Guide To Finance Your New Bike

Step 1: Determine Your Budget

Decide how much you can afford to pay monthly and the total amount you are willing to spend on a bike - these two decisions are the most important, as they work out what you are comfortable spending, and what type of bike that you can afford.

Step 2: Research Financing Options

Compare different financing options to find the one that best suits your needs. Consider the interest rates, terms, and eligibility requirements. There’s plenty of options including personal loans, credit cards and the cycle to work scheme.

Step 3: Check Your Credit Score

Your credit score will affect your ability to secure financing and the interest rate you receive. Use services like Experian or Equifax to check your score, if you have a poor credit score - you may need to wait and improve your score, before banks and lenders choose to lend you the money.

Step 4: Apply for Financing

Once you’ve chosen a financing option, complete the application process. This can be as quick as filling out a few details on your online banking app.

Step 5: Purchase Your New Bike

If your financing application is approved, go ahead and purchase your new bike. Make sure to keep all receipts and documentation including warranties.

Step 6: Manage Your Payments

Set up automatic payments if possible, and keep track of your payment schedule to avoid missing any payments. This will help you build a positive credit history and avoid additional fees or interest.