If you’re an American and you’re thinking about getting electric bicycle financing, I can tell you good news — you have more options than you think.
Many have access to some really awesome electric bike financing in the UK. However, for prospective electric bike owners in other countries, even the best financing plans can sometimes leave something to be desired. The good news is that there are still lots of opportunities to get a sweet deal with your electric bike — you just have to take the time to search and consider what’s available to you!
Unlike any other country, when you use a credit card in the US, you have a variety of options to choose from — premier banks offer a great deal of flexibility. There are even many e-bike stores in the country that offer financing through their online financing programs.
We know you love bikes, and we also know that you love to find ways to save money. We’ve made it our mission to connect you with the best possible financing options available for your next e-bike.
But let’s talk about the requirements first. Shall we?
Requirements
If you’re from the U.S. and thinking of financing an electric bicycle, here are the criteria that most companies take into account when choosing who to approve for e-bike financing.
- Have strong economic standing
- Show proof of a valid U.S. address
- At least 18 years old (depending on your state)
- Have a decent credit rating based on your history of making payments over time
There are many options to finance your electric bike, but most of them follow the same steps. These are the basics that you should be aware of before considering a loan.
These may only be the things to remember about financing your electric bike, but they’re the only things that really matter! Make sure you have a valid government-issued ID and a secondary ID (usually a driver’s license).
Some lending companies will have more specific requirements as part of the application process. Most electric bicycle financing programs will ask you to provide your employer’s contact information, so you can verify that you’ll be using the bike for work-related purposes. If you have a local bike share program, you may need to verify that your employer has an account with the program. Then again, there are also the less-regulated companies that will give your e-bike loan no matter what, so long as you have a decent credit score.
That being said, depending on where you live, there may be regulations that make some electric bicycle financing options unavailable to you. For example, you can’t use Affirm in Iowa or West Virginia.
Always take these variables into consideration when choosing your option. They’re the only way for you to ensure you’ve chosen the best plan for your needs and goals.
Application
A standard online application is what most of us have to fill out when applying for a loan. This form will ask you several questions about your income and credit, which is used to approve or deny financing. Normally, you would have to fill this out with the bank or loan company yourself, but today’s technology has made it possible to do this from home.
Synchrony is a popular choice for most retailers, from Amazon to Sears to Lowe’s, but when applying you will have to fill out a quick online credit application.
Once your electric bicycle financing application has been accepted and the lender has paid the retailer, the retailer will ship your new E-Bike directly to you. Most of the time, interest rates will increase if payments are not made on time.
Pre-qualification
If you need an e-bike in the United States, Affirm Financial can help you find retailers in your area. The company is partnered with most US e-bike stores. Know that Affirm Financial may prequalify you before approving your loan. If you do get a prequalification, the company will tell you how much you can expect to borrow. You don’t have to take out the full amount.
Do keep in mind that prequalifying does not mean you will get approved for the amount you request. The approval (or disapproval) will be based on a myriad of factors, including your payment history, how much you have borrowed on the platform, and your behavior when borrowing on the platform.
Electric Bicycle Financing by Bank
E-bikes have become an increasingly viable option for people who want to commute healthfully and quickly to work. And some US banks are starting to take notice. Chase Slate and Citi Simplicity are two of the more popular cards for those looking to finance their new e-bike. It’s super easy to apply for either of them, and they each offer a 0% APR with payments deferred for up to 18 months. You can get them at either Citibank or Chase Bank.
Electric Bicycle Financing by E-bike Retailers
Affirm and Synchrony are two finance companies that have recently started to cater to online applications, which has made it easier for Americans to get better interest rates on their loans. And what’s good is that most of the country’s retailers also offer financing, so users can take advantage of this convenience.
With that in mind, you will be able to get financing from most of the retailers on this list. The best part? It’s all available to international and local brands alike. I highly recommend using retailers for your purchases because they are more than willing to cater to your needs and help you spread your payments over a longer period of time.
1. Evelo
Evelo offers a number of great financing options for those who are in the market for a new bicycle. From 0% APR over six months to no down payment with an interest rate of 6% if paid in full within thirty-six months, Evelo is able to meet all your financing needs.
If you go with Affirm, know that you can apply for 0% APR at first. 12-month terms available with interest (10-30% APR). You can also get 0% APR for 6 months, then 12 or 18 months bearing interest (10-30%). All of these options are available for those who spend between $1500 and $2999. You can also pay 0% interest for 6 months if your order a sum up to $3000+. You can also choose 12 and 36 months with an interest rate of 10-30%.
2. World of E-Bikes
Partnering with Klarna, World of E-Bikes offers a convenient 4-month layaway option, meaning you can get your e-bike now and then pay for it over four equally affordable installments. You can also choose to spread the cost over 36 months while keeping the same low monthly payments — it’s up to you!
