How to Finance an EBike Purchase! Uncovering the Secret to Buy An Electric Bike with Financing

Hey everyone. I'm Dustin. I've nearly 20 years of experience in the bike and e-bike industry, and today I'm going to talk to you about e-bike financing and what you need to know. Stick around.

All right, so today I'm going to talk about e-bike financing, but before I get into it, hit that subscribe button below. Stay in touch with us here at SixThreeZero. Be the first to know about all the new content we're putting out, giveaways we do, and of course, new product releases.

All right, so let's say you're in the market for an electric bike and you're looking into financing and you want to use financing to make your purchase. Well, it's a great option, especially in this day and age now there are a handful of different financing options available to you for a purchase of an electric bike. In addition to that, financing is available for a lot of different online purchases. Different companies now called Affirm, there's Klarna, there's Afterpay, and I believe PayPal has one, which may be one of those. The one thing about the financing is the financing company you are going to use has to be offered on the website that you're going to be purchasing from.

So as an example, at SixThreeZero, we use Affirm as our financing method for people to purchase e-bikes. Now, the cool thing about using Affirm is they can offer certain periods of 0 APR in certain instances or introductory APR, and a lot of times it's very, very low, much lower than a credit card. And it's simple for you as a consumer to go on there and get approved. It's not going to require nearly the time or effort or the level of credit check, let's say, a credit card would. And a lot of times you can decide the payments that you would like to make, usually 3 months, 6 months, or 12 months.

So the difference between one of these payment platforms and a credit card is you will have a timeline in which you are expected to pay it back. It's not just going to be a sitting debt like on a credit card where you could let that amount sit on your credit card for months and months or years, just pay the interest rate. With one of these other options, you're going to have a timeline in which you are expected to pay back, and it will take that deduction from your bank account. So it depends on what you're looking for when you're talking about e-bike financing.

Are you looking to get a long-term payback, like five years? If that's the case, then a credit card would be your best option. And I would say that what you should try to do then is pay a little bit of the principle over the five years and the interest so over the time period that you want to have it paid back, you can achieve that. But if you're looking for paying less interest in maybe a shorter window, let's say up to 12 months, I would say Affirm, Afterpay, Klarna, those are all really, really great options. And in most cases, you can at least choose some period of time, 3, 6, or 12 months. So you just have to figure out what is going to work best for your lifestyle and the amount of income you have and also your cash flow needs, right? So that is a big factor in all of this.

So those options are available, but again, you have to make sure that whichever option you would like is available on that website. There could be some other options out there that will actually, you could take out a small loan and do it that way, which if you could get a small loan somehow against a personal asset or something like that, you may be able to get an even lower APR. So it depends on what is most important to you. Low APR, lower payments, longer payback window. Again, your choice is totally up to you. And I also think what factors into that is how expensive of an e-bike are you purchasing, how much money are you going to put down? But great financing options are Affirm, Klarna, Afterpay, and, of course, credit cards.

If you guys know of any options out there that I'm missing for e-bike financing, please comment below or email us the team@sixthreezero.com or you can call us at (310) 982-2877. And if you're in the market for an electric bike, check out SixThreeZero.com and take our proprietary body fit quiz. Answer a few questions about your body and your life, and it'll recommend the perfect electric bike for you. And all of our e-bikes on our website can be purchased using Affirm, like I said, low APR, you choose your monthly payback. That's really, really cool.

In addition to that, we have a 30-day test ride with your e-bike policy. If you don't love your e-bike in 30 days, send it back, no questions asked, no money out of your pocket. And before you purchase, join our communities, and Facebook Pedallers group and download our app. Connect with existing riders before you buy. Ask them questions, and see how they like their bike. Then once you have your bike, make new friends, and track your rides. It's so much fun. So thank you for sticking around. And don't forget, it's your journey, your experience. Enjoy the ride.