Bike Finance: Are There Any Good Deals Out There?

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.

The four top bike finance deals available on the market are listed below and they can be found online and in shops.

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. Many finance deals will charge you extortionate rates of interest for the privilege of paying for your bike over a long period. However there is no additional cost if you can get your hands on an interest free credit deal.

Low %APR Deals
Sometimes it is just not possible to get an interest free deal on the bike you want but you will be able to find a deal that does not have a high interest rate. 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. because the items are expensive, retailers have to cover the risk of you stopping payments or damaging the bike before it is fully paid off.

Flexible Repayment Plans
not only does the convenience of bike finance deals cover the price of the bike but also the term over which you have to pay the cost back. You can find retailers who will let you pay off the bike over a term of 6 to 36 months. If you are on a low income, choosing the longer period means you have to pay a small amount back each month. This means it is possible for everyone to enjoy biking.

Small 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.