Yamaha Financing

[Seoul76]

What credit score does Yamaha use? Also what score range is their tier1, tier 2? Has anyone got the tier 1 rates with a 750 or higher?

 

[2kwik4u]

What credit score does Yamaha use? Also what score range is their tier1, tier 2? Has anyone got the tier 1 rates with a 750 or higher?

When I bought in 2017 I had a shade over 800 credit and was told I was tier2. I did NOT qualify for the promotional rates, and was offered 6.99% for 120 payments. It was the best offer I had at the time, so I signed on a Saturday afternoon and still have that loan. That was when they were using Synchrony as their loan servicing agent.

Now they are doing it themselves now as best I can tell. No idea what they are using as criteria now, but I can tell you those of us with Synchrony loans that were transferred to Yamaha Financial have a VERY sour taste in our mouth. I wasn't real pleased with the "bait and switch" wording used to get me in the door for my initial financing, and am even less pleased in dealing with Yamaha Financial on the switch. So much so that I will NEVER, and I mean NEVER finance through Yamaha again. I'll take my financial business elsewhere and go through a local credit union or locally owned bank the next time I need a loan.

 

[hanskapur]

I bought a 195S earlier this year and got Tier 1 with a score well above 780. I've been told the cutoff is 760 BUT if you have no missed payments, and you are close the 760, the dealer can call Yamaha Finance and often get people bumped to Tier 1 from Tier 2. Problem is with the shortage of inventory, dealers are making money on the finance rates and may not get you what you should be able to get. Push hard.

 

[adrianp89]

When I bought in 2017 I had a shade over 800 credit and was told I was tier2. I did NOT qualify for the promotional rates, and was offered 6.99% for 120 payments. It was the best offer I had at the time, so I signed on a Saturday afternoon and still have that loan. That was when they were using Synchrony as their loan servicing agent.

Now they are doing it themselves now as best I can tell. No idea what they are using as criteria now, but I can tell you those of us with Synchrony loans that were transferred to Yamaha Financial have a VERY sour taste in our mouth. I wasn't real pleased with the "bait and switch" wording used to get me in the door for my initial financing, and am even less pleased in dealing with Yamaha Financial on the switch. So much so that I will NEVER, and I mean NEVER finance through Yamaha again. I'll take my financial business elsewhere and go through a local credit union or locally owned bank the next time I need a loan.

With this info, I think it safe to say credit score does not mean everything. I would think that before hand too.

Payment history, debt to income, are just a few things I think that may come into play when getting a loan.

 

[throttlebc]

I can't speak to others' experiences, but my experience with Yamaha Finance has been fine. I financed in early August via the dealer. The dealer used TransUnion, but I can't find the notice about who Yamaha Finance used. I called them in early Sept to verify my website login details and I immediately got an agent who quickly helped me. The website is easy to navigate and use, and I'm setup for autopay. Thus far it's been a good experience. Also, I do have Discount Tire card from Synchrony and I've had no issues. BUT, I've had other loans in the past "sold" between providers and some of those have been painful. Hopefully the current iteration of Yamaha Finance will be stable through the life of my current loan!

 

[mike220022]

With this info, I think it safe to say credit score does not mean everything. I would think that before hand too.

Payment history, debt to income, are just a few things I think that may come into play when getting a loan.

Credit score determines what tier you qualify for. Dealers are able to bump the rate and make money on the difference....thats the difference in the buy rate and the sell rate. All part of "back end" profit. Want the absolute best deal....tell them youll finance with them until they give you their bottom dollar price then finance it at your own bank. You'll get a better deal if they think they can make some profit up on the back end of the deal...believe me the old "whats your best cash price" doesnt help you at all. With online pricing and dealer competition for business...back end profit usually ends up higher than the actual front end profit.

 

[ripler]

It was long ago but when I bought my Yamaha I got 2.99% through Synchrony, not sure what my credit rating was then. I just did a credit app for my new Mastercraft and was approved for 4.49% for up to 20 years if I choose, this is through US Bank, my credit score is hovering around 800.

 

[Sotally Tober]

817 Score with Tier 1 here.

 

[Seoul76]

I just got docs for current offers...Tier 1 is 780 using the vantage score 3.0 model. Transunion

 

[JetBoatingUpstateNY]

boat rates are great right now, i got 4.24% for 10 years with $0 down through a local credit union for a used boat, new should yield better rates

 

[Seoul76]

Yamaha is 3.99 0 down

 

[mike220022]

Yamaha is 3.99 0 down

what term?

 

[Tobes]

Yamaha is 3.99 0 down

2.99% for 60 months actually.

The only financing offer available (besides $0 down no payment for 90 days)

 

[Cyclonegrey]

The current programs expire 9/30/2020. Does anyone know when the October rates will be posted?

 

[Seoul76]

what term?

180 Tier 1

 

[adrianp89]

2.99% for 60 months actually.

The only financing offer available (besides $0 down no payment for 90 days)

That's only on the website, they have other available.

 

[Kawak11]

Has anyone recently closed with Yamaha Finance? Put a deposit down yesterday. 815+ credit score. I was told by the dealer finance rep 4.99% for 180 months. Boat will be paid off in 5 years. Looking for lowest rate & term.

Quick check from Essex Credit (Bank of the West) 4.59% for 180 months. Anyone finance through them?

Thanks Ben

 

[Fordman]

I went through bank of the west on before and they were great. Only problem I had was there online payment. But I called it in through there automated phone service and it worked perfect. I had like a 710 score and got 5.99

 

[NeilFSU]

Has anyone recently closed with Yamaha Finance? Put a deposit down yesterday. 815+ credit score. I was told by the dealer finance rep 4.99% for 180 months. Boat will be paid off in 5 years. Looking for lowest rate & term.

Quick check from Essex Credit (Bank of the West) 4.59% for 180 months. Anyone finance through them?

Thanks Ben

Yes. 2.99 60 months.

 

[lgparra]

Seems a little off @Kawak11. Current rates/deals through Yamaha financial through the end of 2020 are 2.99% for 60 months or 3.99% for 180 months with tier 1 credit (which to my knowledge is 800+ credit score). If you're looking for a 5 year payoff, the Yamaha site has 2.99% for 60 months right on the website so no clue why your dealer didn't mention that.