What is Bike Finance?
Instead of having to pay for your new bicycle all in one go, bike finance allows you to buy products today but spread the cost with monthly repayments. Edinburgh Bicycle Coop offer a range of options between interest free credit and interest bearing credit. As we have 0% finance (0%APR) options where you can choose a plan which has no additional cost to yourself for paying monthly. (Credit is provided subject to affordability, age and status. Minimum spend applies.)
Our promise is to treat all our customers fairly and when dealing with people with any vulnerability, we will take account of such vulnerability to ensure that the way that we sell and provide our services does not cause them harm. The Financial Conduct Authority (FCA) defines a vulnerable customer as “someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care.” If you believe that this may applies to you, please see our Vulnerable Customer Policy.
If I Use Bike Credit, How Much Will I End Up Paying?
The minimum spend amount is £500 , and you can spend this on a bicycle alone, cycling kit alone, or a mixture of both. You can also use finance to pay for multiple lower value bikes (for example, two kids bikes) as long as the total value surpasses £500.
- If you spend £500 or more you can apply for 6 months interest free credit (0%APR)
- If you spend £750 or more you can apply for 12 months interest free credit (0%APR)
- If you spend £1,000 or more you can apply for 18 months interest free credit (0%APR)
- If you spend £1,750 or more you can apply for 24 months interest free credit (0%APR)
- If you spend £3,500 or more you can apply for 36 months interest free credit (0%APR)
Choose to take out a bike finance option over 6-36 months and you’ll benefit from 0% interest (0% APR). However, if you are under the £3500 spend limit, you can still apply for 36 months credit but will pay 14.9% APR representative interest.
| V12 FINANCE 0% APR REPRESENTATIVE EXAMPLE | |||
|---|---|---|---|
| Loan Repayment | £900.00 | Cash Price | £1,000.00 |
| Deposit | 10% | Deposit Paid | £100.00 |
| Monthly Payment | £75.00 | Loan Amount | £900.00 |
| Final Instalment | £75.00 | Cost of Loan | £0.00 |
| Total Amount Payable | £1,000.00 | Number of Monthly Payments | 12 |
| V12 FINANCE CLASSIC CREDIT 14.9% APR REPRESENTATIVE EXAMPLE | |||
| Loan Repayment | £4,250.00 | Cash Price | £5,000.00 |
| Deposit | 15% | Deposit Paid | £750.00 |
| Monthly Payment | £145.19 | Loan Amount | £4,250.00 |
| Final Instalment | £145.19 | Cost of Loan | £976.84 |
| Total Amount Payable | £5,226.84 | Number of Monthly Payments | 36 |
| Annual Rate of Interest | 7.77% | ||
Bike Finance FAQ’s
Am I eligible for bike credit?
Finance is suitable for customers who:
- Is 18 or older
- Is in permanent paid employment, self-employed, homemaker, retired and receiving a pension, working student in parttime work or in receipt of a disability benefit
- Has been a resident in the UK for at least 3 years
- Has a debit or credit card in their name, which is registered to their address, to pay the deposit where applicable
- Has a Bank or Building Society current account available – this is required to complete the direct debit instruction
- Has an email address to receive the important information throughout the application process, including their signed credit agreement
Who provides the bike finance?
Our trusted finance partner is V12 Retail Finance.
How Do I Apply?
For in store purchase, you can mention interest-free credit to the sales person, who will need a photo ID and your bank details. They will then go through the straightforward application with you. We are normally able to see if your application is successful straight away. If you are buying online then you simply select the ‘finance’ option at the Payment Information stage of the checkout. You can also purchase over the phone by calling us on 0345 257 0808.
How Quickly Will I Receive My Items?
Providing your finance application is successful, you can take your items home straight away. Or if you’re buying online, we’ll process your order and you’ll receive your goods in a few days.
When Will I Make The First Payment?
The first payment won’t be taken until the month after you’ve received your items.
Can I Pay Off The Bike Finance Early?
Yes, you need to arrange this with our finance partner, V12 Retail Finance, directly on 029 2046 8900.
Is It Possible To Return An Item If I Bought It Using Bike Finance?
Yes, V12 Retail Finance will take a few days to cancel your credit agreement and refund previous payments.
Can My Order Be Delivered To A Different Address?
Finance orders must be delivered to the address used during the bike finance application. If you live close to one of our stores, you can apply for finance in store instead.
Terms and conditions
- Interest-free credit (0%APR) is only offered on full price (MSRP) eligible bikes and products. Some exclusions may apply. A minimum deposit of 10% of the order value is required by either credit or debit card.
- V12 Classic Credit is available on discounted items, interest is charged at 15.9% APR representative and can be spread over 36 or 48 months. A minimum deposit of 10% of the order value is required by either credit or debit card.
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Edinburgh Bicycle Co-Operative Limited is authorised and regulated by the Financial Conduct Authority and is the broker and not the lender. Our firm reference number is 677173. Edinburgh Bicycle CO-Operative Limited offers credit products from Secure Trust Bank PLC trading as V12 Retail Finance. Credit is provided subject to affordability, age and status. Minimum spend applies.
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V12 Retail Finance is a trading name of Secure Trust Bank PLC.
- For full details of Edinburgh Bicycle Cooperative’s returns policy, please see here.
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