Compare bicycle personal loans
Taking out a personal loan to cover a bicycle purchase can be an effective way to help you pay for a high-quality bike at a more manageable rate. Savvy is partnered with a range of online lenders who can help purchase your bicycle at competitive rates. Compare personal loans here to help you save.
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|Wisr Unsecured Personal Loan|
Borrow between $5,000 and $64,000 with great low rates for excellent credit. Get a personalised rate estimate in 2 minutes that won't impact your credit score.More details
|Plenti Unsecured Personal Loan (Excellent Credit)|
Apply for an unsecured personal loan and enjoy low rates for excellent credit. With no early repayment or exit fees, there’s a lot to love about this loan.More details
|OurMoneyMarket Unsecured Personal Loan|
Apply for an unsecured personal loan between $2001 to $75,000 for a variety of loan purposes. Get a personalised rate estimate in minutes without impact your credit score.More details
|Harmoney Unsecured Personal Loan|
Borrow up to $70,000 with personalised rates and repay over 3,5 or 7 years loan terms.More details
Disclaimer: A comparison rate indicates the true cost of a loan. The comparison rate displayed for this advertiser is calculated based on a loan amount of $30,000 over 5 years and represents the effective rate on the loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
The features and benefits of bicycle personal loans
You’ll be able to compare low-rate personal loans regardless of the type of finance you choose, which can enable you to minimise the overall cost of your agreement.
The nature of personal loans is such that you can use them to purchase a bike (or several bikes) of any condition you like, from brand-new to broken for stripping parts.
Not only can you choose the term over which you repay your loan (between one and seven years), but you can also decide whether to pay monthly, fortnightly or weekly.
You can apply to take on a loan for whatever amount you might need, with loan sums beginning from just $2,000 up to the full price of a more expensive model (and beyond).
Why choose Savvy to compare your bicycle finance options?
Top tips for comparing affordable bicycle finance
Before you begin considering loans, you should always check to see that you satisfy your lender’s eligibility criteria. This prevents you from wasting any time in the comparison and application process with a lender or loan which you don’t actually qualify to take on. In general, you must be at least 18 years old, a citizen or permanent resident and be employed, earning a minimum of $20,000 to $26,000 annually. Borrowers must also hold a clean record when it comes to bankruptcies and defaults.
Interest is likely to be the biggest factor in determining how much your personal loan is set to cost, so it’s crucial that you compare them between lenders. The rate that you’re offered will be different to that of the next applicant, as it’s determined by factors such as your credit score and stability of employment and income. However, you can still gain an understanding of which loans are less expensive in this respect by looking at those which offer less costly base rates.
On top of your interest rate, you’ll also need to consider whether there are any fees charged on your loan agreement. These typically come in the form of ongoing fees of up to $10 per month and establishment fees of up to $595, meaning that they can potentially set you back hundreds, if not more, over the life of your loan. Fortunately, though, Savvy is partnered with lenders who can either disregard one or both of these fees to help you further minimise the cost of your loan.
Another fee that may be applied to your loan is for early and additional repayments. While it’s uncommon, some lenders will place a premium on allowing you to pay out your personal loan ahead of schedule. If you’re able to do so without incurring any fees, however, it can be a great way to slash the cost of your loan and add a great deal of freedom to your arrangement.
Finally, you should guarantee that the term over which you’re looking to repay your loan is offered by your chosen lender. It’s crucial that you’re able to make payments at a speed that suits you and your income requirements, while also looking to cut down on the potential cost of your loan. You shouldn’t simply settle for a length of loan which isn’t overly convenient for you or will end up costing you unnecessary money overall.