3. US E-Bikes
US E-Bikes uses Synchrony so you can get a 0% APR electric bicycle financing. All you need to do is make sure your credit score is good enough to secure the financing, and that you’re financially stable enough to pay the balance within 12 months.
4. All Around E-Bikes
All Around E-Bikes lets you pay for your e-bike in four monthly installments with a 0% interest rate. Paying for an e-bike has never been easier! After filling out an application right from your phone, you’ll have a decision within minutes.
5. Bend Electric Bikes
With Bend Electric Bikes, you get a 0% APR for 12 months. If you are interested in purchasing at Bend Electric Bike, we recommend you take advantage of this great financing deal from Synchrony Bank. This is an excellent opportunity to save money on interest and customize your purchase. Just remember, this unique offer works only for single-receipt qualifying purchases of $1,000 or more. After 12 months have elapsed, interest will be assessed.
6. Urban Bikes Direct
Urban Bikes Direct sells fantastic e-bikes. If you fancy one on its store, know that the retailer works with Klarna. You will be provided an electric bicycle financing in case you’re short of budget and you really want to get the bike. This means that you have the opportunity to spread payments over a maximum of 12 months (0% APR) or up to 18 months with a 9.99% APR. You can also use PayPal Credit, which has a 6-month interest-free period.
7. Bicycle Warehouse
Where bicycles and financing come together like peas in a pod. It’s no surprise that they offer some of the most flexible options for financing a new ride — more than any other retailer, in fact. Bicycle Warehouse is one of the best bicycle retailers out there, with up to 5 financing options for your convenience. It offers up 3, 6, or 12 months at varying rates of financing — 0% interest with no late fee is always nice!
If you choose to pay with Paypal Credit, purchases over $99 will have a 6-month interest-free period. Bicycle Warehouse also offers other financing options, such as Snap, which lets you make purchases up to $3,000 with no credit check. And if you’d like the perk of 0% interest, their Synchrony Freedom to Ride card lets you use finance deals for 12 months.
8. Summit E-bikes
Summit E-bikes also offers financing so that you can get the bike you’ve always wanted. Using Affirm, Summit E-bikes offers special financing rates, starting as low as 0% APR for 3 months, and eventually increasing to 30% APR for 12 months.
9. NewWheel
With NewWheel, you can choose between 6 or 12 months of financing with no interest when you spend less than $2,000. If you spend more than $2,000, you can get 6 months of 0% interest financing.
10. Bike Attack
If you live in the Los Angeles area and want to buy an e-bike at Bike Attack, you can enjoy zero-interest financing through Affirm or Synchrony! You can invest for a minimum of $500 one-time payment (if you’re looking to get financing for the best electric bicycle under $500 for example). You can pay over 3-12 months with no interest at all if you go with Affirm. If you prefer to pay just a little each month, Synchrony will also give you zero interest for up to 12 months when you sign up for their Freedom to Ride Program.
11. Mike’s Bikes
Affirm works with Mike’s Bikes to offer you 0% APR electric bicycle financing. Mike’s Bikes have one of the best 0% APR loan terms in the industry and they’re proud of that. Of course, they only offer it to their loyal customers who will really appreciate it.
12. eBike Generation
eBike Generation is an online retailer that offers financing from three different companies: Paypal, Klarna, and QuadPay. All of the terms and conditions mentioned above apply to purchases made through these services. However, the first two electric bicycle financing options through Klarna and Paypal are already great with their rates as it is. But if you’d like a little more breathing room, then QuadPay might be for you. It allows you to make 4 interest-free payments over the course of six weeks, which is a pretty good deal! The first 25% of the total purchase amount is due during checkout, then another 25% is charged every two weeks after that.
13. M2S Bikes
M2S bikes has a financing option through Variant Financial. They let you choose from either 0% APR or a static 14.99% APR to spread the payment of your purchase for 6 to 60 months. You can also opt for credit card payment if you don’t have the cash on hand, so you’ll never again miss out on your dream bike.
14. Greenpath Electric Bikes
Greenpath Electric Bikes is the premier e-bike retailer servicing the tri-state area. It offers financing via Greenpath Financial Inc., a company that was created specifically for the purposes of giving people options with regards to how they want to finance expensive purchases like electric bikes.
15. EBikes Hawaii
EBikes Hawaii puts its faith in Synchrony Financial, which enables users to make purchases with 0% interest for up to 12 months. You can also opt for their 36-month static 9.99% APR fixed payment option.
16. Global Bikes
At Global Bikes, for purchases over $500, you can take advantage of deferred-interest financing at 0% APR for 6 months. Purchases between $1,000 and $7,500 are eligible for 12 months of 0% APR financing. Remember, though — you’ll need to have a credit score of at least 700 to be eligible for either promotion!
In Progressive Leasing, Global Bike credit cardholders need to pay a minimum of $350 within a 90-day period without interest charged for every purchase that goes over $2,500.
