One part of America’s car culture is a financial system well-lubricated to get people behind the steering wheel and locked into a loan repayment or leasing plan. Essentially every bank or credit union is ready to get you a car loan as quickly as possible.
But what about a bike? Even a high-quality bicycle is far, far cheaper than a car. Yet if you don’t have $1,000+ in expendable cash, it’s out of reach. Why should it be easier for me to get a car loan for a $20,000 car (or boat or RV) than it is to get a loan with a comparable interest rate for a $1,000 bike? Sure, you can put that on a credit card, but the interest rate will likely be more than double that of an auto loan.
Now, Verity Credit Union is entering the fairly young bike loan market, offering its members bicycle loans at a current rate of 6.24% APR.
To promote the launch of the program, they are holding a Facebook photo contest that will raise funds for Bike Works. Verity will donate $5 to Bike Works for each of the first 100 photos submitted. Today is the last day, and it doesn’t look like they are at 100 yet, so submit a photo of you and your bike to get a little cash to Bike Works.
A healthy lifestyle is a great lifestyle — Verity Credit Union is happy to help you get in gear with a bicycle loan.
Whether it’s for a ride through downtown or tackling a new trail, competitive low rates and programs to help you save are sure to make your cycling dreams a reality.
Bicycle Loan Essentials:
- Competitive interest rates
- Term up to 24 months
- Auto payment discount available
- Maximum loan amount of $7,500
- Minimum loan amount of $500
- No payments for 90 days
Do you know of other bike loan or bike financing options in Seattle? Let us know in the comments.