A new option for folks needing a commute bike exists at local financial institutions in the form of micro loans.
Bikes are serious transportation, and a good, durable bike, properly outfitted for commuting can cost more than some folks have at their immediate disposal; a realistic figure would be $1650* Options to deal with this include layaway, though that means the rider only gets their bike when it is fully paid off. Credit cards are another avenue, but not everyone has one, and their interest rates are often sheer usury.
At least two local financial institutions, TwinStar Credit Union and TULIP Credit Union offer micro loans to help bike buyers afford the transportation they need today. <a href="https://www.twinstarcu.com">TwinStar</a> recently started their Green Means Go bike loan program. It entails an 11.99% rate for 12 months. Their promotional information provides an example that a $2000 loan would entail monthly payments of $177.72. Like all things, however, the program has its limitations. Only the purchase of the bike and sales tax qualifies -- not the accessories*. This leaves the would-be commuter to make up the rest of the amount on their own or with the help of a credit card company. What to do?
Perhaps <a href=""http://www.tulipcu.coop>TULIP</a> has a solution in their Personal Loan program. TULIP caters to low-income folks build and work with their credit histories. Their program provides for loan up to $2000, with no apparent limitations on how that money is used. TULIP's loan rate can vary according to the borrower's credit score. According to someone I spoke with there, this could range from 9.75% to 18%. So for folks with good credit, this program might really be the "ticket to ride."
* That figure would buy: A Jamis Coda Sport with: fenders, cargo rack, waterproof panniers, U-lock, head and tail lights, mirror, water bottle and cage, saddle pack for toolkit (including tire levers, patch kit, spare tube, multi-tool), pump, chain oil, plus a helmet and gloves for the rider. One could put together a package costing more or less, though this is a quality bike and accessories that will stand up to daily commute use (and just like for cars, city riding is tougher on bikes than long-distance riding due to all the starts, stops and shifting involved).
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- Larry Leveen
OlyBikes Locally-Owned Bike Shop
"Bikes, Parts, Repairs and GREAT Customer Service"
"Bikes, Parts, Repairs and GREAT Customer Service"
124 State Avenue NE
Olympia, WA 98501
Phone: 360-753-7525
(FREE bike safety & advocacy materials)
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