Personal Loan for e-bike

[Kaldeem]

So I was on the phone with my LBS e- bike dealer, and they suggested that I look into a small personal loan to finance the remainder of the bike (which ever I pick).

I'm just wondering besides banks (I don't have a real bank account, it's a student one) has anyone financed an e-bike and if so, what are some things I should be considering?
What are my options for financing what most people would consider a "toy", but will be my main method of transportation.

My deposit will be 2200$ in cash, so I'm thinking I'll have to finance about another 2000$.

 

[Deleted member 803]

I have looked into small vehicle financing and there are lenders who specialize in this. GE Financing comes to mind. Typically the loan will not extend beyond the warranty period and is usually 12 months. Interest rates are very high. You pay a penalty for financing but may find that the monies you save by leaving the car at home are a substantial offset to the interest fees. I would also suggest asking your employer if they can finance for you with an acceptable deduct from your paycheck.

 

[Chris Nolte]

Many shops offer financing through GE Capital like 86 mentioned. We currently offer 12 months interest free as long as you pay within that time. This is only available for local customers though as you need to go through an ID verification process. Paypal Billmelater is another option.

 

[Deleted member 803]

Many shops offer financing through GE Capital like 86 mentioned. We currently offer 12 months interest free as long as you pay within that time. This is only available for local customers though as you need to go through an ID verification process. Paypal Billmelater is another option.

Chris, do you offer the payment option yourself or do you use a local bank or lending org.??

 

[Chris Nolte]

We use GE Capital now renamed to Synchrony Bank. I'm not really in a financial position to do it myself, but I would consider doing it in the future.

 

[JoePah]

So I was on the phone with my LBS e- bike dealer, and they suggested that I look into a small personal loan to finance the remainder of the bike (which ever I pick).

I'm just wondering besides banks (I don't have a real bank account, it's a student one) has anyone financed an e-bike and if so, what are some things I should be considering?
What are my options for financing what most people would consider a "toy", but will be my main method of transportation.

My deposit will be 2200$ in cash, so I'm thinking I'll have to finance about another 2000$.

Kaldeem I'm assuming youre pretty young.. You should have a seroius sitdown with your father about when it's a good idea to get a loan and when it isn't ... Ebikes have significant depreciation, to the tune of 40% the first year.

You managed to save $2200, which is great... Go out and find the best Ebike you can for that amount.

I don't need a loan to buy anything, and I haven't paid more than 2500 for either of my very nice new eibkes.

Shop around for a demo or new used bike and save the loan for something else.

 

[Clark]

Kaldeem, It's been my experience with EBR, that although very few of us here actually know each other, save for Court meeting people on his travels, everyone
kinda pulls for each other, wishes them the best in their pursuit of this new form of transportation, is interested in the decisions people make as to their purchase and why they made it, and the outcome of said purchase ie; are they happy with it? Does it perform as advertised etc. It is in that spirit that I add my two cents. You are a student - do you need a $4200 e-bike? I don't know anything about you or your situation, but I've been in the Finance industry since I graduated in 1989, and I'm sure you could get a loan from GE Capital or their nom du jour, Synchrony Bank. I know these types of consumer lending institutions, I can only assume you're youngish? Good credit? Not a long credit history? Save yourself some future headaches and listen to JoePah on this one, at least think about it. It sounds like the LBS guy smells commission, don't put yourself in a hole for his paycheck. It sucks about the Alation, but that was a good, thought out purchase that went south on you. Regroup, take your time, and do what's best for you and your wallet. I wish you the best in your search.

Clark

 

[biknut]

I applied for a credit card with 15 months zero interest to buy my bike. I recommend Chase Bank.

 

[biknut]

I don't know why you need so much money. My son just bought a Neo Carbon for $2900 shipped. It's a great bike.

 

[Kaldeem]

Hey guys, thanks for the feed back, I'm considering it all, and debating my next move.

Here's some background. I'm 33 married with some kids. Went from a 2 car family to one car, and started bumming rides last year. Bought a bike for 50$ from the Arc, and put 50$ into it and have been using it ever since (about 8 months). Currently, I did find and buy a e-bike for 2200, but some stuff got screwed up, beyond what I felt like was acceptable on both the company and delivery so I'm returning it, and I decided that I would rather buy local. So I'm in the process of returning said 2200$ e-bike for a refund, and probably save up some more $ to get the bike I feel will last me for a decent amount of time.

