RICHMOND, Va. (6/23/15)--It's becoming ever more popular to ditch the car keys and opt for a bicycle as a main form of transportation.
But new bikes can often cost a pretty penny, especially for someone looking to purchase a higher-end model. Enter a number of credit unions who are offering bike loan programs to their members.
Take Virginia CU for example. The Richmond-based credit union offers bike loans for as little as $100 with an 8.49% APR. And, not only can the loan be used to pay for the bike, but also for the accessories that are purchased with it.
“We’re trying to make healthy transportation and exercise more affordable,” said Todd Feldman, vice president of marketing for Virginia CU. “Offering loans that can help our members more easily make their purchase more affordable, it’s an opportunity to connect with our members and potential members who are bicycling enthusiasts or even casual riders.”
Added Tim Mullins, from Richmond-based Carytown Bicycle Co.: “With every bike purchase we always remind the customer to look at the big picture. If you’re buying a bike you might need certain accessories like a helmet or bike lights. All these things start to add to the cost of the bike and things can get expensive.”
Take a look at some of the other iterations of bike loans credit unions throughout the United States are offering members: