Last Updated on January 29, 2024 by Igor Karni
Getting financing for your electric bike if you’re an American is somewhat more convenient than you think, especially if you thought you had minimal options available.
Admittedly, what you can avail of may not be as exhaustive as the ones in European countries like the UK, but most of what’s up for grabs can already provide you with satisfactory terms – as long as you take the time to search and consider what they have to offer.
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Also, unlike in most countries, you can actually choose from a variety of credit card options offered by premier banks in the country. There are also a number of e-bike stores across the US that have partnered with financial services and finance-tech companies in the country to deliver highly attractive interest-free financing through their online financing programs. That’s not to say that these are all your options, though.
Given that you probably want to know all the options available to you, we have taken the initiative to gather all the information regarding this topic in this single post. This way, you’ll be able to save time and effort scouring for them online.
Read also: Top trusted electric bicycle brands in the USA. And, Best specialized e-bike insurance companies in the USA.
Requirements to be Eligible for E-Bike Financing in the USA
To be eligible for financing, you normally have to meet the following requirements. Do take note that these are not absolute and are prone to vary depending on the company. The following are the factors that most options take into consideration:
- Age – you must be 18 or 19 years old or older (varies per state).
- Proof of a valid U.S. address.
- Your present economic conditions.
- Credit score based on payment history within a given platform and how long you have had an account with it.
These are, at best, the sole common denominators of most e-bike financing options you can avail of in the US. Certain financial services might require a primary government-issued ID and a secondary ID. A few will immediately make it clear to you the exact household income threshold (e.g., it must not fall below $78,000) you must meet in order to be eligible.
Read also: Check out USA best travel destinations by electric bike.
Others will provide more specific conditions, as in the case of local e-bike loan programs where you will only be granted a loan for purchasing an e-bike for work purposes.
You should also be mindful of certain regulations in your state because not all of these options are actually available in all the states in the US. As an example, Affirm actually isn’t available to West Virginia and Iowa residents.
Always be mindful of these variables when deciding which option to go for. It’s the only way for you to make sure that you’ll be getting the most ideal terms for your needs and purposes.
How Application Usually Goes
Normally, as in the case of popular financing options like Synchrony (which is a staple in most retailers), you will have to fill out an application form that is similar to a credit card application. This can conveniently be done online.
Once it has been processed and approved, the retailer will acquire the money from the said financing company, and the e-bike will immediately be released to you. In most cases, an interest increase only begins to apply if you miss any payment.
Read also: Do you need a license to ride an e-bike? And, Do you need insurance to ride an e-bike?
Regarding Pre-qualification
Most US e-bike stores partner with Affirm Financial for their customers. Know that the company often “prequalifies” most of their applicants first before approving them. Most borrowers who prequalify will be able to receive an estimate of how much they can borrow. Affirm makes it clear that there’s no need to borrow the full amount that will be assigned to you.
Do take note that prequalifying does not necessarily mean your application will have a 100% chance of getting approved (i.e., you’ll be able to borrow the pre-qualified amount). Certain factors like your payment and borrowing behavior and history in the platform might affect the approval (or disapproval) of your loan application.
Leading E-bike Financing Organizations in the USA
| Affirm |
| Bread Financial |
| EasyPay Finance |
| Klarna |
| Mariner Finance |
| Paypal Credit |
| Progressive Leasing |
| QuadPay |
| Snap! |
| Splitit |
| Synchrony |
| Variant Financial |
E-bike Financing by Type of Financing Available
| Type of Financing | Options Available |
| Financing by E-bike Brands | Canyon (via Affirm and Paypal Credit) Evolve (via Synchrony and Paypal Credit) Giant (via Affirm) Magnum Bikes (via Bread) |
| Financing by E-bike Retailers | All Around E-Bikes (via Klarna) Bend Electric Bikes (via Synchrony) Bicycle Warehouse (via Affirm, Splitit, Paypal Credit, Snap!, and Synchrony) Bike Attack (via Affirm and Synchrony) eBike Generation (via Paypal Credit, Klarna, and QuadPay) EBikes Hawaii (via Synchrony) Electric Bike City (via Paypal Credit) e-Boom Electric Bikes (via Mariner Finance) Electric Bike Plus (via Paypal Credit and Klarna) Electric Cycling House (via Paypal Credit, Klarna, and Synchrony) Global Bikes (via Synchrony, Progressive Leasing, and EasyPay Finance) Greenpath Electric Bikes M2S Bikes (via Variant Financial) Mike’s Bikes (via Affirm) New Wheel (via Synchrony) Summit E-bikes (via Affirm) Urban Bikes Direct (via Paypal Credit and Klarna) US E-Bikes (via Synchrony) World of E-Bikes (via Klarna) |
| Bank Financing | Chase Bank Citibank |
| Other Financing Options | Local E-Bike Loan Programs |
Financing by E-bike Brands
A number of American and international e-bike brands in the US offer direct financing for their models with the help of Affirm, Synchrony, Bread, and Paypal. One benefit that these brands provide is that they cater to riders who only want to buy from them directly but want to spread their payment. There are four brands that offer this, and most of them are fairly well known.
