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Discussion Starter #1
How hard is it to get approved for a Yamaha credit card? I went to a dealer today and they said if there are any blemishs on your credit you will get turned down? Is this true? I did not know weather to believe him or not b/c they did not seem to enthused about selling me an R6 for some reason. I had credit probs about 4 yrs ago b/c of a crappy job so I had some late payments on a car loan. Currently everything is paid up and on time as of the past few yrs and my credit score is 636 which is not the best but its not really bad either. Just wondering who out there got there bike on the yamaha card and how easy/hard was it?

Thanks

Travis
 

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Why not just apply and find out? It shouldn't take more than a few minutes for a dealer to get an approval/denial. I don't know if you've ridden before, but it may be a good idea to research some lower power new or used bikes before jumping on the biggest and baddest from the start. And then, if one dealer doesn't want to accept your credit app, take it to another. Good luck!
 

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Not to highjack a thread or anything but i remember funkeyice cold was a car salesman?... just a question at what level Ie creadit score do dealer start to think this is worth the time and effort?
 

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Discussion Starter #4
4real said:
Not to highjack a thread or anything but i remember funkeyice cold was a car salesman?... just a question at what level Ie creadit score do dealer start to think this is worth the time and effort?

good question. Also Id like to know if its harder to get approved for a bike since its a "toy" then it would be for a car or truck ( through a reg bank or credit union)
 

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I have some mixed credit due to a few issues (couple of late payments here and there) while at college and I was approved. I forget my credit score, but it's average (maybe in the 600s somewhere) and I was approved through Citibank AutoFinance. I'd purchase a credit report (or get one for free if avail. in your state) and review it and take it from there.
 

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Discussion Starter #6
funkeycold said:
Why not just apply and find out? It shouldn't take more than a few minutes for a dealer to get an approval/denial. I don't know if you've ridden before, but it may be a good idea to research some lower power new or used bikes before jumping on the biggest and baddest from the start. And then, if one dealer doesn't want to accept your credit app, take it to another. Good luck!

well Im the kind of person that only gets what I like. I wont "settle" for a bike that I dont find visually appealing thats why I want an R6 or a CBR exc exc...

No I dont have alot of riding experience but alot of it is about responsiblity as well. Even though cars are much diffrent then bikes I have learnd to respect speed/power since I built up my supercharged 5.0 Mustang ( 400 HP ) I want to learn to ride and to become a good rider, will a dump a bike either way?? Well maybe so but it wont be b/c I was doing something stupid. A heavy right foot w/ a supercharged Mustang can lead to alot of probs as well but you have to learn to respect it which I have.
 

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Discussion Starter #7
mikem317 said:
I have some mixed credit due to a few issues (couple of late payments here and there) while at college and I was approved. I forget my credit score, but it's average (maybe in the 600s somewhere) and I was approved through Citibank AutoFinance. I'd purchase a credit report (or get one for free if avail. in your state) and review it and take it from there.

Thanks Mike. Yeah I found out about the free one through your state after I already got an quifax report :rolleyes , oh well it was cheap. Well that gives me some hope maybe I'll go through the card anyway or at least try. I dunno what was up w/ the dealer but maybe he thought I wasnt serious about getting one. Seemed like he was more interested in getting me out the door to try and find a place to finiance me rather then looking around for me. Prob is its the only dealer in ME that I know of w/ a new R6, there is an 04 in Rochester N.H.
 

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Be real careful with that credit card. It's not a bad deal if you can pay it off during the lower interest period, but once that's over... watch out! A balance on a motorcycle takes a hell of a lot longer to pay off when the interest rate is near 20%.
 

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Warp_Speed said:
well Im the kind of person that only gets what I like. I wont "settle" for a bike that I dont find visually appealing thats why I want an R6 or a CBR exc exc...

No I dont have alot of riding experience but alot of it is about responsiblity as well. Even though cars are much diffrent then bikes I have learnd to respect speed/power since I built up my supercharged 5.0 Mustang ( 400 HP ) I want to learn to ride and to become a good rider, will a dump a bike either way?? Well maybe so but it wont be b/c I was doing something stupid. A heavy right foot w/ a supercharged Mustang can lead to alot of probs as well but you have to learn to respect it which I have.
Did you know your a squid? I have a 400HP Fiero that weighs 600 or so lbs less than your mustang, but I don't compare it to a bike, nor did I start on a SS bike. I learned to ride on the street with a Ninja 250. So if looks is more important to you than learning to ride better quicker, then go ahead and go the SS route, I'm sure some people on here would like some new parts after you crash a $8000 bike.
 

