Reply To: Mountain bike financing: Good idea or bad idea?

Forums Mountain Bike Forum Mountain bike financing: Good idea or bad idea? Reply To: Mountain bike financing: Good idea or bad idea?

#204834

On the other hand, I can see two sides of this.

1) a young person needing to establish credit so that they can move on to something like a mortgage.  We went through this with my husband.  Not bad credit.  Just no payment history because he had always paid cash for his vehicles.  We used a sporting goods card to finance about a $2k purchase and in a year, he had payment history and a decent credit score.  We got 0% interest, it was not hard to pay off, and we got our end goal out of it.

2) What happens when you wreck/destroy said bike that is under financing?  You may want to check with your insurance provider on either scheduling it on your homeowner’s policy or buying a stand along personal articles policy.  Make sure that it is for “replacement cost value” so that if it is stolen or destroyed, you aren’t on the losing end paying for a bike that you don’t have and now cannot afford to replace.