Yamaha Motor Finance. YMF

[adelaideboy]

Hi Guys.
New to the forum, and am enjoying reading all the past posts.

Has anyone used YMF to purchase their boat recently? I am interested in any experiences, good and bad. Is there any advantage over a personal loan from the bank for around $15,000

Thanks....

Adelaideboy.

[choppa]

when it comes to finance choose your lender wisely,,, and don't believe 100% of what you see in the websites as most of this info is generic and applies to ""prime"" lenders only

ymf is part of the Primus Group (i'm sure),,, no manufacturer has there own finance division,,, there name is licenced to a lender to utilise and the benefit that comes back to the m/facturer is control over the customer data base and commissions etc etc etc

on a loan of 15k,,, as a straight out 60 month term,,, you shouldn't be paying any more than $75/week MAXIMUM,,,,

the old school of quoting is that 20k equals 100/wk,,, so 10 equals 50/wk,,,

you can then enter my world and look down the barrel of ""structuring"" the loan to enable more affordability on a weekly/fortnightly/monthly basis,,, there are small qualifiers to do this but it opens up a new area that most people who use finance for a personal use are not fully aware off

look for a lender that enables frequent payments with no penalties,,, no termination fee,, no ongoing monthly fees etc etc

a good website is www.cannex.com.au this can be a bit intimidating for the novice,, but once you've got your head around it its fairly easy to follow

cannex is the australiasian ""watchdog"" over all lenders,,, it gives a thourough breakdown on current rate/penalties etc etc on personal and business loans,,, CAUTION needs to be utilised once more as you can negotiate these terms even further

i've been involved in the finance industry for over 25 yrs,,,,, if you need any further help,,,,YELL

choppa

[adelaideboy]

Thanks Choppa.
I do have another question.

When they access my credit file and see my previous loans, do I need to organise an account balance or something to prove they have been paid off early, or will they ring and check themselves? I wasnt smart enough to keep the statement.

I made the mistake of paying it off early with all my spare cash to save on interest (GE) and now it looks like I have had a loan within 2 years.

[Grand_Marlin]

G'day Adelaideboy,

My brother recently used YMF to buy new motors for his Cat, to the value of $16,000.

He rang me to tell me how impressed he was with how easy they were to deal with.

Obviously they will do their own credit history searches, but the main thing they wanted to know was current income, and approved the loan nearly instantly with no bs.

As Choppa said though, you are dealing with a finance company, not Yamaha ... and also a loan is a loan is a loan ... shop around to make sure you get the best deal.... I certainly would.

Cheers

Pete

[adelaideboy]

Thanks Pete, thats good to hear.

[flotsom]

yes, and all good, couldn't rate them high enough. also have been informed when i used them that they where owned by yamaha, not another company.

[shayned]

Good info from choppa but needs to be balanced by an assumption that your previous financial history and current financial position allows you to shop around for a better deal. A good reason to manage your finances well!!!

The lender will check your CRA and also contact recent accounts to determine how well they were managed. Hope this helps.

[bastard]

Ive also used them in the past and they were fantastic,and at the time were cheaper then a personal loan.

[Deiter]

keep in mind that to get a loan off of these companies, you must first prove that you don't need it. If you think that sounds crazy, welcome to the asylum.

Damo

[jigsnreels]

Seriously expecting to cop atongue lashing here and be told "bugger off and mind yr own business" but i wouldn't touch these guys or any like them with a pair of tongs, just to buy an outboard motor. The moment it leaves the showroom, it's a vastly depreciated "asset", but you're still making someone elsericher on it.

Fwiw, I'd be saving my pennies or contenting myself with second hand for a while.


OK, blaze away.

[mini696]

Thanks Choppa.
I do have another question.

When they access my credit file and see my previous loans, do I need to organise an account balance or something to prove they have been paid off early, or will they ring and check themselves? I wasnt smart enough to keep the statement.

I made the mistake of paying it off early with all my spare cash to save on interest (GE) and now it looks like I have had a loan within 2 years.

You can do a credit check on yourself, it will be exactly what these finance groups get. You'd be suprised what it shows, 1 day late on a payment its on there, even if the bank stuffs up and its not your fault, its on there. If you applied for a credit card, even if you didn't accept the offer, it'll be on there.

try here - http://www.mycreditfile.com.au/home/home_default.aspx it will cost you $27 to get it straight away, but its free if you can wait a couple of weeks.

[adelaideboy]

Thanks everyone for the help and opinions. Ill see how I go.

[choppa]

You can do a credit check on yourself, it will be exactly what these finance groups get. You'd be suprised what it shows, 1 day late on a payment its on there, even if the bank stuffs up and its not your fault, its on there. If you applied for a credit card, even if you didn't accept the offer, it'll be on there.

try here - http://www.mycreditfile.com.au/home/home_default.aspx it will cost you $27 to get it straight away, but its free if you can wait a couple of weeks.

the ONLY info that a BAYCORP (previously known as CRAA) shows is

1. the number of times that finance has been approached with values and lender info
2. defaults,,, which by LAW, must be 45 days in arrears, ad no discretion is observed
3. dates on when defaults are paid, (this enables future lenders the oppurtunity to decide on whether the risk of a new loan is greater or smaller)
4. bankruptcy,,,,

all of this info is there for 5 years,,, in SOME instances 7

the purpose of the amount of initial enquiries serves 2 purposes,,, how HUNGRY you are for finance,, the amount of current debt that may be undisclosed in your current application

NO REPORT SHOWS PAYMENTS THAT ARE 1 DAY LATE,,, by LAW,, if a bank has effected your report, (or any other lender) that THEY ARE IN FAULT, it must be removed within 7 days at the banks or lenders costs,,,

this i add is very rare as the info supplied to Baycorp is normally at a stage that the info is valid

the more common fault of reporting is when you share a ""COMMON"" name,,, especially if the person is a relative that lives in the same abode or area

the match sequence on this will then create a ""fuzzy"" match that will appear on your report,, but lenders see this as a FUZZY,, and will then investigate the matter further to divulge whether r not its truly you or someone else

i could go on and on and on,,,, but i do this for a living,,,, thats why i call a plumber to fix my water supply,,, he's the expert,,, not me

choppa

[rumy1]

Seriously expecting to cop atongue lashing here and be told "bugger off and mind yr own business" but i wouldn't touch these guys or any like them with a pair of tongs, just to buy an outboard motor. The moment it leaves the showroom, it's a vastly depreciated "asset", but you're still making someone elsericher on it.

Fwiw, I'd be saving my pennies or contenting myself with second hand for a while.


OK, blaze away.

Here it is for you then, a tongue lashing.
Most things we buy depreciate the minute we purchase them so in your opinion we are best to buy nothing but old stuff that can't depreciate anymore ?
Personally I like my brand new 4x4 and brand new Haines Signature 5.42 with the ever so sweet, non smokey 140 Suzuki on the rear. I have one life, I am still living comfortable with spare cash up my sleeve ...... get a balance of work and lifestyle according to your income and enjoy !

[snelly1971]

I am with you Rumy...You only live once and I love my toys...


Cheers Mick