The standard processing fee of $6.95 can vary by province and your credit profile will impact your interest rate.
Q: How does the monthly payment amount vary?Ī: Estimates may not include taxes and/or other charges. It starts as low as 7.95% with a $6.95 monthly processing fee but can range up to 19.95% based on the loan amount, term of the loan and your unique credit profile. Sometimes, it takes them eight weeks or even longer, but as long as they are continue paying, they are in good standing.A: That depends on your credit profile and the term of the loan. “On a customer by customer basis, we tell the customer it doesn't matter how many payments they make as long as they are consistent and don’t disappear after one payment. "Oftentimes, we do not strictly stick with that arrangement,” Dunbar adds. At the outset, the customer is asked only to pay a third down, and then gets six weeks to pay things off. Kris Dunbar, owner of Aztec Cycles in Georgia, explains that his shop offers a layaway program where, if the bike is already in stock in the store, they will split the total price (including tax) into three payments. The card is a good deal: It offers six- and 12-month “No Interest Payment Plans,” so if you can pay off the bike within that time frame, you won’t get hit with any interest.Ī lot of local bike shops offer layaway programs. However, Trek actually offers its own credit card, accepted at over 1,000 Trek retailers in North America. Of course, the faster you can pay something off, the better, so put a plan in place and resist impulse-buying a bike on a credit card.
Paying for a bike with a credit card can be a good move, if you have a credit card that you consistently pay off and that offers good rewards or points for money spent. It’s worth asking your bank or credit union about them they tend to see lower interest rates, since you’ll often pay off a bike faster than a house or a car (unless you’ve been drooling after one of these dream bikes). Some companies-like the Virginia Credit Union-actually offer bicycle-specific loans. The priciest option in the shop might be great, but don’t ignore the mid- or low-range bikes-especially since top-tier tech tends to find its way into economical models. Still, limiting your spending and paying cash is the best way to avoid an annoyed spouse, a depressing bank statement, or angry creditors. Certain bike shops are open to haggling, though that’s more rare. If you’re buying a used bike, sellers are often willing to negotiate-especially if you have cold, hard cash in hand and are ready to make the purchase then and there. Your dream bike may seem out of your price range, but there are ways to work with bike companies and shops, or your bank, to get you pedaling it sooner.Ī quick word to the wise: You don’t need to go into debt to ride a sweet bike. There are a few different ways you can go about financing a bike, from the simplest method-paying cash-to the more complex bike-specific mortgages, and we looked into the pros and cons of each. There are plenty of great, cheap bike options out there, but it’s hard to ignore all the lust-worthy bikes that force you to consider dipping into your retirement fund.
#Trek bike financing how to
Buying a bike can be complicated enough without factoring in how to pay for it.
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