Bike finance is becoming one of the most popular ways to pay for a new bike and retailers are responding with some great deals. Whilst some retailers are way ahead of the times and offering some of the great deals as listed below, others refuse to get into the 21st century and will not give their customers the best deals. For this reason you will have to look around for a retailer who will give you a good bike finance deal, but they are out there so do not settle for second best.
You can find the four best finance offers below on the internet and in physical stores.
Interest Free Credit
Interest free credit is the cheapest way to pay for a bike without paying for it all in one go because you are not charged for payment plans. On some finance deals you are charged high amounts for the ability to spread your payments. However there is no additional cost if you can get your hands on an interest free credit deal.
Low %APR Deals
If you are in the situation that there are no interest free offers available, you can still find bike finance deals that will not charge you over the odds for paying in finance. You can find low %APR deals for under 10% that offer the convenience of buying a more expensive bike without having to come up with the whole amount on purchase. The small fee is in case you break the bike before it is fully paid off or if you stop payments and do not return the bike, it should be thought of as risk-covering.
Flexible Repayment Plans
You can choose your repayment terms as well as the costs with some bike finance deals. A few retailers let their customers choose a term of anywhere between 6 months and 36 months to pay the cost of the bike off. If you choose to pay over a longer period of time then your payments will be small every month. So now everyone can enjoy a top of the range bike.
Low Deposits
If you take out bike finance then some retailers will make you pay half of the cost in the form of a deposit. But you can find deals that only require a small deposit if you search enough.
Some of the best retailers are offering a package where you give 10%-20% of the total cost as a deposit, can pay it off over two or three years, and will not be charged interest. You cannot find a better bike finance deal than this.