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5 Reasons to Finance an Ebike

September 1, 2022

Electric bikes are popular modes of transportation compared to only a few years ago. The bikes provide a significant advantage over traditional bicycles and even automobiles for commuting, especially in larger, traffic-congested cities. Unfortunately, ebikes are not the most affordable bicycles, with many costing over $1,000.


How can an average person afford an electric bike? Thankfully, many companies are lowering the cost of base models. Some companies offer models under the $1,000 price tag, but even the lower-cost models are often out of reach for the typical consumer. Still, opportunities are available for qualifying consumers.


Can I Finance an Ebike?

Financing is an excellent option for consumers who cannot afford a one-time payment. When choosing to finance, a consumer will pay several equal payments over the course of an allotted timeframe. The time you have to pay off the ebike depends on the retailer and its lending partners. Some programs may allow for a twelve-month payment plan.


Unfortunately, not every retailer or manufacturer has payment options. However, the number of sellers with the option is significantly higher than in previous years. Companies understand that if they want to continue to sell merchandise, especially in rough economic climates, they must adjust sales strategies, which include incorporating various payment models.


How Do I Finance an Ebike?

The way you finance an ebike will depend on the seller. Some retailers will offer in-house financing options, which means you can likely fill out a financing agreement in the store and wait for the approval. Other businesses work with outside lenders, which means the process might be a little more complicated, especially if buying the bicycle in person.


Today, most people order their ebikes online. Purchasing over the internet often simplifies the financing process. If the company works with an outside financer, you are often diverted to the financing application when you enter your cart to complete your purchase. Once you complete the application, whether approved or not, the website sends you back to your cart. If your application is approved, you will only need to pay the initial payment on day one, followed by equal payments at set intervals.


There are many advantages to financing an ebike. However, most people agree on at least five reasons to finance.


1. Pay Over Time

The most significant benefit to financing an ebike is the ability to pay over time. You can often find companies willing to finance ebike payments over six months to one year, which means you might be able to buy an ebike for less than $100 per month.


While the ability to pay over several months is beneficial, be careful about any financial commitments you make. Financing can affect your credit rating, especially if you miss payments.


Before agreeing to finance an ebike, review your monthly budget. You want to ensure you are in a secure job and that you have enough discretionary spending money to cover the additional payment. Your debt obligations should rarely, if ever, go above 35% of your gross monthly income.


2. Help the Environment

Financing an ebike also has environmental benefits. Many people choose to purchase an electric bicycle to commute to and from work or to complete smaller errands around town. Without an adequate bicycle, they need to rely on an automobile, even for short trips.


Using an electric bike helps you minimize your carbon footprint by reducing the amount of carbon emissions you contribute. Many ebikes are adequate transportation vehicles, especially nowadays. Some ebikes can reach speeds over 20 mph and travel more than 50 miles on a single charge. The distance and speed of ebikes mean they are suitable for many work commutes, especially if a person's office is within 30 miles of their home.


3. Support Your Health

Most ebikes still require a person to pedal, meaning they are still excellent tools for exercise. You can purchase full-power models, but you still retain the option to pedal.


Also, regardless of the motor options, a two-wheeled bicycle still requires balancing and core muscles. Using an ebike is a form of exercise, even when enjoying the ability to coast without pedal-assist.

Biking is a perfect low-impact exercise that is suitable for people of all ages. If you have mobility restrictions, you can buy an electric tricycle for adults. Trikes eliminate many obstacles for people, including the fear of falling or taking a spill. Trikes ensure balance.


4. Simplify Your Commute

Are you tired of spending your mornings stuck in traffic with a bunch of impatient drivers and honking horns? Ebikes can return some peace and quiet to your morning and evening commutes.

Instead of spending an hour or more on a congested freeway, consider financing an ebike and spending the time coasting through neighborhoods and side streets. An ebike can make your commute less complicated and more enjoyable.


Too many people suffer through morning and evening traffic, leaving them exhausted when they reach the office or return home. Why dread the morning and evening commute. Riding a bicycle is so much more fun and an ebike is capable of getting you to and from work without making you sweat.


5. Pedal Longer & Faster Than Ever Before

Ebikes help boost your speed when pedaling. Depending on legal restrictions, an ebike can help you reach speeds up to 28 mph. The bikes are designed to cut the motor off after hitting this speed for safety.

Because the motor provides an extra boost, people can often travel for longer periods and farther distances. However, be careful to watch your battery level and distance. You do not want to end up too far away from home with a dead battery. While the bike is usable even after the battery expires, it will be challenging to travel the same distance without power assistance.


An ebike is a wonderful addition to your life. You can use it for fun or practical reasons. Do you think you are ready to finance an electric bicycle? If so, contact a local retailer and discuss your options.

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