Many people are choosing bike finance as a convenient and easy way to pay for their new bike or bike frame because of the great deals around at the moment. 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 best way that you can pay for your new bike as you only have to pay the price that is on the sales ticket. If you choose to spread your payments over a long period of time some retailers will charge you extortionate amounts of money for the privilege of doing this. But with interest free credit you do not incur this extra cost.
Low %APR Deals
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. 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. Some retailers give customers the choice to pay back their total fee over a period of 6 months right up to 36 months. 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
Sometimes, having the luxury of a finance deal means that retailers will force you to put down half the cost of the bike a deposit. However if you look hard you will be able to find some great finance deals where only a little deposit is required.
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. This is the best deal on bike finance that you can find.
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