Think Ivanhoe discussion

I haven't heard of loans for bicycles before and find it an interesting idea. Are there any banks locally that offer this sort of service? What do you think of the idea?

Have not heard of this before. However, it makes sense to me if we are focused on sustainability.

Diana wrote: "Have not heard of this before. However, it makes sense to me if we are focused on sustainability."

It seems like it would make sense if someone wanted a higher end bike. I would think that would make it more worth the banks while, although my bank has gotten into the payday loan business, though they don't call it that, so maybe any interest is worth their while.

I would have to look into it but the new First Green Bank going up on 17-92 may offer bike loans. They are an environmentally focused bank and I know they do specially structured loans for homeowners wanting to purchase solar panels for their homes. It doesn't seem like a far stretch that they might also do bike loans as a way to support "green" transportation.

Kyle wrote: "I would have to look into it but the new First Green Bank going up on 17-92 may offer bike loans. They are an environmentally focused bank and I know they do specially structured loans for homeowne..."

My bank is Regions and you would think they would be into it with their green bike campaign. I didn't see anything on the site, but I'm going to ask!

Several years ago I bought a mountain bike on a zero interest loan from Orange Cycle. The credit was extended by Trek. So your best bet if you're looking at one of the larger shops is to go through the shop. Though it's probably one of those things where you can only get the loan if you don't really need it. It's basically a credit card with no interest for the first year; speaking of which you could go get one of those if the shop doesn't offer it and you have good enough credit. Even on the high end of commuter bikes in the 1,000 range, this would really be a micro-loan for a bank and they won't consider the bike collateral so I wouldn't be surprised if they were reluctant to take the time to issue it.

That said, I wouldn't really recommend a loan for a bike. One of the great things about biking is that you can get out of the auto-loan loop and get closer to self-sufficiency and economic & ecological sustainability. You can buy a decent used bike to get you short distances for price of a few tanks of gas and a pretty nice bike for $500 - 600; far less than the down payment on most cars.

I rode for five years on a bike I bought used for $80 and tuned up for another $70 and it worked fine (with regular maintenance). If you're tight on cash you can do a lot of maintenance and upgrades yourself with a little help from youtube. Though it's nice to have a professional take care of it if you can afford it and you're not a major hobbyist you since they have better tools.

While I'm a huge fan of good quality bikes rather than the walmart variety, taking out a loan to get a fancier bike doesn't seem very financially sustainable to me! I also think that once someone rides for a little while they'll have a better of what they want in a nicer bike that they're going to lay out serious cash for.

The bike share thing is big in NY I believe.