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DON'T go place after places to get approved. Your credit beacon score drops everytime someone does a check on your credit. Then you get "Credit Seeker" status and that's an automatic BAN from everywhere for about 6 to 12 months.
 

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Rob94 said:
don't let to many dealers pull your credit, it will lower your score.
Mr. Lesbian said:
DON'T go place after places to get approved. Your credit beacon score drops everytime someone does a check on your credit. Then you get "Credit Seeker" status and that's an automatic BAN from everywhere for about 6 to 12 months.
That's an old wives' tale. You can get checked by several banks all within the same period (say a week). That's not going to hurt, they know that you're trying to purchase a vehicle. Same thing for a quote on a mortgage or other LT note.
 

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mikem317 said:
That's an old wives' tale. You can get checked by several banks all within the same period (say a week). That's not going to hurt, they know that you're trying to purchase a vehicle. Same thing for a quote on a mortgage or other LT note.
Not an old wives tale. My friend who is a Financial Planner, another who is a Real Estate Agent have told me the same. Maybe it's different in the US. You lose a certain amount of points everytime your record gets pulled. By the time you get to the last bank, you're not gonna have enough for anything, PLUS the Credit Seeker status. 1 or 3 pulls is probably fine, I wouldn't go anymore than that.
 

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Discussion Starter #14
I only had it checked twice yesterday and I have to call back my bank when they open and find out the status of if I got approved or not.
 

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what R you lookin' at?
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first bike,

buy small (500cc or less, actually learn to ride) buy cheap ( cuz most riders go down in the first year) buy cash, liability insurance only..........

and take the www.msf-usa.org class

and yes bike financing is harder then car financing.
 

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Mr. Lesbian said:
Not an old wives tale. My friend who is a Financial Planner, another who is a Real Estate Agent have told me the same. Maybe it's different in the US. You lose a certain amount of points everytime your record gets pulled. By the time you get to the last bank, you're not gonna have enough for anything, PLUS the Credit Seeker status. 1 or 3 pulls is probably fine, I wouldn't go anymore than that.
Perhaps. I had an acquaintance of mine go to Equifax or one of those credit reporting agencies and said that it was a load of crap. From what I can remember he said something like there was different types of inquires and frequency is important but not if you're shopping. I don't know the algorithm they use to figure that out, but if you have a history of applying for new lines of credit every month, prob. bad. Otherwise they know you're shopping for a good rate and/or limit. :dunno
 

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Discussion Starter #17
until now I have not applyed for a loan for anything since last oct, almost a yr ago.
 

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Discussion Starter #18
RACER X said:
first bike,

buy small (500cc or less, actually learn to ride) buy cheap ( cuz most riders go down in the first year) buy cash, liability insurance only..........

and take the www.msf-usa.org class

and yes bike financing is harder then car financing.

I plan on taking a MSF corse but prob wont be able to until next spring/summer but I have to look into it. I appreciate the advise but I have my mind set on a CBR or an R6. I cant spend money on something I dont want.
 

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take a look at full coverage insurance rates before you go worrying about financing. you do not want to go liability only with a new bike, especially if purchased on credit card. if you wreck severely enough to total the bike, you will be making high interest payments on nothing but air with no way of getting a replacement.

once you look at insurance rates, you will come to these two conclusions as a new rider:

1) buy used with cash or as much down as possible
2) liability only insurance (typically 150 bucks a year)

Like racer said. This will get you on the road and learning immediately without the fear of dumping a brand new bike. That fear will really steepen your learning curve and likely to make you a below average rider for life. Just buy a used Honda F2,F3,F4, Kawi ZX6E or ZZR600, yam YZF600, etc. A little fairing rash is great, will help you bargain and you wont worry about dropping it.

If you want to pose, buy an '05 R6 on credit card, end up paying 12k for an 8k bike, with financial ruin (or worse...skin graft medical bills) on the horizon if you have a serious wreck. If you want to learn to ride fast, take MSF before you get the bike, start looking for a used bike for 4k or less, and buy a helmet gloves boots jacket.
 

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Warp_Speed said:
I cant spend money on something I dont want.
ego is a bitch isn't it......... :rolleyes
 
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