Many people new to the electrically powered bicycle often wonder about its commute benefits. Another aspect that people want to know about is electric bike price. Individuals who have decided to alternate vehicles with e-bikes wish to know how much it costs to own one. If you belong to this category, or you have carried out adequate research, you will realize there are several payment plans when buying an e-bike. Some vendors only permit customers to pay once, while others including Honbike accept installments.
E-bikes are not cheap, making it challenging for low-income earners to own one. Fortunately, government and transport agencies offer incentives to citizens to encourage the use of e-bikes among a large population. The measures include discounted prices, loans, installment payments, and many others. As a result, vendors are also implementing this flexibility when selling e-bikes to customers. However, why do many people buy e-bikes on installment when they can choose other payment options? This article states the most popular reasons for installment payments, among several others.
Benefits of Buying E-bikes on Installment
Since there is a high rise in the number of people purchasing e-bikes on installment, some factors contribute to the growth. The installment payment benefits are further discussed below.
You Can Make Big Purchases
Truthfully, a large percentage of society cannot afford the high cost of purchasing an e-bike. Most high-quality and tasteful e-bikes cost nothing less than $1000. Meanwhile, not everyone can be patient enough for the profit on long-term investment. Hence, if you choose your finance plan wisely, you can beat down your cost-effectively with installment payments.
Intending users can also check the incentives provided by the federal government. However, you may need to check with your local vendor if you are eligible for these offers or not.
It Allows Users to Plan Their Monthly Expenses
How much can you allocate to e-bike purchases from your monthly income? You can spread the bill if your salary is not buoyant enough to buy an e-bike. It helps you to plan your monthly expenses appropriately while making room for unplanned purchases. Also, it is more convenient when you analyze your budget. Make sure you draw out a financial plan concerning your transportation system.
It's Easy to Budget
If you're making purchases over a fixed period of time (like 6 months), you know ahead of time how much you'll pay each month and can budget accordingly. However, be sure to do the math before accepting an installment agreement to ensure you can afford to pay.
Installment Gives You the Flexibility to Manage your Finances
If you have the funds, you can always buy and pay in full. But you don't want to completely drain your cash on hand, right? By choosing to pay in installments, you have the flexibility to own an e-bike worth thousands of dollars without having to tap into your cash reserves, which are always wise in this day and age for emergencies and unforeseen events.
You Can Better Track Your Finances
With the payment term option, you can spread out your payments and manage how much you need to pay each month. Add this to your daily spending and you'll know your overall spending clearly- whether or not you're within your monthly allotment. Thus, making it easier for you to control and track your finances.
Choosing the Best Installment Option for Your E-bike
To buy your e-bike in installments, you must select the best finance provider. Hence, compare the interest rate of every available option. Ensure the interest payment is flexible enough and more cost-effective than a one-time payment. On the other hand, some financial services do not incur interest on e-bike installments. They give an individual a stipulated time to split the fee. When the payment is overdue, it can then incur interest. Also, some interest rate increases as the payment deadline exceed. This is why it is expedient for e-bike users to choose a flexible payment plan as much as possible.
Research has revealed that many people have been scammed with the installment payment option. Hence, you need to possess your electric bike before paying for it. If your financial provider insists on getting a full payment before releasing the e-bike to you, you may want to consider another provider. Meanwhile, a reputable service provider will request correct and detailed contact information.
You can also choose to pay with your credit card to access some extra benefits attached to it. Sometimes, a cash provider will provide users additional benefits such as a cashback. You can also decide to pay your interest rates with your credit card, then promise to pay the total capital afterward.
Can I Invest in an Electric Bike?
Buying an e-bike on installment is a form of investment. E-bike value does not depreciate, and you will worry less about extra expenses such as gas and maintenance fees. However, usage also contributes to the rate of benefits you get from your e-bike. If properly maintained, you can resell your e-bike at a higher price in the nearest future. It is also less expensive than vehicle maintenance and public t-fares. E-bikes may not be the best option for a short-term investment, but you will get a huge return when you implement a long-term investment goal.
Charging your e-bike is quite simple and inexpensive. Some countries have charging areas along the road that allow riders to power their e-bikes within a short time. It is a better investment when you own an e-bike with a dual battery component. For instance, the HF01 product from Honbike is built with removable battery. Hence, you can invest in this to quickly replace a run-out battery power with another battery.
Should You Buy E-bikes on Installment?
The eligibility for e-bike installment varies with a person's country and the service provider. In most cases, an individual must have reached the legal age of owning an e-bike before being granted an installment payment option. Meanwhile, when choosing to pay in installments, be sure to plan your monthly expenses, otherwise, you may cause unnecessary losses due to overdue payment
Honbike Financial Installments Service
Nowadays, most e-bike manufacturing companies offer installment payment options, including Honbike. Users have the privilege to split their e-bike into six months with zero interest rate. It is less common to see manufacturing companies allow installments with zero interest. Currently, we accept PayPal installment, and will expand more payment mode in the near future.
You can also enjoy some flexible offers provided by Honbike if you do not want installment payments. Honbike provides free shipping of the HF01 to European countries. The e-bike costs about €1.999 00 with VAT inclusive. Also, buyers can enjoy €400 off the price for ordering two e-bikes.
Installment payment is a flexible form of e-bike purchase that allows users to own one without losing much money. Also, installment payments allow you to spend your money on other living expenses while commuting with a fast and easy mode of transport. Confirm that your vendor provides the installment payment option before placing an order.