If you’ve been paying attention while driving around, you might have noticed a transition within the last few years. There are more electric vehicles on the road than ever, and the e-bike is no exception. It is climbing the ranks as one of the more popular electric modes of transportation on the market—and it can be yours. Here are three things to know about financing an electric bike if this is something that piques your interest.
The Benefits of Financing an E-Bike
Don’t count e-bikes out because of their price tag. Financing options make it easier than ever for anyone to get their hands on these motorized bicycles. You won’t have to settle for a used e-bike when you can pay for a new one in reasonable installments.
Many financing plans offer low to zero percent interest rates. Your sweet ride can raise your credit score without hurting your wallet. Financing doesn’t take long, either; once you choose your plan, you’re only a few days away from sustainable transportation.
What You Need for a Financing Application
When it comes to electric bike financing, some plans require different information to qualify. However, entities like Klarna, RBC, and PayBright allow you to apply online. You’ll need a valid email address to use any of these financing plans.
Depending on your choice, you may need to authorize a credit check. Don’t worry! RBC and PayBright perform soft inquiries that won’t lower your credit score. As long as you’re in good financial standing, you shouldn’t have a problem qualifying for a plan.
How To Choose Between Different Financing Terms
Before selecting a plan, take a look at the financing terms. Consider interest rates, the number of payments, and the length of the contract. Pick the plan that fits your unique circumstance.
For example, Klarna breaks payments down into four installments and has an easy-to-use app. Other plans, like PayPlan by RBC, offer 12-48 month contracts. If you need more time to pay your e-bike off, choose a plan with longer terms. If you want to take care of it immediately, pick one with a zero percent interest rate and a shorter pay window.
These are the top three things to know about financing an electric bike. Make sure you review these items carefully before making your purchase so you can get more bang for your buck. You don’t have to buy an e-bike right away, so take your time with this and treat it as an investment. You might decide to sell it one day and make a profit later on.