Financing Institutions

[Daddy Fat Sacs]

So long story short, I was told by a Yamaha dealer that Yamaha will not finance out of state buyers? For the life of me I can’t understand why that is if you have a national bank which you house all of your financing through.
With that being said, which companies offer a low interest rate for 180 months with top tier credit? Thanks in advance

 

[anmut]

Talk to a local credit union. I found the best rates there and just had to open a couple of accounts with a small deposit. Had a percentage of my check sent over there as a "direct deposit" which gave me another .25% off the loan. Otherwise nerdwallet.com is an excellent resource too.

 

[SamN44]

I purchased my new boat May 29th from a dealer in Missouri and I live in Georgia. I financed through Yamaha Financial Services. No problems. Maybe there's hoops the dealer has to jump through and they don't want to mess with it.

 

[HangOutdoors]

Try a credit union. That is what I did and I just Direct Deposit the boat payment out of payroll and set up auto pay. So basically I don't even think about.

 

[Daddy Fat Sacs]

Thanks I actually did that already. Unfortunately my credit union only offers a max of 144 months loan at this time. I would like to have it at 180 moths

 

[HangOutdoors]

Actually when I bought this boat I went with a new credit union just because of this purchase.

 

[Chevyguy2021]

Try lightstream

 

[Beachbummer]

A major advantage of the new boat is that subsidized financing. Be sure to confirm the value proposition is there without it. You Might be better off buying in state or looking at used. You are going to pay $21K of interest on a $50K loan at 5%. The first years are the worst, of course, as the outstanding balance is the greatest at this time. first 5 years is $10K in interest. Best of Luck however you decide to proceed! Don't be fooled by the payment amount, you are paying that 180 times.

 

[Dixie Highway]

So long story short, I was told by a Yamaha dealer that Yamaha will not finance out of state buyers? For the life of me I can’t understand why that is if you have a national bank which you house all of your financing through.
With that being said, which companies offer a low interest rate for 180 months with top tier credit? Thanks in advance

Sounds like perhaps your dealer is trying to "nudge" you towards one of their preferred lenders, why not call and ask Yamaha Financial directly?

 

[Daddy Fat Sacs]

Look at joining another Credit Union. I belong to 3, for various financing reasons. Credit Unions at times get aggressive with new members and offers.

Yea we have about 5 that are local and I’ve checked into their financing options but almost all are only 60-84 month options

 

[anmut]

Sounds like perhaps your dealer is trying to "nudge" you towards one of their preferred lenders, why not call and ask Yamaha Financial directly?

I would agree with this. Most of the time dealers get kickbacks from their financing offers. However walking in the door with an approved loan and a set amount gives you more advantage to get the price you want - however in the current times this is probably doesn't apply.

 

[HangOutdoors]

What About national. Navy Federal Credit Union (If you can get in), Pentagon Federal (just need to donate a few bucks), Langley Federal, DFCU, etc. That is about all I know.

 

[minn19]

So long story short, I was told by a Yamaha dealer that Yamaha will not finance out of state buyers? For the life of me I can’t understand why that is if you have a national bank which you house all of your financing through.
With that being said, which companies offer a low interest rate for 180 months with top tier credit? Thanks in advance

I thought that was odd to and ran into the same issue. Found a local credit union that did 180 months at 3.99. Might take some searching, but you should find an institution. Our own CU that we have a 30 year relationship with wouldn't come close to it. But, these are record low interest rate times again so I'm sure someone will have a good rate for you guys.

As far as Yamaha's policy, I'm guessing it goes towards them helping to protect their dealers local areas sales wise. I've seen it other ways as well and it almost turned me off of Yamaha to be honest. I really don't like how they are trying to limit consumers options with policies like these. This is only a theory of mine, but there seems to be a lot of evidence of it. One piece being my out of state dealer asked why I wasn't going with my only local choice of which whom I didn't want to do business with. It turns out my local dealer didn't have a 212S in stock so we had to go out of state. Otherwise he said Yamaha doesn't like it when people/dealers go out of state/region to buy a boat. It shouldn't be any business of Yamaha's IMO who a consumer chooses to do business with when it comes to buying one of their boats.

 

[HangOutdoors]

I get why Yamaha is doing that. They need to preserve their dealer relationship and try and help their dealers with zone/territory sales. Happens all the time in a lot of different industries. Fully Understand.

As a consumer, it annoys me because I don't want to be forced or coerced into using a Dealer I am not happy with at the very least, or who doesn't have inventory. They should work for my business just as much as they work on helping their dealer business.

