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. So for that reason you do have to do a bit of searching for a great bike retailer who will offer you fantastic bike finance deals, but they are out there so don’t worry.
The four top bike finance deals available on the market are listed below and they can be found online and in shops.
Credit That's Interest Free
Interest free credit is the best way that you can pay for your new bike as you only have to pay the price that is on the sales ticket. On some finance deals you are charged high amounts for the ability to spread your payments. But with interest free credit you do not incur this extra cost.
Low % APR
If you cannot find an interest free deal on the bike you want then it is possible to find alternatives that will not charge you high interest rates. Bike finance with a low %APR of 10% or under are still a convenient way to buy an expensive bike without having to shell out the entire cost at the time of purchase. The retailers are forced to charge you a small amount with each payment to cover their risk that you stop paying and cannot be traced.
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. Choosing a longer term means that you pay less every month, which is great if you have a low income. This means it is possible for everyone to enjoy biking.
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. However, there are some low deposit options to be found if you look hard enough.
The top retailers have packages where only a 10 or 20% deposit is required, you have an interest free deal and can pay it off over a long period of time. This is the best deal on bike finance that you can find.
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