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Author Topic: You can finance your BIKE!  (Read 4262 times)

Bikes in a dress

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You can finance your BIKE!
« on: May 16, 2014, 11:17:18 PM »
Today was bike to work day, and while I don't generally make a big deal of it, since it's just another commute to the office, I was looking to score a free bike seat cover. I was pretty psyched when I found a booth giving them away, only to be completely shocked when I saw what it was advertising. BIKE LOANS! Yes, you can finance your bike: http://www.veritycu.com/loans-credit/loan-products/bicycle-loans.html. Loans range from $500 to $7500, at a 6.25% interest rate. If you are financing a $500 bike, you've got some serious problems saving money. And if you're paying $7500, you're paying twice as much as my van is worth. Either way, face punches all around.
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johnintaiwan

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Re: You can finance your BIKE!
« Reply #1 on: May 17, 2014, 06:21:17 PM »
It looks like their bike loan has the lowest interest of all their loans (excluding the secured loans). Much better than the rates for their personal or computer loans. Wait. they have computer loans!?
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AH013

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Re: You can finance your BIKE!
« Reply #2 on: May 17, 2014, 07:50:55 PM »
Quote from: johnintaiwan on May 17, 2014, 06:21:17 PM
It looks like their bike loan has the lowest interest of all their loans (excluding the secured loans). Much better than the rates for their personal or computer loans. Wait. they have computer loans!?

Reminds me of the old blue hippo.  Pay us $140 now and $40 a week for 3 months, and then, since you've already given us over $600, we'll send you a cheap-ass $300 desktop computer....as long as you keep sending us $40 a week for the next 9 months so we get $2,000 out of you.
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johnintaiwan

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Re: You can finance your BIKE!
« Reply #3 on: May 17, 2014, 10:40:35 PM »
I remember those blue hippo commercials in between ads for class action law suits, pay day loans, and "career" colleges. How I miss college life, getting drunk watching day time tv.
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sassr

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Re: You can finance your BIKE!
« Reply #4 on: May 19, 2014, 07:18:50 AM »
Maybe this isn't the most anti-mustachian thing because a bike can pay for itself rather quickly if you ride it to work every day.  If you were broke, but had a job, I would approve of borrowing money to buy a bike for the commute.  True, the $7,500 is ridiculous, but if someone borrowed $1,000 and got years of healthy and free transportation out of it, then I think that would be a good deal even at 6%.
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Vorpal

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Re: You can finance your BIKE!
« Reply #5 on: May 19, 2014, 08:33:47 AM »
Quote from: sassr on May 19, 2014, 07:18:50 AM
If you were broke, but had a job, I would approve of borrowing money to buy a bike for the commute.

Agreed. Then pay that sucker off early and enjoy years of nearly free transportation!
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Insanity

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Re: You can finance your BIKE!
« Reply #6 on: May 19, 2014, 08:45:11 AM »
Quote from: Bikes in a dress on May 16, 2014, 11:17:18 PM
Today was bike to work day, and while I don't generally make a big deal of it, since it's just another commute to the office, I was looking to score a free bike seat cover. I was pretty psyched when I found a booth giving them away, only to be completely shocked when I saw what it was advertising. BIKE LOANS! Yes, you can finance your bike: http://www.veritycu.com/loans-credit/loan-products/bicycle-loans.html. Loans range from $500 to $7500, at a 6.25% interest rate. If you are financing a $500 bike, you've got some serious problems saving money. And if you're paying $7500, you're paying twice as much as my van is worth. Either way, face punches all around.

That 6.25% is a hell of a lot cheaper than the 20+% credit card companies charge...

Just saying.
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frugaliknowit

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Re: You can finance your BIKE!
« Reply #7 on: May 28, 2014, 02:57:27 PM »
The banks and retailers collaborate to make more money and sales...

Don't do it...buy a beater bike if you don't have any money....
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odput

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Re: You can finance your BIKE!
« Reply #8 on: May 29, 2014, 06:03:44 AM »
Quote from: frugaliknowit on May 28, 2014, 02:57:27 PM
Don't do it...buy a beater bike if you don't have any money....

hehe..."beater bike" that's a funny term considering I bought my bike brand new for a whopping $300

Obviously not the fancy shmancy kind, but it gets me around town just fine
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Wow, a phone plan for fifteen bucks!