 

[HangOutdoors]

@Daddy Fat Sacs I am sure you are well versed in rate shopping, but make sure they have a rate and terms that you are ok with before they start pulling your credit multiple times. Have seen that go bad. I have seen people fall for the "Well I can't give you a rate till I see your credit" line. Which after a few places put a lot of inquires on their credit bureau. Come to find out they never could of offered what was being asked for regardless of how good the credit was.

 

[minn19]

I get why Yamaha is doing that. They need to preserve their dealer relationship and try and help their dealers with zone/territory sales. Happens all the time in a lot of different industries. Fully Understand.

As a consumer, it annoys me because I don't want to be forced or coerced into using a Dealer I am not happy with at the very least, or who doesn't have inventory. They should work for my business just as much as they work on helping their dealer business.

It unnecessarily pisses a lot of consumers off and makes them somewhat beholden to some really crappy dealers. I don't get it at all in this regard and it hurts their overall business. Things are great now, but when times are tough and you are scrapping for every customer it certainly doesn't help. They don't need to preserve their relationship with the dealers, they need to preserve their relationship with their customers. The financing should be a national thing, especially for cases like this when inventory is tight. Not a good look for any business, again, especially one like this.

I know when we are looking for our next boat it won't automatically be a Yamaha due to these policies. Had we not found what we wanted out of state we could of easily been in a Scarab instead.

 

[HangOutdoors]

t unnecessarily pisses a lot of consumers off and makes them somewhat beholden to some really crappy dealers.

No doubt. I agree with you. But for Manufacturers, Dealers and Orgs sell their items. That is their foothold into the Market. And they need to reinforce dealer loyalty and give them specific incentives. Would be different if you were buying directly from Yamaha, or "Boatvana" (its going to happen, i can feel it). The norm is, no dealers carrying your product in the Market Area = less sales. That is why Dealers don't carry every brand out there, they carry several or one/two for the most part. Otherwise let every dealer carry every brand of boat so that consumers can work with whom they want wherever they want for whichever boat they want. Would be great for the consumer looking to buy but horrible for the dealer who would need to service it all as well. Could also have pretty bad affect on customer service between the consumer and the dealer.

 

[minn19]

No doubt. I agree with you. But for Manufacturers, Dealers and Orgs sell their items. That is their foothold into the Market. And they need to reinforce dealer loyalty and give them specific incentives. Would be different if you were buying directly from Yamaha, or "Boatvana" (its going to happen, i can feel it). The norm is, no dealers carrying your product in the Market Area = less sales. That is why Dealers don't carry every brand out there, they carry several or one/two for the most part. Otherwise let every dealer carry every brand of boat so that consumers can work with whom they want wherever they want for whichever boat they want. Would be great for the consumer but horrible for the dealer who would need to service it all as well.

I’m really not following this, especially for a popular brand like Yamaha. There would be dealers for them because it is a product that sells driven by consumers. Not all car dealers carry every brand and they don’t do this BS/do just fine.

Walking into my local Yamaha jet boat dealer is like going back in time to a 70s used car lot. No way my wife and I were buying from them even if they had the boat we wanted. This Yamaha financing policy (if true) is a tactic from that bygone time IMO. I’m sure we aren’t the only ones that feel this way. You should make your product as easy to acquire as possible, especially when they are tens of thousands of dollars like these boats are.

Any way sorry OP for the threadjack/rant. Good luck in your search, having the credit you do I’m sure you’ll find something that fits your situation.

 

[Dixie Highway]

Not all car dealers carry every brand and they don’t do this BS/do just fine.

No they don't typically do that for the manufacturer financing, but they WILL try to push and say "let's check and see if we can do better with our lenders". It's universal and they all do it, because as @anmut said they get kickbacks, etc...

 

[F.M.]

I dealt with yamaha finance for years in the motorcycle industry. The dealer is feeding you a load of crap. Yamaha likes to keep there dealers in "territories". It is possible that this particular dealer has gotten into trouble with yamaha for selling to "out of territory" customers. And the easiest way to say no to an out of territory customer is to feed them a line of bull instead of actually trying to explain why they can't sell you something. The dealer can actually contact yamaha to argue their case of why you would be purchasing out of territory: low/no inventory at another dealer, poor customer service, etc. Which will be better for all in the long run because yamaha can then use that info to help/reprimand dealers, change inventory allotments, and restructure company sales procedures.

But as everyone has stated getting your own financing puts you in control, it's a much better situation to be in.