Electric Bike Financing Options for Seniors on Fixed Incomes | Payment Plans for E-Bikes & More

Right here, I've got two of our most popular e-trikes for seniors. Our Simple Glide Fat Tire 750 watt and our Easy Transit 750 watt folding e-trike. So we get a lot of questions about not only getting loans to buy e-trikes but also grants, and also insurance that will cover the purchase of an electric tricycle. Now, our electric trikes are not medically approved, so they're not on a Medicare or Medicaid list as something that you can be reimbursed for. Now we're trying to look into that, but it is very difficult to get that approval with these types of devices. So again, something we're looking into. Now, other organizations out there do offer grants or fund seniors. A local senior center could be a good place for you to reach out to and see if they offer programs in the community where they may buy transportation devices for specific seniors.

All right, so let's say you're in the market for an electric bike and you're looking into financing, and you want to use financing to make your purchase. Well, it's a great option, especially in this day and age, where there are a handful of different financing options available to you for the purchase of an electric bike. Different companies now called Affirm, there's Klarna, there's Afterpay, and I believe PayPal has one, which may be one of those. The one thing about the financing is that the financing company you are going to use has to be offered on the website that you're going to be purchasing from. So, as an example, at Sixthreezero, we use Affirm as our financing method for people to purchase e-bikes. Now, the cool thing about using a firm is that they can offer certain periods of zero APR in certain instances or introductory APR.

A lot of times it's very, very low, much lower than a credit card, and it's simple for you as a consumer to go on there and get approved. It's not going to require nearly the time or effort or the level of credit check, let's say, a credit card would. And a lot of time, you can decide the payments that you would like to make, usually three months, six months, or 12 months. So the difference between one of these payment platforms and a credit card is that you will have a timeline in which you are expected to pay it back. It's not just going to be a sitting debt like on a credit card, where you could let that amount sit on your credit card for months and months or years, just paying the interest rate. With one of these other options, you're going to have a timeline in which you are expected to pay back, and it will take that deduction from your bank account. So it really depends on what you're looking for when you're talking about e-bike financing.

Are you looking to get a long-term payback, like five years? If that's the case, then a credit card would be your best option, and I would say that what you should try to do then is pay a little bit of the principal over the five years and the interest. So over the period that you want to have it paid back, you can achieve that. But if you're looking to pay less interest and maybe a shorter window, let's say up to 12 months, I would say Affirm, Afterpay, and Klarna are all great options. There could be some other options out there that will, you know, you could take out a small loan and do it that way, which, if you could get a small loan somehow, against a personal asset or something like that, you may be able to get an even lower APR. So it depends on what is most important to you. Low APR, lower payments, longer payback window. Again, your choice is totally up to you. And I think also what factors into that is how expensive an e-bike you are purchasing? How much money are you going to put down? But great financing options are Affirm, Klarna, Afterpay, and of course, credit cards.