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Taking Out A Loan For New Bike

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Taking Out A Loan For New Bike

Old 09-30-22, 01:54 PM
  #76  
JoeyBike
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Originally Posted by Darth Lefty View Post
So what would you normally do? Pay with a credit card, yes?
My Chase Visa has a "loan" plan. I forget the exact name but qualified purchases over $200 can be broken down into 3, 6, or 12 monthly payment for a small monthly fee. I used this feature for a $2500 car repair and paid it over 6 months for $7/month charge. Also a $600 car expense that I paid over 3 months and the fee was $4/month i believe. Don't miss a payment though! I set it up to pay automatically anyway so no issues.

I don't know if a bike qualifies, but if you call the number on the back of the card BEFORE you purchase it I'm pretty sure you could talk them into it. I find them flexible in that regard. It would help if the bike shop has a credit card reader that is modern and itemizes the purchases as BIKE STUFF and not sporting goods or miscellaneous.
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Old 10-02-22, 08:57 AM
  #77  
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Originally Posted by PatrickGSR94 View Post
My guess is because people like to brag about how much money their stuff is worth. And I guess saying that he financed it made it seem more expensive. Pretty dumb if you ask me.
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Old 10-12-22, 01:06 PM
  #78  
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Originally Posted by pamelaw33 View Post
I haven't heard of it in here in Canada. We give bicycles on EMI on credit card. That is all. Maybe this is a way to encourage people to buy bicycles.
Ya some local bike shops here in the city provide financing on new bike purchases if you willing to pay credit card interest rates. Some bikes cost upwards of 20K so people financing bikes is not unheard of.
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Old 10-13-22, 12:25 PM
  #79  
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Originally Posted by b88 View Post
Ya some local bike shops here in the city provide financing on new bike purchases if you willing to pay credit card interest rates. Some bikes cost upwards of 20K so people financing bikes is not unheard of.
I find it hard to believe that people who seriously consider buying a bicycle (especially a bicycle for commuting) in the 20K range would not also have the means to make the purchase without having to pay exorbitant credit card or bike store financing charges to make it happen.
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Old 10-13-22, 09:06 PM
  #80  
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Originally Posted by I-Like-To-Bike View Post
I find it hard to believe that people who seriously consider buying a bicycle (especially a bicycle for commuting) in the 20K range would not also have the means to make the purchase without having to pay exorbitant credit card or bike store financing charges to make it happen.
If certain local bike shops here in TO are offering it, then there must be some demand for it. Other bike shops have agreements with financial companies to get financing approvals right at the shop. So someone is probably getting their bikes financed.

And not just high end bikes. It is offered for new bikes starting at 400. I think Covid had a lot to do with it. People were hesitant even to hop on a bus.


Actually just came across another bike shop that I purchased from online located in Western Canada. They even have a payment estimator on their bike shop website.

So plugging in 10,000. for say 48 months, payment monthly is 278.25 at 14.99%.

And it’s not just for bikes. I guess it’s for your entire purchases at the shop if you want to finance everything.

Last edited by b88; 10-13-22 at 11:10 PM.
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Old 10-14-22, 11:59 AM
  #81  
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If you have $20000 to spend on a bicycle you probably commute in a helicopter
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Old 10-14-22, 01:09 PM
  #82  
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Originally Posted by b88 View Post
If certain local bike shops here in TO are offering it, then there must be some demand for it.
If local bicycle shops offer bicycles costing 20K then there must also be some demand for them? Who knew marketing high priced shiny objects was so easy?
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