It should also be noted that there are a few brands that accept credit cards as payment methods.
- Canyon – Canyon offers credit cards, Affirm, and Paypal Credit as financing options. Credit cards accepted include Visa, AMEX, and MasterCard. As for payments made via Affirm, APR ranges between 0% to 30% based on loan term duration.
The buyer can choose 6, 12, or 24-month terms. Take note that Affirm financing is only available for purchases amounting to $2,000 or above only. Paypal Credit can also be used, with its perk being that the amount you can spend has no upper limit.
- Evolve – Through Synchrony Bank, Evolve offers 0% APR if paid in either 6 to 12 months, with zero pre-payment penalties. Paypal and credit card options are also available for Visa, MasterCard, Discover Network, and American Express cardholders.
- Giant – Purchases over $1,000 can gain 0% APR Affirm financing. Rates rise up to 30% for term durations ranging between 3, 6, or 12 months. Prequalification applies.
- Magnum Bikes – You can choose from 6, 12, or 24 monthly payment terms with 0% APR possible if paid in full within six months. Otherwise, 7.99% or 29.99% APR applies to 12 or 24-month terms respectively. The brand uses Bread, which is fairly new but just as reliable as Affirm and Synchrony.
Financing by E-bike Retailers
Like in most countries, the US hosts a good number of retailers that also extend financing to their customers. And what’s good is that a lot of them make financing available online — thanks to the convenience provided by Synchrony Bank and Affirm, which also happen to cater to online applications.
That said, you won’t be wrong to assume that you’ll be able to get the right kind of financing you want from most of the retailers included in this list. In fact, opting for retailers if you want to spread your payment is the most recommended choice because they have no shortage of the best local and international brands’ models.
- All Around E-Bikes – This retailer follows Klarna’s “buy now, pay later” scheme that allows you to pay in 4 interest-free installments. You can use the Klarna App to apply for monthly financing and choose your own payment plan. Another benefit of Klarna is that most applications are processed with lightning-quick speed, so you’ll know immediately whether you were approved or not.
- Bend Electric Bikes – Uses Synchrony’s services to offer 0% APR if paid in full for 12 months. This applies to purchases amounting to $1,000 or more. However, do take note that this is only available to single-receipt qualifying purchases, and the interest will be assessed if payment is not made within the said 12 months. New accounts will have a purchase APR of 29.99%. Incidentally, this retailer also accepts Specialized credit cards, which are also powered by Synchrony Financial.
- Bicycle Warehouse – Retailer that offers up to 5 financing options, making it one of the most versatile in this list. Choosing Affirm will give you the standard 10-30% APR, determined by loan terms that last for 3, 6, or 12 months. The next one is a Splitit credit card, which always applies 0% interest — with no late fees charged.
As for Paypal Credit, purchases totaling $99 and above can enjoy zero interest if paid in full within 6 months. Their Snap option, on the other hand, can finance purchases up to $3,000 while forgoing any credit check. Lastly, this retailer also uses Synchrony’s Freedom to Ride card, which gives you the perk of 0% interest for 12 months.
- Bike Attack – Los Angeles residents can avail of Affirm or Synchrony financing. For as low as $500, you can enjoy interest-free if paid within the term duration via Affirm. Synchrony also provides zero interest through its Freedom to Ride program if paid within 3-12 months.
- eBike Generation – Financing is divided between Klarna, Paypal, and QuadPay, with standard rates and terms (as mentioned above) applying to purchases made with the first two financing options. As for QuadPay, it involves 4 interest-free payments made within 6 weeks. You will be charged 25% of the total purchase amount after checkout then you will have to pay 25% for every 2 weeks thereafter. This offer is only available for purchases totaling $2,000 and above.
