You want to buy a new bicycle but not just for the fun of it. You want to make an investment in a better lifestyle, improved health and freedom of movement. These are all worthy causes indeed.

The problem is, the cost of top-tier models can be significant, sometimes with price tags that rival a new car! That’s where bicycle finance in Australia becomes a lifeline, offering you a way to take advantage of everything bike ownership has to offer right away while spreading out the expense.

Here are four key factors to keep in mind to ensure you make the right decision for your needs and budget.

1. Know Your Budget

Before you invest in any financial endeavour, you need to know exactly what kind of money you are willing and able to spend. While this might seem like an obvious point, you would be surprised at how many people sign up for bicycle finance in Australia without giving their budgets due consideration.

Think beyond the sticker price. Consider the total loan amount, interest and any associated fees over the full term. Also, remember that you will need a few accessories like helmets, lights and water bottles. You might also want to take out insurance.

2. Understand Your Loan Terms

Bicycle finance in Australia typically ranges from about $3 000 to $50 000, with terms of 1 to 7 years. A longer loan term might mean lower monthly repayments, but you will end up paying more in interest overall.

Shorter terms, while more demanding month-to-month, can help reduce your total cost and allow you to pay the loan off more quickly.

Carefully consider your monthly budget, how long you plan to keep the bike and how quickly you want to pay it off.

3. Compare Lenders And Rates

Not all finance providers are created equal. Interest rates, fees and approval criteria can vary widely, depending on who you are talking to. Comparing multiple offers side-by-side will help you find the lowest rate and understand the full picture of your obligations.

At BikePay, we can greatly simplify this process by showing multiple loan options from different lenders in one place. That can save you time, reduce paperwork and give you more confidence in your decision.

4. Check the Eligibility Criteria

Before applying, make sure you meet the minimum requirements for your chosen loan. This usually includes being over 18, a resident of Australia and having a regular income. Your credit history will also play a crucial role in the interest rate you are offered.

Don’t walk. Ride to your next destination in style with BikePay! We can help you secure affordable bicycle finance in Australia. Contact us today to get started on comparing loan offers or apply online right now to get the wheels turning.