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Should You Finance your E-bike?

18 March, 2016, 0 Comments, on Electric Bikes


Many people who are excited about starting their e-bike adventure take a step back when they see the retail prices over $2,000 for most models. If the e-bike that you have your heart set on is outside your budget and seems like an exorbitant expense, consider the savings that will balance that and the option of financing your e-bike.


When we purchase an automobile, we plan on using financing a large percentage of the time. Our society has convinced itself that these purchases are not only worthwhile, they are necessary. However, when it comes to buying an electric bike, we hesitate. Is it really worth it, we wonder.


If automobile advertising has you convinced that you can pick up a bargain basement car lease for a similar amount as the monthly payment on your e-bike, think again. What is left out of these equations are the vast savings that e-bikes offer. You may be able to lease a cheap car for $150/mo, but then it will need gasoline, insurance, parking, and maintenance. When you spend that amount on your e-bike payment, you need only add a few dollars a month to charge, insure, and maintain it. The true total cost is much more affordable than even the least expensive automobile.


Once you understand that an electric bike is an investment similar to an automobile, you can appreciate the great savings that you are recognizing along with all the other benefits that arise from owning an e-bike. Not only will you have more money in your pocket, but you will see improvements in your health and emotional well-being. Creating a smaller footprint on the land that you will leave to your children is also a huge plus.


Financing an e-bike is a prudent idea that gets you on track to better fitness and less waste as soon as possible. Although financial institutions do not offer e-bike specific loans the way they do for automobiles, you have several options.


Manufacturer financing is offered by several electric bike companies through their retailers. Often this financing is available at a stunning 0% APR, so you can pay for your e-bike over time for zero extra cost.


Personal loans can take the place of automobile loans with your preferred financial institution. Depending upon your credit situation, you may be able to obtain a loan that is much smaller than what you would need for an automobile by applying with your bank or credit union.


Credit cards may also be used to finance an e-bike purchase. Depending upon your credit and special offers available through your personal cards, you may find that this is a very affordable way of financing your e-bike that allows you to pay it off at your own pace.


If you are ready to begin life with an e-bike but are not sure which is the best method of payment, talk to the financing experts at Cit-E-Cycles. We are here to help you find the e-bike you have always wanted and ride it off into the sunset.

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