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<p class="p1">Whether you are already an e-bike enthusiast who is looking to purchase a new model or you haven’t yet sampled the delights of a power-assisted bicycle and are keen to try, you have come to the right place.</p>
<p class="p1">Electric bikes are becoming increasingly popular as a mode of transport for people of all ages, allowing you to transform your commute to work, avoid traffic and minimize pressure on your joints.</p>
<p class="p1">That said, they can be costly.</p>
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<p class="p1">Fortunately, there are several ways you can finance your new e-bike. Keep reading to discover exactly what they are.</p>
<p class="p2"><b>What is electric bike financing?</b></p>
<p class="p1">If you are new to financing, and electric bike financing in particular, it is a good idea to find out exactly what you are letting yourself in for before you sign on the dotted line. Electric bike financing is a type of <a href="https://www.cashlady.com/blog/buying-goods-on-finance/"><span class="s1">buying goods on finance</span></a> where you buy a bike and pay for it in instalments.</p>
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<p class="p1">Electric bike financing is a beneficial option if you can’t afford to pay for your preferred electric bike all in one go, but you don’t want to wait to save up for your purchase.</p>
<p class="p1">You will be able to find many financial companies and e-bike shops such as <a href="http://www.bikesdirect.com/products/ebikes-electric-bikes-at-near-wholesale.html"><span class="s1">Bikes Direct</span></a> that offer electric bike finance online, each with their own terms and conditions.</p>
<p class="p3"><b>Things to consider when taking out e-bike finance</b></p>
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<p class="p4"><b>Can you make the monthly repayments?</b></p>
<p class="p1">Depending on the type of e-bike financing that you take out, it is important that you choose a realistic time scale for paying it back. There is no point in committing to paying x amount over 6 months if you are going to struggle to make your payments each month. Having to extend your payment term can result in a daily increase in your interest rate, resulting in having to pay back a lot more than you initially borrowed.</p>
<p class="p4"><b>Do you have good credit?</b></p>
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<p class="p1">Making the decision to buy anything on finance is not one that should be taken lightly. Borrowing money from a lender or the store that you are buying your e-bike from is not the same as <a href="https://www.forbes.com/sites/danipascarella/2018/11/26/the-right-way-to-borrow-money-from-friends-and-family/#1a3eb75d32a5"><span class="s1">borrowing from family or friends</span></a>. However, if you are going to go down the financing route, you want to make sure you are in the best possible position to do so. Namely, that you have a good credit score so that financial companies will know that they can trust you, and in turn, will offer you a better rate of interest.</p>
<p class="p4"><b>Would a short-term loan be better?</b></p>
<p class="p1">Unless you are extremely lucky and you have found a 0% interest and 0% APR electric bike finance agreement, you will be paying more over time than the original cost of the bike. In fact, in some cases you could be paying quite a lot more. Therefore, it can be a good idea to look into the possibility of taking out a short-term loan to cover the cost of your new e-bike instead.</p>
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<p class="p1">The benefits of a short-term loan include:</p>
<ul class="ul1">
<li class="li1">You can borrow small amounts</li>
<li class="li1">You can apply and be accepted online</li>
<li class="li1">There are lower total interest payments</li>
<li class="li1">Quick funding time</li>
<li class="li1">You do not need a good credit score</li>
</ul>
<p class="p1">Whatever financing option you choose for <a href="https://25magazine.com/electric-bicycles-for-every-type-of-ride/"><span class="s1">your new electric bike</span></a>, make sure you can comfortably make your repayments and take care to read the safety manual first as no one wants to have a Simon Cowell accident, now do they?</p>


Things to Consider When Buying Electric Bikes on Finance
