo at even a very low rate of 4%
Would be a total contribution of $126k, with $45.8k in interest earned for a total of $171.8k set aside for a rainy day.

Looks like a 15 year term with investing is the way to go. $45k in interest earned - $23k in interest paid = $22k in profit.

But it only works if you keep the boat for the entire term, or at least until you've paid the principle down enough to not have any negative equity if you ever trade it. And you're disciplined enough to not spend the extra $700/mo on another payment.

 

[orionone]

Hey guys, doesn’t anyone have any updated rates/terms for this month? Any significant changes from rates reported previously?

 

[Adrian @ JB Solutions]

I got an email about 1.99%. Not sure the length.

 

[orionone]

I got an email about 1.99%. Not sure the length.

Excellent rate! Please let us know term length if you find out later. Currently shopping for 180 month term.

 

[Adrian @ JB Solutions]

Excellent rate! Please let us know term length if you find out later. Currently shopping for 180 month term.

I deleted the e-mail.... as I am not in a market for a new boat. When I was shopping I did find different dealers offered different Yamaha rates. Probably to make more money.

 

[Brendon]

I know its an old thread, but curious what the current rates are from Yamaha. Anyone gotten a rate recently on a 25' 180 month term?

 

[bigwaves]

The Yamaha website

I know its an old thread, but curious what the current rates are from Yamaha. Anyone gotten a rate recently on a 180 month term?

The Yamaha website has their current financing offers. I checked them today. There’s 4.99% for 180 months on the 19ft boats. I didn’t see 180 months offered on the larger boats.

 

[Brendon]

yeah appears the 25'ers aren't part of the promotions. curious what the regular rates are that people are seeing now

 

[HangOutdoors]

The Yamaha website

The Yamaha website has their current financing offers. I checked them today. There’s 4.99% for 180 months on the 19ft boats. I didn’t see 180 months offered on the larger boats.

Smells like they want to push through all of their 19' models left over and for the 2024.

Rates are around 6.5% give or take to 8.99% depending on term and decent to excellent credit. Depends on many factors.

 

[bigwaves]

I know its an old thread, but curious what the current rates are from Yamaha. Anyone gotten a rate recently on a 25' 180 month term?

Yamaha financing: 4.99% for 72 months on a 25 footer. Go buy yourself a new boat. Don’t ask your wife/girlfriend or whoever. Pay minimums on your credit cards if you have to. Refi your mortgage take cash out if you have any equity. Get a co-signor. Get a roommate. Don’t worry about fuel costs (these boats hardly use any). Maintenance is almost nonexistent. These boats are almost free. Just do it. Buy a boat.

 

[Adrian @ JB Solutions]

Yamaha financing: 4.99% for 72 months on a 25 footer. Go buy yourself a new boat. Don’t ask your wife/girlfriend or whoever. Pay minimums on your credit cards if you have to. Refi your mortgage take cash out if you have any equity. Get a co-signor. Get a roommate. Don’t worry about fuel costs (these boats hardly use any). Maintenance is almost nonexistent. These boats are almost free. Just do it. Buy a boat.

Solid advice.