Publish Date - September 20, 2022
Author: Staci Bailey
4 Financing Options for Electric Motorcycles
Here are four financing options for electric motorcycles: personal loans, home equity loans, car manufacturing companies, and government programs.
The rise of the electric vehicle market has been signaled by the recent uptake of clean energy, alongside rising concerns against climate change. The over-utilization of petrol and diesel-powered fuels to power locomotives continues to be challenged and revisited, as governments, non-profits, and for-profit organizations seek to maximize clean energy usage – specifically electric energy.
And motorcycles have not been left behind. Today, more than ever, we have a wide variety of electric motorcycle brands – Super Soco, Energica, Zero, Lightning, Sur-Ron, Verge, Zapp, and Newron. The rise of electric motorcycles has signaled a new change.
Today, most motorcycle lovers want to try out electric motorcycles. But even as they consider changing from diesel-powered or petrol-powered bikes to ebikes, it's critical to consider the transition cost; and the reason to examine several financing options.
So, if you’re an aspiring ebike lover, this post examines different financing options.
Here are four financing options for electric motorcycles:
1. Personal loans
One option for e-bike financing is through a personal loan. Many credit unions and banks offer personal loans for purchasing electric bikes. The interest rates for personal loans are often low, making them suitable options for those who want to acquire electric motorcycles.
The benefits of financing your e-bike using a personal loan include:
- You can make a big purchase. That means you can buy an expensive or premium quality ebike easily and affordably.
- It allows you to plan your monthly expenses. Another benefit of personal loans is the ability to plan for your monthly expenses.
- It is easy to budget. If you're making fixed payments on a fixed period of like seven months, plan how much you'll pay each month. But, ensure you do due diligence and calculate how much you'll pay each month.
- Tracking your finances. A personal loan allows you to track your finances and expenditures. The flat rate installments allow you to know exactly how much you've paid over a certain period.
So, personal loans remain the most accessible, affordable, and trusted financing option for e-bikes.
2. Home equity loan
Another popular way to finance your ebike is through a home equity loan. If you have equity in your home or office, you may be able to get a loan from that equity to finance your motorcycle. Surprisingly, the interest rates on home equity loans are usually lower than those of personal loans, making them more attractive financing options for your electric bike.
3. Electric bike manufacturers
Many electric bike manufacturers offer affordable and accessible loaning options on their products. Many of these manufacturers offer affordable and lower interest rates than contemporary credit unions, making it cost-effective to buy a bike.
Several electric bike manufacturers offer affordable loans and flexible interest rates to aspiring ebike owners. These companies leverage firms like Klarna and Affirm with very reasonable interest rates. So, these companies are excellent options if you want to pay for your bike in installments.
Another thing to remember when acquiring your ebike from a manufacturer is that you'll need to make a down payment. The down payment is a commitment that you're serious about buying the bike and you'll eventually pay it off.
Finally, it's critical to compare the rates offered by different ebike manufacturers to make the best decision. Always use a payment calculator to ensure you get the best deals from a variety of financing options.
4. Government programs
Some government programs offer financial assistance for the acquisition of electric bikes. These programs aim at offsetting the cost of electric bikes, making them affordable for citizens who want to cut their carbon footprint.
So, governmental engagement and commitment toward reducing carbon emissions continue to make it affordable for citizens of goodwill to own electric bikes and become part of the sustainability dream.
Government programs, similar to manufacturing company loaning options, have different terms and payment rates. So, ensure you compare different governmental program financing options to secure the best deal.
Can I Get Ebike Financing with Bad Credit?
You may have a difficult time financing your ebike with bad credit. Many credit unions and banks will not offer loans to people with bad credit.
So, one great option to finance your electric bike with bad credit is through a payday loan. These are short-term loans with higher interest rates. However, these loans can be great options for people with poor credit scores who need quick cash.
Knowing how to finance your ebike means exploring the status of your credit card and ensuring that you have a credible status that can warrant a loan.
myAutoloan Financing – Transitioning Towards Ebike Financing!
myAutoloan is a trusted financing partner for vehicles and motorcycles. myAutoloan offers affordable and accessible loans specifically tailored to your credit needs.
One great thing about myAutoloan is the ability to extend affordable loans to people with bad credit. In addition, you can compare up to four options from lending partners in a matter of minutes.
myAutoloan online calculator lets potential buyers or car owners access lucrative loaning and financing options.
So, how does the process work?
- Fill out the site’s short online order form
- We match you with potential lenders – and get up to four offers
- Receive funding within twenty-four hours.
- Use the funding to purchase the motorcycle you want
- You can even refinance your current car or motorcycle loan
At myAutoloan, we believe that comparing different financing options is the best way to finance your ebike. That's because by comparing many options, you have multiple choices – you can look at discrete options side by side, and make an informed decision.
Also, by comparing different options, you can access flexible low rates. That's because the first deals you get aren't necessarily the best. Comparing allows you to access flexible low rates.
By comparing different loan options, you can access one even if you have a bad credit history. So, if you need a motorcycle loan and have bad credit, you may want to fill out as many loan applications as possible.
When you submit one offer form, you can view up to four different auto loan options as soon as possible with myAutoloan.
Contact myAutoloan to access affordable, trusted, and speedy ebike loans.