Looking for a bicycle loan?
Maybe you want to swap your car for a bike for convenience, save on transportation costs, or improve your fitness and health. Whatever your reason, a bicycle from a reputable brand can be expensive, and you may need some planning to afford one within your budget.
Luckily, you may be able to apply for bicycle loans to access the funds you require.
Read on to learn more about bicycle finance and how you can potentially purchase your new bike. We will also share popular FAQs about bicycle loans and explain eligibility criteria to help you apply online with confidence.
Before that, let’s see how we can help you secure competitive rates and fast approvals.
Disclaimer: Certain ideas and products presented in this article may not be offered by Monzi or the lenders we work with. This article presents only general information. Consider seeking professional financial, taxation, legal, or other advice to check how the information and ideas presented on this website relate to your unique circumstances.
Can I Apply for a Bicycle Loan with Monzi?
Yes. You can apply for personal loans ranging from $2,100 to $15,000 with Monzi and use the money to buy a quality bike from your preferred brand.
When you borrow through us, we may match you with one or more lenders that suit your financial requirements and circumstances. If any of the lenders approve, you might receive the bike finance funds quickly. However, the lender may charge an interest rate based on your credit history and ability to repay. You may choose to make monthly repayments over your chosen loan term to repay the loan.
Easy, right?
Depending on your needs, our personal loan can act as:
- Race bike loans
- Unsecured bike loans
- Motorbike loans
- New bike loans
Now, let’s look at the usual steps in applying for a bicycle loan.
Step 1 – Picking the Right Bike
Before you decide on a bike loan, you need to choose one that fits your needs and lifestyle.
Your choice depends on the type of riding you plan to do. Common types of bicycles in Australia include:
- Mountain bike: Rugged and versatile; Ideal for off-road trails, rough terrain, and outdoor adventures.
- Road bike: Lightweight and built for speed; Perfect for commuting on paved roads and improving fitness.
- Hybrid bike: Combines features of mountain and road bikes; Hybrids are great for commuting and casual riding.
- Electric bike (or e-bike): Makes pedalling easier with an integrated electric motor, making it a great option for hills.
Don’t forget to find the right bike size for comfort and safety. Most bike shops provide sizing guides to help you choose.
Step 2 – Finding Bike Finance Funds in Australia
Once you know your bike, it’s time to find bicycle loans that fit your budget.
Some bike shops offer in-store financing, while others offer buy now pay later services.
Alternatively, you can apply online for a personal loan through a credit provider like Monzi. You can use a bike loan calculator to estimate repayments based on the loan amount and term.
Typically, personal loans offer competitive rates and flexible terms, making them suitable whether you’re upgrading your bike or buying your first electric bike or road bike.
Our lender-finder service connects you with multiple lenders to help you choose the best bicycle loan with confidence.
Step 3 – Repayments
Typically, lenders offer different repayment options, such as weekly, fortnightly, or monthly, across the loan term. After purchasing, you may repay the bicycle loan through automatic direct debits, using a schedule that best aligns with your pay cycle.
Now, let’s look at the most common questions people ask about bicycle loans.
Top 10 Frequently Asked Questions About Bicycle Loans
1. Can you get an e-bike loan if you have poor credit?
Some lenders may consider applicants with poor credit for bicycle loans, but eligibility depends on individual circumstances. Lenders may consider your current income, expenses, and repayment history rather than just your credit score. However, we can’t guarantee you will find a lender once you apply with us.
2. Do bicycle loans come with a credit check?
Some lenders offer bike finance with no credit checks, usually for smaller loan amounts up to $2,100.
3. How old do you have to be to get a road bike loan?
You must be at least 18 years of age to apply for any bicycle loan.
4. Do I need a down payment for a road bike finance?
Whether you’ll need a down payment for a road bike finance or not depends on your seller. Check with your local bike shop for details.
5. Can I get bike finance?
Technically, we don’t offer any bicycle loans. You can use our personal loans from $2,100 to $15,000, which you can use to purchase your dream e-bike to help you invest in your health, fitness, and commuting needs.
But you may find other lenders who offer bicycle loans.
6. Can I get an unsecured bike loan?
Some of our lenders offer unsecured bicycle loans. To know more about a bike loan, you may have to contact individual lenders.
7. How can I qualify for a bicycle loan?
Generally, eligibility criteria for a bicycle loan typically include:
- Being 18 years or older.
- Australian citizen or permanent resident.
- Having an active phone number and email.
- Holding an online bank account with at least three months of transaction history.
8. Can I finance a used bike?
Some lenders may allow financing for used bikes, depending on their policies.
9. How long does bicycle loan approval take?
Some lenders may approve bicycle loans the same day or within 24 hours. However, we don’t guarantee same-day approvals.
10. What documents do you require to apply for a race bike loan in Australia?
Our lenders may request you to submit the following documents during the bicycle loan application process:
- Proof of Identity
- Proof of Income
- Bank Statements (usually 3 months)
- Proof of Address
- Details of Existing Debts
- Tax Documents (for self-employed applicants)
Get a Personal Loan Through Monzi to Fund Your Bicycle
Purchasing a bicycle may put you in a tight spot if your finances are not planned carefully. If needed, you could consider applying for a personal loan. Monzi may help you connect with lenders that match your circumstances.