Are you considering purchasing your first bicycle? Investing in a bicycle can be a great way to improve your health, reduce your carbon footprint and save money on transportation costs.

However, buying a bicycle can get very expensive, especially if you are opting for a high-quality or specialised bicycle. Fortunately, you can apply for bicycle financing in Australia with BikePay, where you can get a new or used bicycle and pay it off in affordable instalments. Here are some bicycle finance tips for first-time buyers to help you make a smart purchasing decision.

Choose Your Loan Amount Wisely

Before you start shopping for a bicycle, set a loan amount that aligns with your financial situation. You will be repaying the amount in instalments so take into account not only the cost of the bicycle but also any additional accessories and insurance fees.

When applying for bicycle financing, remember to include unexpected expenses or upgrades in the final estimation of how much financing you need for your bicycle. You do not want to get financing and still be unable to afford what you need for your ride.

Research Financing Options

There are various bicycle financing options available to help you spread out the cost of your purchase. Some options include personal loans, credit cards and specialised bicycle financing programs offered by certain retailers like us at BikePay.

BikePay offers low interest rates, comfortable repayment terms and affordable fees to help you find the best financing option that suits your budget. Have a look at our Bicycle Loan Calculator to help you work out what kind of financing you can comfortably afford.

Consider Second-Hand Bicycles

The best bicycle for you might not be brand-new and that’s not a bad thing! If you are looking to save money on your first bicycle purchase, consider buying a second-hand bicycle. BikePay offers plenty of reliable and high-quality used bicycles at a fraction of the cost of a new one. Our used bicycles have been thoroughly inspected for any signs of wear and tear so you can rest assured that the bicycle you choose will be dependable.

Following these finance tips can help you make an informed decision when purchasing your first ride as a first-time buyer in Australia. Remember to pick your financing wisely, look into the options available to you, consider buying second-hand and factor in maintenance costs to ensure a smooth and enjoyable biking experience.

For more information about BikePay’s bicycle financing, contact us.