How To Finance An Electric Bike

Electric Bikes are not cheap - and good electric bikes, especially good electric mountain bikes are not cheap at all! They are however absoloutely worth it.

It’s important not to become too intimidated by the initial purchase price of a bike, the vast majority of electric bikes are bought through finance. In this post, we look at some of the best ways to purchase an electric bike.

Credit Card

Using a credit card is one of the most straightforward ways to finance your e-bike and depending on your credit card limits, you can buy a bike immediately. Some credit cards offer introductory 0% APR periods, allowing you to finance the bike without paying interest, provided you pay off the balance within the promotional period, others will appreciate paying the bike off over the maximum term.

Personal Loan

Personal loans are another viable option for financing an e-bike. You can obtain a personal loan from a bank or online lender, and it’s often as easy as just filling out a few details on your mobile banking app. These loans typically offer fixed interest rates and repayment terms, making it easier to budget for your payments - and there’s usually plenty of options for overpayments or settling the loan.

Cycle to Work Scheme

If you live in a country that offers a Cycle to Work scheme (such as the UK), this can be an excellent way to finance an e-bike. This program allows employees to purchase a bike through their employer, spreading the cost over monthly salary deductions before tax. This scheme is now better and more generous than ever, so makes complete sense to take advantage of.