- EBikes Hawaii – This store uses Synchrony Financial to offer the standard deferred interest program that imparts 0% interest for purchases paid within 12 months. The fixed payment is also available, which extends the loan terms to 36 months but with a static 9.99% APR.
- Electric Bike City – Offers Paypal Credit and the standard promo of no-interest for $99+ purchases paid in full in 6 months.
- e-Boom Electric Bikes – Via Mariner Finance, you will be able to avail of free financing for 90 days, assuming you do not miss a payment. Interest rates are based on credit score and personal economic situation.
- Electric Bike Plus – Two options are available, namely: Klarna and Paypal, with standard loan terms for both.
- Electric Cycling House – Has 4 main financing options. Paypal Credit and Klarna terms are the same as the ones in other retailers mentioned here that use them. If you choose Synchrony, you’ll have to make a purchase of $999 or above first, for which you can enjoy 0% APR for 12 months.
- Global Bikes – You can avail of deferred interest financing on sales for $500 or $1,000 and above, for which you can enjoy 0% APR for 6 months and 12 months, respectively. Purchases cannot go above $7,500.
If you go for Progressive Leasing, on the other hand, you have to make sure your purchases don’t exceed $2,500, and it has to be a minimum of $350 – all payable within 90 days without further interest increase.
The third option is EasyPay Finance which is slightly similar to Progressive Leasing, though a credit check is done first. It offers a 90-day interest rebate, and payment terms can range between 12 and 24 months.
- Greenpath Electric Bikes – Retailer that services New York (including most of the main boroughs), New Jersey, and Connecticut. It offers its own financing but does not readily reveal details about it.
- M2S Bikes – Through Variant Financial, you can avail of 0% APR if paid fully for 6 months. Otherwise, you can choose a static 14.99% APR to spread the payment from 6 to 60 months.
- Mike’s Bikes – Offers the standard 0% APR terms provided by Affirm.
- New Wheel – New Wheel, through Synchrony financing, lets you choose between a 6-month or a 12-month term with zero interest. The former is available for purchases under $2,000, while the latter is for those above the said amount.
- Summit E-bikes – Uses Affirm with rates starting at 0% to 30% APR for terms that last for either 3, 6, or 12 months.
- Urban Bikes Direct – With Klarna, you can spread up to 12 months with 0% interest. This can be extended up to 18, 24, or 36 months, for which a 9.99% APR will be applied. Another option is Paypal Credit, which has its standard term of no interest within 6 months.
- US E-Bikes – Get 0% APR for up to 12 months via Synchrony. A credit check is required.
- World of E-Bikes – You can avail of Klarna’s programs like the 4 zero-interest installments and the 36-Month Plan, which lets you spread the cost; the APR range for this case is between 0% to 29.99%.
Financing by Banks
Some US banks keep their doors open to e-bike riders looking for financing, making them a viable option. You can, for instance, apply for the 0% APR credit cards (Chase Slate or Citi Simplicity) offered by either Chase Bank or Citibank. What’s very attractive about owning these cards is that you can enjoy 0% APR with them for up to 18 months.
Other Financing Options
Unlike in other countries, the US does not have auxiliary financing options readily available — at least, none that are known on a wide-range scale.
There are programs that include borrowing the actual bike for a specific period of time, like this traveling e-bike library program in place for Vermont residents, but it’s not directly connected to financing. If you happen to be interested in loaning e-bikes and are a Vermont resident, though, then you might find it helpful.
Read also: What are the rules & regulations for electric bikes and speed e-bikes in the USA? And, Best known e-bike brands in the USA.
A few words in conclusion
American e-bike riders can definitely take comfort in the fact that they have a lot of financing options to choose from. And most of them make it easy to spread payments without incurring additional interest whatsoever.
Given that most e-bike models in the country are pricey enough as they are, it would be smart to seize the undeniable opportunities they provide for making the most out of your money while still enjoying the models you’ve always dreamed of riding.
Read also: Ever considered offering e-bike as a gift? Or gifting one to yourself? Check out our suggestions – in this e-bike gift guide.
Igor is a sustainable mobility and green energy advocate. His mission for Easy E-biking is to help make electric cycling simple, practical, and fun. Follow him on Facebook and LinkedIn.