Global Bikes also uses EasyPay Finance, which is kind of like Progressive Leasing. This is an ideal option for people with good to excellent credit, looking for a quick and seamless process. After completing a credit check, you have the option of a 12 or 24-month repayment plan, with a 90-day interest rebate.
17. Electric Bike City
Electric Bike City offers a convenient credit option that allows you to purchase an electric bike for $99+ today, with no interest for six months. If you’re paying cash, you can get an additional 10% off and waive your deposit! Electric Bike City also accepts PayPal credit. It’s the perfect choice for those who want to spread payments out over several months.
18. Electric Cycling House
Electric Cycling House uses 4 electric bicycle financing solutions. PayPal Credit, Klarna, and Synchrony all have similar terms to each other just like the other e-bike retailers listed here. If you choose Synchrony, you’re offered a 0% APR for 12 months, but first, you have to make a $999+ purchase.
19. e-Boom Electric Bikes
Because of Mariner Finance, e-Boom Electric Bikes allows you to qualify for a free 3-month financing option. You can choose among various plans that best fit your needs and economic situation — and once you do decide, you’ll be able to receive your new e-Boom electric bike in no time!
20. Electric Bike Plus
If you want to buy an electric bike through Electric Bike Plus, there are a couple of options for financing. Klarna and PayPal are the two most common payment options, and each has its own unique advantages and standard loan terms that will have you riding in no time.
Electric Bicycle Financing by E-bike Brands
One common trend among e-bike brands is offering financing services for their models, particularly in the US. Some brands, like the ones below, specialize in this by partnering with Bread, Affirm, PayPal, and Synchrony for their direct sales and financing. Riders who prefer buying from brands directly but want greater flexibility in payments can take advantage of these services. Below are the most popular e-bike brands in the United States.
It’s also worth mentioning that there are a few brands that accept credit cards as a form of payment.
Giant
If you spend $1,000 or more on Giant products, the money you spend can be put at 0% interest for 3, 6, or 12 months after you apply to Affirm. The APR doesn’t go up unless you miss a payment.
Magnum Bikes
Magnum Bikes offers 0% APR electric bicycle financing for 6, 12 or 24 months with the option to pay off the balance of your purchase in full during the promotional period to avoid interest charges. Or else, there is a 29.99% APR on 12-month terms and a 7.99% APR on 24-month terms. The brand uses Bread, which is a trusted online credit company and one of the most well-known in the industry.
Canyon
With Canyon, you can pay with your Affirm, Paypal Credit, or credit card. This means you can use your credit card of choice: AMEX, MasterCard, Visa. Because Canyon uses Affirm to offer financing options, you can choose between short-term loans with 30% APR or long-term loans with 0% APR.
Canyon offers a wide variety of financing options to help you shop with ease. You can choose from 6, 12, or 24-month terms, and if you’re applying with Affirm, your purchase can be worth up to $2,000 — no need to worry about maxing out your credit card. Or if you prefer Paypal Credit, there’s no limit to how much you can spend.
Evolve
Evolve partners with Synchrony to provide plans that start as low as 0% APR for 6 months without pre-payment penalties, and if you can’t make a full payment, you can still pay over time with no additional penalties—cancel anytime. You can also use your PayPal account, or even your own personal credit card (for MasterCard, Visa, American Express, or Discover Network).
Other Electric Bicycle Financing Options
Although other countries have plenty of options for electric bicycle financing, the US – in fact, most of the world – does not. I’m talking about those auxiliary financers we’ve all heard about that provide extra money for those who want to purchase e-bikes but don’t necessarily have the cash for them, which is pretty much everyone.
But just so you know, there are services out there that allow you to rent a bike or e-bike for an extended period of time — though none of them are directly associated with financing. FriendWithA, for example, will help you find the perfect electric bike that’s available for rent in your area. It even compares rental prices, so you’re sure to get the best deal on your next electric bike!
Insurance
Once you got your new e-bike, it’s important to consider purchasing the best bicycle insurance for your new ride. The insurance industry will give you the best bang for your buck with great coverage plans that can safeguard your beautiful, high-quality investment from hazards on the road — things like theft, damage, and vandalism.
Insurance for your e-bike in the USA is necessary. You know, because an e-bike can cost up to $2000, and if you don’t have the right type of insurance, you’re going to end up paying a lot more than that if you get in an accident or something. Don’t take chances with your e-bike. Make sure it’s well insured!
Conclusion
If you’re an e-bike rider in America, you can breathe a little easier now, knowing that you have many options when it comes to financing your new e-bike purchase. And the best part is, no matter which electric bicycle financing option you decide to go with, you’d be happy to know that most companies charge no interest, making it easier for you to spread payments.
If you’re anything like me, the thought of spending thousands of dollars might just make you shiver — and not in a good way. After all, who wants to spend more money than they need to? But that doesn’t mean that buying the best electric bicycle for you is an entirely bad idea. Take advantage of the undoubtedly great opportunities they offer!
