Where To Look To Get Bicycle Finance in South Africa
If you’re serious about being a cyclist in South Africa, it is a hobby that can end up costing you a substantial investment. Between the bicycle itself as well as the accessories, gear and other necessities, you can be put back a substantial amount of money, which may be difficult to come by, or just be tough to do at this stage as a result of things being a little slower on the work front. This shouldn’t be a deterrent to joining one of the most inclusive and growing communities in the country, and luckily there are multiple financing options available to help you to make your first investment into what will become a lifetime source of joy. Today, we’ll explore some of the options for you to look at.
What is Bicycle Financing?
Bicycle financing refers to getting a loan, or lending money from an individual, organization, or other entities in order to gain a lump sum to pay specifically for bike related purchases. This allows you to pay off the amount at a slower rate and over time, although there will likely be some interest attached to doing so. Start first with the people around you, asking if anyone would be willing to loan you the money at no (or a low) interest rate, as often is the case with friends or family. If this isn’t an option, you can explore some of the more formal options, which likely involve banks or a financial institution.
Positive Sports Solutions
Positive Sports Solutions likes making high-end products available to the general public. In order to do so most effectively, they’ve started Positive Capital Solutions, specifically created to assist cyclists to buy the things they need to get them on the road. Providing financing to both businesses and individuals, the minimum contract value is R20 000 and enquiries can be done relatively easily via an online form. These guys offer competitive interest rates and are a better option to explore than your bank, especially if you need a loan of over R100 000.
Bicycle Finance SA
Bike Addict offers financing via Bicycle Finance SA, a division of Wozipo Capital (Pty) Ltd. The company has been around for almost two decades, offering finance to those funding a healthier lifestyle. They consider investments into the cycling community as an “asset” for a healthy lifestyle, offering extended financing terms of up to 36 months to make it easier to pay off in the long run. Their base loans start at R10 000 which can go towards bikes, gear, pedals, helmets and so much more. Even sunglasses have cracked the list, but be sure to go through their full list on the website to make sure that the products you have your eye on are covered.
Cycle Lab & Wesbank
Cycle Lab has struck a deal with Wesbank Finance to provide funds to help you ride your dream bike in the shortest amount of time possible. They’ve even gone so far as to help you to get an estimate of monthly payments by using an online tool on the site. Starting at R10 000 for a maximum three year term, their financing does come with some restrictions, including only being able to finance one bike per application, but considering that it is done through a reputable financial institution, there may be some additional red tape to get through to get your hands on the money. Explore bank financing as a last resort, and don’t just take out a random credit card to pay for your purchase, which will leave you paying back interest rates of over 24% at your own peril. Do your research and stay smart in your decision making, and the rest will take care of itself. Good luck!