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post #1 of 13 Old 10-13-2010, 04:57 PM Thread Starter
 
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financing a brand new grizzly

Hi, this is my first post but have been reading this forum for a while now. My situation is that in the next couple of days i am looking to finance a new grizzly 700. I am 19 and just established a credit score, I have a job that i have been working at for over 3 years but this job is with a farmer I work on his farm and sporting clay range 6 days a week, he does not cut any taxes from my pay. I paid off a very small loan at my bank just to establish credit. My question is, will yamaha accept my application even if my job doesn't cut taxes out and all that? This is new to me and I would be very thankful for any help.
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post #2 of 13 Old 10-13-2010, 05:03 PM
 
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The worst they can do is say no, you may have to show proof of income, I didn't but I also had a cosigner

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post #3 of 13 Old 10-13-2010, 05:04 PM
 
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Quote:
Originally Posted by ford97 View Post
Hi, this is my first post but have been reading this forum for a while now. My situation is that in the next couple of days i am looking to finance a new grizzly 700. I am 19 and just established a credit score, I have a job that i have been working at for over 3 years but this job is with a farmer I work on his farm and sporting clay range 6 days a week, he does not cut any taxes from my pay. I paid off a very small loan at my bank just to establish credit. My question is, will yamaha accept my application even if my job doesn't cut taxes out and all that? This is new to me and I would be very thankful for any help.

I guarantee Yamaha will accept your application. Accept being the key word... you want to know if they will Approve the application. Big difference! I used to work at a car dealer and I'd think Yamaha (actually GE Money Bank) would have similar requirements.

Your time on the job is great, what is going to hurt you is if you don't have any paystubs from the farmer. In that case they will want to see back tax returns and if you are like most people, you didn't show all your income...

Having the small loan paid off is great but they are either gonna ask for a co-signer or a significant amount of cash down.

It can't really hurt to try, just a small ding to your credit score for the inquiry.

Good luck and if it doesn't work with the dealer, try your local bank where they may know you or your family.

I hope you get the Grizz!!

Dom

Last edited by dtortor1; 10-13-2010 at 05:05 PM. Reason: clarification
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post #4 of 13 Old 10-13-2010, 05:05 PM Thread Starter
 
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Yea when i did my loan at the bank they had to have my boss write a letter saying I worked for him. My parents went off the walls when i asked them to co-sign with me.
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post #5 of 13 Old 10-13-2010, 05:08 PM Thread Starter
 
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I asked my bank about it and the payment is crazy and they want me to get insurrance for it wich is like an extra $80 a month.
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post #6 of 13 Old 10-13-2010, 05:12 PM Thread Starter
 
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this is gonna suck if i cant get one, I waited 5 months for my credit to be established so that i could.
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post #7 of 13 Old 10-13-2010, 05:20 PM
 
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Yeah, as with cars, they want to protect what's theirs...since it actually IS theirs until you make the final payment.

Up here you can't even register an ATV without proof of insurance. And there's lots of off-road enforcement officers out there..can't ride without registration and insurance.

Maybe save hard for a couple months, plunk some $$ down to drop the payments if you can...and to offset the insurance.

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post #8 of 13 Old 10-13-2010, 05:26 PM
 
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Quote:
Originally Posted by ford97 View Post
Hi, this is my first post but have been reading this forum for a while now. My situation is that in the next couple of days i am looking to finance a new grizzly 700. I am 19 and just established a credit score, I have a job that i have been working at for over 3 years but this job is with a farmer I work on his farm and sporting clay range 6 days a week, he does not cut any taxes from my pay. I paid off a very small loan at my bank just to establish credit. My question is, will yamaha accept my application even if my job doesn't cut taxes out and all that? This is new to me and I would be very thankful for any help.
I just purchased my grizzly... Yamaha turned me down for the loan (GE) and their card (HSBC)... So I walked into a local bank and walked out with a check. They did want proof of insurance but they never asked for an insurance binder so I was able to reduce coverage liability only And their rate was competitive with Yamaha's offers.

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post #9 of 13 Old 10-13-2010, 05:31 PM
 
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my ins si about 12 a month for the 2010 450 [well i have 2 atv 2 cars and renters ins] my payment is 184 48 months, that included a winch and plow installed. if they say no then go to where u got the other loan and try there, youll need a vin for the one u want to buy. as for ins dont get it though the bank go to a ins co.


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post #10 of 13 Old 10-13-2010, 06:07 PM
 
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I have mine insured through State Farm "A" in Iowa, with a $1000 deductable, my insurance premium is $30 annually. Course, I don't have a loan on it, the insurance is just in case it accidentally falls off a mountain or drowns in a swamp.. Speaking of which, we're headed to Chadwick in southern Missouri tomorrow for our fall ATV trip. I love the Ozarks!

Current machine: 2013 Grizzly 700SE in Tactical Black
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post #11 of 13 Old 10-13-2010, 09:38 PM
 
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Quote:
Originally Posted by ChrisH View Post
It sounds like you'll have to wait, which isn't all that bad because you can save more money, build more credit, and possibly get a better ATV.
Better ATV? Better than a 700 Grizzly? Didn't know there was such a thing...

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post #12 of 13 Old 10-13-2010, 09:40 PM Thread Starter
 
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will they take anyone as a co-signer? My boss said that he would co-sign with me.
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post #13 of 13 Old 10-13-2010, 09:52 PM
 
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Quote:
Originally Posted by ChrisH View Post
If you're only 19, I don't know what other options you have other than pay cash or get a co-signer. It sounds like you'll have to wait, which isn't all that bad because you can save more money, build more credit, and possibly get a better ATV.

Personally, I wouldn't finance a toy such as an ATV unless I got 0% financing. These things are at high risk of getting destroyed if you ride hard at an ATV park. I couldn't stand wrecking my bike, hydro-locking it, breaking it, etc or making it un-ridable for whatever reason..... and then making a payment on something I can't even enjoy.

For me, and ATV is a toy, and I wouldn't put my family in a financial pickle over something like this, even if it is a Yamaha Grizzly.
I on the other hand am the exact opposite. I say you are young so enjoy your self even if you have to finance things to do so. I have been financing toys since I was 20. Waiting until I have the cash is just not going to happen. You have to be responsible and don't get out of hand but if you can afford the payment buy it. Before you know it you will be old and wish you did things you have not. Be persistent but responsible. If someone co signs for you remember that makes them equally responsible if you don't pay, so don't screw that person over.
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