What possibilities do I have to finance a bicycle?
If we do not have the money necessary to buy a bicycle in cash, there are several entities that can grant us financing to make the purchase and pay it in several installments. As with the prices and models of these two-wheeled vehicles, the methods to finance a bicycle are very varied. Let’s see which entities can grant us a small loan to buy the bike and what conditions each offers:
With private equity companies:
Before going to a bank, it is interesting to consult what conditions private lenders that operate through the Internet offer us. These companies can grant us the financing we need in a matter of minutes and, in addition, they will not oblige us to meet as many requirements as traditional banks. These are the main products that they market:
Mini online credits : these are products that allow us to get up to 1,000 euros in a matter of minutes and with a 100% online application process. They are products designed to solve unforeseen situations, since they have a higher price than the rest of the loans and are usually returned after one month.
Quick credits : we can access amounts of up to 5,000 euros, quickly and without having to waste time in paperwork. Generally, they will not require us to change banks and do not usually include commissions or linked products.
With conventional banking entities:
If we are new clients in a bank, the requirements to obtain financing tend to be stricter than in private companies. Generally, we will have to go through more filters, perform more paperwork and consequently, we will take more time to dispose of the money. However, if we are already customers and have a certain age, we can take advantage of the advantages to buy our bicycle.
Personal loans: they are financing products that use the client’s personal guarantee to grant them. They allow us to obtain large sums of money to pay for projects or private goods, but it will be necessary for us to be old clients and have a good track record in the entity to obtain financing.
Payroll Advances: these are quick loans granted by the bank and linked to our account. It is about advancing the amount we receive in one or several payrolls and, generally, we will have to return it within a period of 6 months.
Credit cards: they allow us to get immediate credit liquidity provided we have the card in advance. We have two options to return the money: first, the total payment with which we will have to return the entire amount in a single fee at the end of the month or the beginning of the following month. On the other hand, we can choose to reimburse the money in different installments, but we will have to pay interest between 12% and 29%, which will vary depending on the entity.
In addition to all of these financing channels, we can choose consumer loans for financial services from large branches . In some establishments they offer the option of requesting the exact capital to acquire products that they market. They will give us the good that we want and we will have to return the money in the term that we previously agreed. It is a financing model that can provide us with great facilities to buy a bicycle, since they often include offers and promotions.
Tips for buying a bicycle with cheap loans
When it comes to financing the purchase of a bicycle, if we think about hiring a personal loan and we do not know which one to opt for, it is advisable that we know several things beforehand and that we take into account the following tips:
We must always choose an amount that really corresponds to the amount we need . The more money we ask, the more we will have to repay, so it is best that we do a preliminary analysis to know exactly the amount we need.
Choose a repayment term according to the time we need to pay .
Ask for the APR , since this indicator measures both interest (TIN) and commissions and other linked products.
It is necessary to avoid financing the commissions , since paying them at the beginning will be cheaper than if we include them in the payment of the fees.
At the time of signing the contract of any agreement, be it a financial product or any other type of product, what we should read carefully is the contract. If we do not understand something, we have the right to ask and ask to be explained.
How do I know which bike suits me?
If we decide to buy a bicycle, the first thing we have to know is that there are many modalities for different needs and tastes. Also, it is important to know that we can find bicycles with prices ranging from 50 euros to 50,000 euros or more. Next, we present the fundamental categories of this means of transport:
Road bikes : they are light, usual for those who practice cycling, fast … They are designed to travel great distances and achieve great speed. They can be used to practice sports or to move around the city. However, they are not suitable for use in uneven terrain, for example, in the mountains. Its cost can vary a lot, but generally the average price is around 1,000 euros.
Mountain : as its name suggests, are designed to be used in land such as the mountain, the field … but are currently used for any purpose. We can find many models of this type of bicycle and a wide range of prices, although they are usually cheaper than road, the average price is around 500 euros.
BMX : these are bicycles created to perform acrobatics and because of their design, they are not very suitable for use as a means of transport. Its average price is around 300 euros.
Hybrid bicycle : they are the most used to move around the city. They have a design mix between road bikes and mountain bikes. They have a great advantage, they are very versatile and adapt to most terrains and situations. Like the BMX, they have an average price of 300 euros.
These are the 4 general models of bicycles that we can find, although if we look for something more specific there are also bikes against the clock, t-shirts, recumbent, children … Our decision will depend on the purpose we want to give and the budget we have.
Additional costs after buying the bicycle
When we decide to buy a bicycle, in addition to what we have to pay for them, it is important that we are aware that they are products that need some maintenance and that has a price. There are several parts of this vehicle that need to be adjusted and renewed every time depending on the use we make of it. These are the most common costs that we will have to cover:
- Address settings
- Control and adjustments of the braking system
- Control and transmission settings
- Wheel control and adjustments
The price we will pay for having our bike in perfect condition may vary depending on the model we have, the material we use and the workforce. On the other hand, it is recommended that in order to save as much money as possible, we acquire certain knowledge regarding this means of transport.