Bicycle Loans: Here’s A Nifty Guide To Getting Moving

Andrew Bell

Last updated: July 15, 2020

• 7 minute read

7 minute read

Can I get a loan for my bicycle? 

Trying to find a way to avoid traffic during your morning commute? Get a bike. Looking to squeeze some exercise into your busy schedule? Get a bike. Wanting to go green and reduce your carbon emissions? You guessed it, get a bike. No funds? Try Nifty’s bicycle loans!

For many, bicycles are the solution to many modern-day problems, although, being as simple as they are, one might think they also come cheap. Well, depending on what you’re looking for, you could be in for a surprise. Taking a hint from outside, a decent road bike can range anywhere from $500 – $11,000! We don’t expect you to dive headfirst into #lycrasquad, but a good bike will always make the experience better. Wanting to take the plunge but strapped for cash? Let Nifty help with a bicycle loan! You may be thinking “Nifty? Who?”, well, let us do some explaining first. 

Bicycles for dummies

First invented in Germany, 1817, bicycles were originally constructed from wood (wheels and everything), sported no pedals and offered no way to brake. It was essentially a Flinstone car… but a bike. We know, less than ideal. Since this time, they have continued to be re-invented;  some pedals here, tyres there and the all-important brakes somewhere along the way. Slowly but surely, bicycles have grown to become the main form of transportation for millions of people around the world. 

For most, a bicycle is a tool, a simple way to get from point A to point B. For others, it is a hobby, a fun excuse to get out of the house and put in some kilometres. But for the extreme, it is a lifestyle that involves a lot of shaka’s, trail riding and gruelling race distances. Depending on your preference, you’re going to want to look at a few different types of bicycles.

No Lycra Required: Road Bicycles

Arguably the most common type of bike, the road bicycle boasts a sleek build, slim tyres and dropped handlebars; these machines offer the perfect balance between speed and efficiency. If you are fortunate enough to live in a city with ample road and bikeway infrastructure, road bicycles provide an enjoyable, exercise packed and low-emission commute to work or wherever you’re headed. Now, we know what you’re thinking “Aren’t these bikes dangerous?”, well yes, but also no. As with everything, so long as you’re responsible, follow the road rules and use common sense, cycling can be one of the safest modes of vehicular transport. 

Apart from being grouped with lycra-wearing middle-aged dads, there are few catches in getting a road bike. For one, road bicycles cannot be taken off-road. Their slim wheels and light frames cannot endure the rough terrain of off-road environments. So if you’re looking for an all-purpose bike, this option may not be the one. Along with this, they do not come cheap. A decent road bike will set you back anywhere between $500 to $11,000. Although, If we’re being realistic, this amount will likely fall between $500 and $1,500 if you’re a beginner.

Life On The Edge: Mountain Bicycles

Along with being the choice of trail riders and mountain bombers, mountain bicycles are perfect for those looking for a little thrill in their ride. With a sturdy frame, wider wheel-base and in-built suspension, mountain mikes are meant to be thrown around. Although designed for trail riding, you can think of the mountain bike as the ‘jack of all trades’. Feel free to take it just about anywhere; whether you’re hitting the road or shredding the trails. 

Being significantly heavier than other options, mountain bikes should only be purchased if the main intention is to take it off-road. To hit this home, the price of a good mountain bicycle can be eye-watering. However, this can differ significantly depending on what you’re looking for. If you’re looking at simple trail riding, meaning not much impact, you could get away with getting an el-cheapo for $200 to $500. Although, if you’re looking at taking it seriously, the average cost of a good mountain bike falls between $2,000 to $3,000. Again, eye-watering. 

Chill Pill: Cruiser Bicycles

If super-fast speeds, crazy hills and dirty trails isn’t your style, maybe you’ll like what a cruiser bicycle has to offer. With a large and comfortable seat, ‘balloon’ handlebars and an elongated frame; cruiser bikes are the easy, and sometimes fashionable, alternative to road bikes. Being what they are, cruiser bikes are primarily used for short commutes and errand running where the terrain remains fairly flat. As they generally only have one gear, taking on hills will be an effort.

The most appealing part of the offer, however, is their price. Due to both the simplicity and materials used in construction, cruiser bicycles work out to be the cheapest of the bunch. When buying a competent cruiser,  you can expect to pay around $200 to $400 for this type of bicycle. How good is that?! 

Bicycle Loans: Choose Nifty

Nifty is a 100% online Australian lender looking to make a difference. We offer loans to everyday Australian’s looking for almost anything! Need a bicycle loan? Sorted. What about home repair loans? Too easy. And rental bond loans? We got your back. 

The loans we offer range from $300 to $10,000 with repayment terms of 6 to 24 months depending on the loan amount. If you choose to submit an application within regular business hours, you could have an answer within 60 minutes! If you’re approved, you could even have the funds in your account instantly after signing the contract!* So, whether you’re in store for a little pick-me-up or something more substantial, Nifty has the loan for you. 

How do I know if I am eligible for Nifty Bicycle Loans?

Before you apply for your bike loan from Nifty, you should check that you meet our minimum eligibility criteria. Don’t stress, there are only a few basic criteria you need to meet! That’s because we like to keep things simple. Just make sure you:

• Are over 18 years of age
• Have received a regular income for the last three months
• Had your income paid into personal bank account accessible via internet-banking 
• Have both an active mobile number and email address 
• Are an Australian citizen or permanent resident 

So, you meet the basic criteria? That’s Great! You can scroll on up and submit an application for your bicycle loan now!

But what if I have bad credit?

So you might also be wondering, what if I have bad credit? Can I still be eligible to apply for a bike loan? Here at Nifty, we pride ourselves on being different. We take a fresh approach to lending. This means we can still look to approving a loan for you even if you have bad credit. How might you ask? Well, rather than base our assessment solely on your credit file like some lenders, we will also look at your recent bank statements and payment history. This enables us to look at your current relationship with money and get a full picture of your current financial situation. Nifty right! 

Does that mean you offer no credit check loans?

Nifty is a lender that offers bad credit loans, however, as a responsible lender, we will still perform a credit check. But don’t worry! Your credit file is not the only thing we look at. We don’t think one credit default from years ago should necessarily block you from all credit! We will look at the whole picture before providing you with an outcome. So if you were looking for no credit check loans for your bicycle, Nifty might still be right for you!

Who is this product for?

Ride your Nifty bicycle today!

Fallen in love with a bicycle? Need a little help financing this new venture? Apply for one of our bicycle loans! With Nifty, you can apply for loans of $300 to $10,000! We could help you hit the road or the trails with a brand new bicycle. 

If you have unanswered questions about our service, you can head to the FAQs page and see if the answer is waiting for you.

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*Only available for NPP enabled accounts