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R1 Rider
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259 Posts
Discussion Starter · #1 ·
just wondering if anyone here bought there bikes with a yamaha card, i went to a local dealer and they have an 05 r1 there selling for a great price and im wondering what would be the best way to pay for it. Seems like the yamaha card is cheaper but are there any hidden costs? Who has used it and if so do u prefer that or just going through the bank?
 

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G Addict
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2,848 Posts
It would depend on what percentage rate that you have with them.
 

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Registered
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217 Posts
I purchased mine with tha card. typically, you get a great intro rate, but if you don't pay it off within the time, it skyrockets. No hidden fees, no need for insurance llike you must have if borrowing from the bank.
 

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Registered
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411 Posts
I put $7500 on the Yamaha card and took 6.9% for two years. I have some other credit cards to pay off so I'm making smaller payments on the bike for the time being. After 2 years it the rate skyrockets, but I'll either refinance it or just transfer the balance to another card.
 

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once you go black
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580 Posts
I put 6,000 on the yamaha card with two years @ 2.9%. I plan on having it paid off in those two years and if not then I will refinance through the bank or probably credit union.

no hidden cost, just remember it is a regular credit card and I think the intrest rate jumps to like 20.99% once the intro rate is up.
 

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R1 Rider
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259 Posts
Discussion Starter · #10 ·
cash is best idea but i dont have 10k laying around... unless i win a poker tournament :)

So you would all recommend not using the card?
I would go through the bank but then i need full coverage on insurance and thats just way to much money and isnt neccesary.

what to do?
 

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R14FUN
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628 Posts
The card is OK - IF - you know you can pay more than the minimums each month - AND - you know you'll be able to either pay it off or refinance at the end of the intro finance rate period. Note that you WILL have to carry insurance on the bike either way; that is one of the things you agree to do during all that paper-signing. Remember, the company financing you is also placing a lein against the bike, and if you fail to show proof of insurance, they can consider it a default against the contract, and demand the payoff amount. The only way you can get by with minimal insurance is to buy the bike outright.
 

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Ghostrider Squadron
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9,251 Posts
if u late with 1 payment the interest also goes to the default rate of like 20-24%. if good deal in time period with low interest, but dont go with the gimmick of 39-49 bucks amonth it will take you 10 years to pay it off.
 

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pavement tester....
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7,270 Posts
bought with Yammie card. Once the promotion ran out, had to pay off to avoid super uber high interest rates. Now I have 12k avail. credit but wont touch it.

Revolving credit can be a touchy issue, and especially with HHR services. Its a good thing I paid online, because there was some months I never got a bill, and their cust. service absolutley SUCKS>
 

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R14FUN
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628 Posts
Kneedragger - you should cancel that card if you don't use it. It still shows on your credit report as an available line of credit. If there's a few like that, it affects your credit rating - even if you never use 'em.
 

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pavement tester....
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7,270 Posts
Rxflyer said:
Kneedragger - you should cancel that card if you don't use it. It still shows on your credit report as an available line of credit. If there's a few like that, it affects your credit rating - even if you never use 'em.
Good point.. Thanks!:iamwithst
 
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