Can I Get a Loan for a Bicycle?

Nowadays, if you want a really good bicycle, you might even need to take out a loan to buy it. That’s because a really good bike, think one of those the professionals use for cycling, can cost as much as a second-hand car.

Bikes have come a long way in the last thirty-odd years. There was a period where a really good bike had 12 gears and a car had just five, but now, a good new car has ten gears, but a top-range bike can have 24 or more.

Bikes have gotten lighter, too, with the best ones being made of pure carbon fibre. Add in suspension and you have something lighter, faster, and capable of tackling rougher terrain than the old BMX bikes that many of us grew up riding around the neighbourhood. With that, it’s no wonder these bikes cost well into the thousands.

While we have may alluded to the sort of bikes that professionals would use, the reality is, day-to-day bikes have also come a long way. These bikes are being used for commuting, hence the demand for better, more efficient machines. Lighter bikes are also more compatible with other forms of public transport, as it’s easier to get a carbon fibre bike onto a bus or train than a big steel or even aluminium one.

The one big advantage that a bike has over a car is that it will eventually pay itself off in savings as you don’t need petrol to fuel a bike, and you also don’t have to pay registration. This means that if you do take out a loan to buy a good bike, you will be able to put the money you would have spent on petrol into the weekly repayments.

This brings out another advantage of taking out a loan to buy a good bike rather than saving up and getting one in six months time: having to make those weekly or fortnightly repayments helps you stay motivated to keep using the bike for your commute so you don’t have to pay for petrol as well as the weekly repayments.

When you buy your bike, don’t forget the other bits you’re going to need. You will need a good helmet and possibly some high-viz gear. You’ll definitely need lights for night-time riding, and you will also need a very heavy-duty security lock. There are tons of other accessories to consider to make your bike commute better, from gloves to backpack rainshields, so you might like to allow for purchasing these items if you are considering a loan for a bike.

If you’re considering your transport options for the rest of the year, and a cycle commute appeals to you, why not think about getting one of the great new bikes that are out there by taking out a loan? We’ll help you find the right sort of loan.