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Many customers consider trek bike loans due to how steep the company’s prices can be. But is Trek financing worth it, and are there better or cheaper alternatives? Learn about the pros and cons of getting a Trek Credit Card and what fees to look out for when considering the financing options.
In today’s economy of congested roads and ever-growing gas prices, more Americans are opting for two wheels when it comes to transportation and commute. Indeed, the bicycle industry is now worth an estimated $6 billion in the U.S., and the number of bike riders has increased to close to 50 million over the past few years. And as the market continues to expand, both leisurely and habitual bikers are opting for more reliable and top-rated manufacturers, like Trek.
The Wisconsin-bred, billion-dollar company bills itself as having “the world’s best bikes” and boasts distributors and subsidiaries across North America, Europe, as well as Asia. But although most of Trek’s dealers are based in the U.S., only about one percent of its manufacturing is done in the country.
Trek offers a wealth of bike options of its customers, including road bikes, mountain bikes, fitness bikes, electric bikes, as well as a slew of other bike-related merchandise and equipment. Bike prices range from around $1,000 to upwards of $13 thousand for some specialized mountain bikes.
Due to such steep prices, Trek offers financing options in which potential buyers can purchase their bikes and bike equipment with a credit card. Trek financing allows customers to buy bikes on credit and repay what they owe over time. Savvy borrowers may benefit from getting a better deal with a joint personal loan online.
The Trek Credit card advertises a “ride now, pay later” system in which costumers are offered deferred-interest financing plans. The six-month financing option requires a $250 minimum purchase while the 12-moth plan requires a $1,000 minimum purchase of bikes and merchandise not categorized as “on-sale” selections.
Trek also offers 24 to 60-month finance plans with 9.99% APR, but only under a Velocare insurance coverage plan. Potential bike owners can apply online, and qualified buyers can be approved within minutes.
Like traditional cards, Trek will run a credit check, and credit history will be considered to determine if an applicant should be approved or not. If approved, applicants are required to meet their minimum monthly payments by their due date in order to avoid incurring late fees.
While customers can use their Trek Credit Cards anywhere at one of the company’s authorized nationwide dealers, holders should keep in mind that plans and terms can often vary, depending on the bike store or provider location. Additionally, after the initial required purchase, Trek Credit Cards are not available for use online at trekbikes.com.
Ready to get a trek bike loan? You can head over to trekbikes.com/us/en_US/trek_card_information/ to apply for the card online. The application asks you for personal information like your name and birth date. You will also need to enter your annual income. Some customers who fill out the form receive a message that their application is being reviewed. It can take up to two weeks to get an answer.
Trek financing can be an appealing option for those who are unable to purchase their bikes in a lump sum. In addition to the thrill of getting on a new bike, there are a few offers and benefits potential buyers might find persuasive when it comes to opting for a Trek Card.
Potential customers should be aware of a few limitations when it comes to Trek Financing.
A Trek bike loan can be a good investment for customers only interested in purchasing one of Trek’s higher-end bikes. Consumers who are seeking bikes in general and have no specific limitations can save money by opting for much cheaper options that do not require bike financing. The average road bike can cost as low as $300, and even less for a used one.
Costumers who pay their monthly due amounts can build their credit and potentially increase their credit scores and ratings with a Trek Credit Card. But those who find themselves unable to meet monthly requirements and subsequently incur charges can opt for a personal loan to help mitigate costs. Plus, customers can choose to apply for credit cards with more rewards, lower APR, and more flexible financing terms and conditions than the Trek Credit Card.