Wednesday, March 31st, 2010 at 1:41 pm in Uncategorized.
A lot of commuters get car loans to pay for their vehicles, but what about bike loans to finance two wheelers? A neighborhood credit union in San Francisco offers bike loans much like car loans.
Read here about the program described in the San Francisco Appeal, an online newspaper.
Bikes are expensive. A buyer can easily spend $500 to $800 for basic models, and more for higher performance ones. So it makes sense that a financial institution would offer bike loans with lower interest rates than a consumer would pay with a credit card purchase.
I hadn’t heard of bike loans before, but I’m not surprised to hear they are popping up. Transportation, pollution and city planners talk a lot these days trying to create less congested and polluted communities friendlier to cyclists and pedestrians.
It also doesn’t surprise me to hear about bike loans offered in San Francisco, a compact and densely developed city where you see many bike commuters pedaling round. Some ride in business suits and some in blue jeans.
To be sure, there are bike commuters in the suburbs like Danville, where I live, and Walnut Creek, where I work, but I don’t see as many as in San Francisco and Oakland.
Different credit unions offer different loan programs in tune with the interests of their local members. Maybe more will offer bike loans as an incentive for people to try cycling for commuting or recreation.