Searching for the bike of your dreams can be an exciting venture – but finding the perfect bike is more complex than it seems. Nowadays, buying a quality bike requires you to fork out quite a bit of money. But don’t let the financial aspect put a damper on your hobby. Many people put money away and save up to get that dream bike. But if you haven’t, finance for a bicycle is an option. So, if you are wondering how to get finance for your bicycle, I am here to walk you through the steps and answer any questions you might have. Besides not having the cash to pay for your bike upfront, there are many benefits of acquiring bicycle finance. Choosing to finance your bicycle will reduce any financial burden on your monthly budget. You will also be given the option to pay it off in small monthly increments, rather than to take the entire amount from your current account or savings. This allows you to still live comfortably without breaking the bank on your leisure items. Here is a list of steps you should take when getting leisure finance for your bicycle:

Find the perfect bike

Now, this might seem like an obvious first step to take, but, nevertheless, your first step is to find the bike you would like to purchase. This means that you will have to go bike-shop hopping until you find the perfect one. Be sure that you buy your bike from a registered bike shop to avoid having your leisure finance rejected. And, it’s important to note that if you are purchasing a second-hand bicycle from a friend, leisure finance won’t be granted to you.

Have a deposit

When applying for finance on any asset, it is always advised that you have a deposit available. The deposit you pay will vary, and it will be dependent on the loan amount your financial institution gives you. To be on the safe side, have a 10% deposit ready on hand, especially if you want to buy a new bike. A deposit is always payable on a new asset, but it also depends on where you choose to buy your bicycle.

Apply for your bicycle finance

Nowadays, it is quite easy to apply for almost anything over the internet. Go online and find out which financial institutions offer bicycle financing. Most application processes will take you approximately 20 minutes to complete, and these online websites will provide you with an instant estimate of how much you might pay throughout your payment period. You might already have a guesstimate of how much you’ll be spending on your dream bike, but you might be asking yourself how long the repayment duration will be? Well, this depends on your budget. The duration period can range from 12 to 36 months. Keep in mind that the shorter the repayment period, the higher the amount you will pay, and vice versa.

What you need

There are a few documents you will need when applying for your financing. Usually, you will need to send two separate documents to the bike dealer where you will be applying for finance. This is because both the dealer and the institution need to verify your details for approval. What you need to take to your financial institution:
  • Identity documents
  • Proof of income
  • Valid driver’s license
  • Proof of residential address
What you need to take to the dealer:
  • Original identity document
  • Original documents that were sent to the financial institution
  • Three months of bank statements

What also can be covered

If you’re wondering what else can be covered in your bicycle finance, it’s, well, everything that can be bolted onto the bike. A helmet is part of the safety accessories and can also be financed. Other accessories are bottle cages, handle-bars, and tubeless conversions.

Perks of cycling

Cycling provides good exercise with minimal strain. Because you are paddling and watching the scenery around you, it doesn’t feel like you are burning calories. Cycling is great for stamina and your overall health, as you work out your cardiovascular fitness. Another great perk is that you set your own pace, meaning the intensity of the workout can be adjusted.

Last thoughts

Getting bicycle finance might seem like a very irresponsible and unnecessary thing to do, but on the contrary, it provides you with a much more comfortable payment agreement. You have the freedom to determine how much you are willing to pay at your own pace. If you are strapped for cash, do some research and find the best financial institution to finance your dream bike. Invest in a healthy lifestyle and get your bike by following our simple steps.