FORT WORTH, Texas — Yamaha Motor Finance Corp. USA plans to launch digital preapproval for consumers in the first quarter of 2019, National Sales Manager Steve Cambra told a crowd of attendees at PowerSports Finance 2018.
The captive is developing the application to reach new, younger riders who may feel that they don’t qualify for a loan.
“I think a lot of kids out there looking at a $6,000 motorcycle may not think that they can afford it,” Cambra said. “We need to get it out there that there are avenues to where they can purchase and they can be riding tomorrow.”
Part of the benefit of the online prequalification is that it doesn’t impact the consumer’s credit. It also plays to the younger generation’s desire to complete as much of the purchasing process online and to keep human interaction to a minimum.
“I’ve read a lot of articles and done a lot of research about customers in the [millennial] demographic that want to make the purchase without talking to anyone, which is pretty scary from a dealership perspective,” Cambra said. “However, if we can make the financing part an opportunity for that kind of customer, get them preapproved, walk into the dealership and make a purchase, then they only have to spend so much time talking about the cool product that they are going to pick up.”