The only reason I figured 4200 is because I'm leaning towards the Haibike XDuro RX 27?? With the hard tail... I'd consider the the 2015 E3 Peak, but I believe the Bosh system in the Haibike is better that what Currie has on E3 Peak. Plus I'm not into throttle mode much anyway. You guys are right, I probably don't need a 4k bike, but I would rather have a 4k bike than a 4k car, and my father/parents would just tell me to get a car because that's what everyone has. I also live in a fairly small apartment, which means in bad weather I'll have to carry it up 3 flights of stairs, so having it less than 60-70 lbs would be nice.

I mean for the style and components what are my choices.... Haibike, Stromer, E3 Peak, Optibike All road.. local is key, I know I can get a deal from online, but I've been there, waited 8 weeks, got the t-shirt, and am returning it because it was a bad experience.

I also live in a fairly small apartment so I'd like the bike to be less than 60 lbs to carry up 3 flights of stairs in bad weather. So I don't really know if I'll even get an E-bike right away. Colorado's snowy season is already here, and I didn't even get to ride my e-bike for 60 secs, before it started having troubles. So I'm not rushing anything right now, I'm just getting more info and opinions.

Thank you

 

[JoePah]

Oh sorry Kaldeem, didn't realize you were already Married with Children@!

Since you bought an ebike already, was it a pain to carry up 3 flights of stairs? I wouldn't do that more than once with my 60 lbs ebike.

 

[Kaldeem]

@JoePah No worries Joe, I'm not offended or anything. Um yeah it was a pain to get up and down the stairs, which is why I'm looking at 350 watt mid drive which from the looks of the ones I'm interested in are about 10-15 lbs lighter. My wife was just saying I should wait until we find a house or townhouse before I invest in one... I'm not too fond of that idea, but she's normally spot on, so I'm in turmoil about purchasing another e-bike if I can't keep it in-doors.

 

[opimax]

A thought! As with a car buy a used unit that has been mostly depreciated, use for 6 months (what ever time limit is good for you , finances and living conditions) a) sell for much less of a loss, B) give it to your wife and ride together on leisure time, C) keep for a spare , if it is an ebike you will need it at some point

 

[Kaldeem]

I don't know why you need so much money. My son just bought a Neo Carbon for $2900 shipped. It's a great bike.

That's great @biknut ! I read all about it, it looks and sounds like a great road bike. Stealthy, in fact, I bet it could even pass a fixie because it's so sleek and sexy... However, I don't want a Neo Carbon. I'd like 2015 E3 Peak which is 3100$ (has more of the bugs worked out from last years model) or a Haibike Xduro 27' hard-tail, which is 4000, only 900$ more than the E3 peak. In the last couple day's I've been looking at Currie Sumo (fat bike) which is supposed to come out in 2015.

After having the issue's that I've had with my current bike, which is being shipped back to the dealer tomorrow for a refund, I've decide to only purchase locally. Which limits my options on what bike and discount I can get, but that's the dice I've rolled.

 

[biknut]

What kind of bikes are available to you locally? I'm guessing you won't have a very big selection.

 

[Kaldeem]

So there is a "Small Planet e-Bike" shop about 45 mins away. They carry: Evelo, EZ Pedaler, CurrieTech, Pedego, Stromer, Torker, VeloMini and Yuba. Out of those I'm really on interested in the CurrieTech and maybe the Stromer.

20 mins in the other direction, there is Optibike, they make and sell their own brand, which is way outta my pocket range.

 

[biknut]

Here's your bike.

http://electricbikereport.com/biktrix-juggernaut-fat-electric-bike-with-mid-drive-video-pics/

 

[Shea N Encinitas]

Looks like they still have a 2014 Dash, 1 left, 2,600. I suspect biknut was being cheeky. BTW - EBReport reviewed the mega expensive Optibike, shifting was like driving a big rig, and top speed, well having a $1K DIY pass you would be humiliating. So when are you heading over for multiple test rides? -S

 

[Kaldeem]

@biknut lol, the trolls, the trolls. @Shea N Encinitas Thanksgiving break is coming up in the next week or so, I'll have time then to drive up and test ride some bikes.

On a side note: We've also found a house for rent, going up on dec 5. It's only 12 miles from where we are now (new total 13 miles), so I'll still be able to bike to school and work, however it will coast me everything I've been saving for my e-bike,for the 1st month and deposit, but will be better off for everyone here, plus I'll have my garage for bikes and tinkering.

 

[Shea N Encinitas]

I can do a 24 mile round trip on the Dash, but PAS 1 only & no throttle due to a few hills, returning headwinds. A second battery basically enables fun mode, or the ability to pull the first battery without deeply discharging. I think I'm going to go gawk at the Haibike FS RX right now (about 32 miles round trip, two big steep hills), just window shopping and pondering a ghost hack. I'm even geared up as I write this, latters. -S