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Is Electric Bike Financing Right For Me?

Posted by Customer Support on

If you really want to get a brand new electric bike, but don't have the cash to pay for it, you might be interested in financing. This is a great option for those who have a solid job and are making enough money every month to have a little left over. If you live in a city and want to decrease your carbon footprint or save some money on gas a few times a week, an electric bike can be the right choice for you. 

Why Finance?

There are many reasons why you should finance rather than buy with cash. Considering all the money you'll save by not driving your car around every day, you may be able to even realize savings every month after the decrease in gas spend, parking and traffic tickets, insurance (if you pay by the mile), tolls, not to mention stress. By choosing to finance your new electric bike instead of pay cash, you can save your money even more.

paypal credit financing

We only offer one type of financing at Electric Bike City because it is the best type, PayPal Credit. Paypal has long been recognized as the leader in online banking transactions thanks to their partnership with eBay. Paypal is now a trusted leader in financing as well. Electric Bike City has teamed up with Paypal Credit to offer you the best financing deal in the electric bike industry. 

How Financing Works

The deal works like this: if you qualify, you'll get 6 months to pay off your brand new electric bike in full. If you pay it off in full after 6 months, making your minimum monthly payment on time each month, then you'll pay 0% interest. That's the lowest in the industry. Electric Bikes can cost as much as a used car sometimes, so you might be looking for longer terms, but trust us, you don't want to lock yourself into paying interest on a loan for your e-bike, here's why:

Compounding Interest

Interest accumulates a lot faster than you might think. If you pay only 5% interest on a $30,000 car loan over 6 years, for example, you'll end up paying a lot more than you might think. You'll pay almost $5,000 in interest alone. You could do a lot with that $5,000 like buy 4-6 brand new electric bikes. This is an extreme example, but it's one that we want to have hit home with you before you decide to go out and take a loan on a new car. 

Is Financing Right For You?

You will ultimately need to make the decision whether financing is right for you or not, but we can suggest that you take a look at your finances and determine a few things first:

  • Do you make enough money each month to afford the monthly payment?
  • Will you actually commit to riding your electric bike instead of your car at least a few days a week to realize those savings you are hoping to gain?
  • Are you good at saving money?
  • Do you have good enough credit to qualify?

We only recommend that you apply for financing if you said yes to each of those questions. If you are in the right position to make a smart financial decision by financing and actually putting the money you save into a savings account, then we highly recommend choosing the financing option. 

If you decide that financing is right for you, check out our Electric Bike Financing page for more details on the Paypal Credit program and how to apply. Of course, you can contact us directly if you have any questions along the way.

If you're interested in hearing the story of one of our happiest customers, read the story of Biknut and his Stealth Bomber.

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  • Want one asap

    John on

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