The electric bicycle, or e-bike, is increasingly seen in our street scene. This bike is becoming increasingly popular. An electric bicycle is a lot more expensive than a normal bicycle. The prices are between 1,500 and 3,000 euros. A loan can then offer a way to buy the electric bicycle.
Choose the right loan for your electric bicycle
If you want to borrow money for an electric bicycle you have two options: a revolving credit or a personal payday loan.
A personal payday loan is the most suitable financing for your electric bicycle. The amount that you repay each month is fixed and you know exactly when the loan was repaid. A revolving credit gives you more flexibility to be able to finance unexpected expenses in addition to your electric bicycle. You decide when and how much to record. You only pay interest on the amount that you have withdrawn. When determining the duration, keep in mind the economic life of the e-bike.
Be on your guard with an installment e-bike
Many bicycle shops offer installment e-bikes. We do not recommend this. The interest for such an electric bicycle loan is often higher than what you pay for a loan with a bank or credit company.
E-bike loan: what else should you pay attention to?
If you want to take out a personal payday loan for the purchase of an e-bike, a number of things are important.
- Interest – Compare the interest rates. The interest rate difference between the cheapest and most expensive lender amounts to more than 4 percent. On a loan for an electric bicycle, that is tens of euros every month.
- Conditions – In addition to the interest, the loan conditions ultimately determine the amount of your loan. Read this carefully. Check, for example, whether you can make additional repayments in the meantime or whether you can always pay a fine with the lender.
- Duration – Choose a favorable duration that is justified. The longer the term, the lower the monthly charges. Therefore, look carefully at the economic life of the e-bike. Match your duration to this.