6th January 2020

Extra £700,000 for Scottish Electric Bike loan funding scheme

Copyright stottandatkinson | electric bike loanIf you are considering purchasing an electric bike there is additional funding available through the Energy Saving Trust. Additional funding of £700,000 is available as interest-free loans for people in Scotland looking to buy an electric bike.

A total of £700,000 has been allocated by the Scottish Government from its low carbon vehicle loan budget towards a scheme established to help those looking to buy an electric bike. The scheme was originally launched in 2018 and has facilitated the purchase of over 740 electric bikes throughout the country since then.

 

More about an interest free Electric Bike Loan

The interest free loan is for up to £6,000 with a repayment period of 4 years and covers the following (per household):

To request an application form, or to learn more about the full terms and conditions please call Home Energy Scotland free on 0808 808 2282.

 

Shop All Electric Bikes under £3,000

What would monthly payments look like with an Electric Bike Loan?

Obviously that would depend on the cost of the electric bike(s) you opt for and the term to wanted to keep the loan for. However, if you were to purchase one of our most popular electric hybrid bikes – the Whyte Coniston – it would cost you £2,150. If you took out an electric bike loan from the Energy Saving Trust over a period of four years, you would pay less than £45 a month! That’s less than many monthly travel passes, gym memberships or even running costs for a car.

How do I apply for an Electric Bike Loan?

The first step to applying for this electric bike loan is to give them a call on 0808 808 2282. From there, they will talk you through the application process. It might also be a good idea to start looking at which electric bike you’d like so you know how big a loan you need to apply for. We can of course supply you with a quote on request. Talk to  us in store or get in touch.

What is an Electric Bike?

Simply put, an electric bike is like a regular pedal bike but with a motor which gives you a boost. You still need to pedal to make it move but the motor will assist you up to 15.5 miles per hour/25 km per hour. Find more about electric bikes by reading our Electric Bike Guide.

What is a Family Electric Cargo Bike?

These are bikes that are designed to carry cargo – such as your weekly shopping or other passengers – but also have a motor to help you pedal these heavier loads over longer distances or uphill. There are two main designs:

electric bike loan

The Tern HSD: equipped to carry a passenger and/or other cargo on the front and rear.

electric bike loan

A front loading e-cargo bike by Riese & Muller can carry children or cargo on the front.

 Other Electric Bike Funding Options

If you don’t want to opt for (or aren’t eligible for) an electric bike loan from the Energy Saving Trust, we also offer credit including interest free options. You may also be able to purchase an electric bike through your employer’s Cycle To Work Scheme. Alternatively, take a look at our sale electric bikes and grab yourself a bargain.

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