Financing for bikes

Since I'm in the unfortunate position of being in the market for a new bike, I was looking at some of my options.  One of my posibilities is the Trek 520, which is on sale at Village Cycle Center.  I was looking at their site and noticed that they noted a financing plan.  Normally, I don't finance anything and try to pay my credit card in full each month.  Since I'd like to get back in a good saddle as soon as possible and since this offers no interest for a year, I'm somewhat tempted.

 

Has anyone else done this?  Any hidden catches? Any other thoughts on this? Anyone have a 520 they want to sell cheap?

 

 

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Permalink Reply by BalloonBiker on August 30, 2010 at 10:34am
Oh, I'd probably pay even more than the payment amount and get it paid off even sooner than a year. I could buy it all right at once, but I'm a little wary of dipping into my savings at the moment.
Permalink Reply by A.K.A Paul on August 30, 2010 at 10:35am
Often times, one of the catches is that if you dont pay the balance in full before the year is up then you are charged for all of the interest on the balance for that year period.

Sorry to here about your Aurora. My Aurora (and I) are sad because of it!
Permalink Reply by Digital Dario on August 30, 2010 at 10:44am
Sometimes there is also a penalty for paying more than once within one pay period and even worse, sometimes a penalty for paying more than the required min payment. Just read the fine print and you will be fine.

Not Nathan Fillion (aka Paul) said:
Often times, one of the catches is that if you dont pay the balance in full before the year is up then you are charged for all of the interest on the balance for that year period.
Sorry to here about your Aurora. My Aurora (and I) are sad because of it!
Permalink Reply by Joel on August 30, 2010 at 11:01am
This is the take home message. Make sure you understand all of the terms. If you aren't sure, ask a friend for help. If the deal is fair for you, take it.

Ruben Dario said:
Sometimes there is also a penalty for paying more than once within one pay period and even worse, sometimes a penalty for paying more than the required min payment. Just read the fine print and you will be fine.

Not Nathan Fillion (aka Paul) said:
Often times, one of the catches is that if you dont pay the balance in full before the year is up then you are charged for all of the interest on the balance for that year period.
Sorry to here about your Aurora. My Aurora (and I) are sad because of it!
Permalink Reply by Duppie on August 30, 2010 at 11:51am
What everyone else said.
Another thing to watch out for is that your credit rating might take a (small) hit with this type of financing. It appears that FICO doesn't like store credit that much.
This is only important if you will buy a big ticket item (home, car) in the near future.

Oh, and sorry to hear about your Jamis. I still remember you talking during last years perimeter ride about all the big plans you had with it.
Permalink Reply by wig [ isaac ] on August 30, 2010 at 3:54pm
? how much is a trek 520?

$1025.00 well thats a cash for not alot of bike.
heres bikes direct.com

http://www.bikesdirect.com/products/motobecane/fantom_cross_cx3.htm
$559.79 free shipping...
Permalink Reply by dan brown on August 31, 2010 at 3:14am
I agree with howard.
I, personally would not buy from there : but that's me and my reasons will remain private.
I really perfer to support small / locally run and owned shops that offer great personalized service
after the sale

DB

H3N3 said:
I would try to see if I could get a good shop to match Village's sale price before supporting them with a purchase.
Permalink Reply by Joel on August 31, 2010 at 3:31am
I agree. One not-so-private reason: you can't test ride bikes.

dan brown said:
I agree with howard.
I, personally would not buy from there : but that's me and my reasons will remain private.
I really perfer to support small / locally run and owned shops that offer great personalized service
after the sale

DB

H3N3 said:
I would try to see if I could get a good shop to match Village's sale price before supporting them with a purchase.
Permalink Reply by BalloonBiker on August 31, 2010 at 3:34am
Well, it looks like On the Route Cycles also carries Trek, so I'll definitely take a look at them as well. I stopped in the Village Cycle Center last night and tried otu the 520 on the trainer and wasn't too impressed with the service, so I was a little wary of buying there anyway.

I'm also going to try out some other bikes as well. I'd go with the same bike as I had before, but after riding it a lot, I had noticed some issues with the sizing, so I'm definitely interested in shopping around some more.

I've certainly thought about purchasing from bikes direct. I'm more interested in the Windsor Touring and I've read some CGOAB journals of people who have ridden cross country on them. I'd prefer steel to aluminum, so that motobecane isn't really my top choice.
Permalink Reply by BalloonBiker on August 31, 2010 at 4:28am
Where are you finding nice used touring bikes? I haven't seen any in some time...

Fortunately, I did have renters insurance which should cover some of the replacement cost, so I'm kind of thinking about going for a new bike, but if I were too see a used bike that was good, I'd definitely go for it.

Cameron Puetz said:
I had pretty good luck with On the Route Cycles when I lived in that neighborhood. I didn't make any major purchases, but when I was in there for little stuff it seemed like a good shop. Also in the world of steel framed touring bikes there are a lot of nice used ones out there.

jamimaria said:
Well, it looks like On the Route Cycles also carries Trek, so I'll definitely take a look at them as well. I stopped in the Village Cycle Center last night and tried otu the 520 on the trainer and wasn't too impressed with the service, so I was a little wary of buying there anyway.

I'm also going to try out some other bikes as well. I'd go with the same bike as I had before, but after riding it a lot, I had noticed some issues with the sizing, so I'm definitely interested in shopping around some more.

I've certainly thought about purchasing from bikes direct. I'm more interested in the Windsor Touring and I've read some CGOAB journals of people who have ridden cross country on them. I'd prefer steel to aluminum, so that motobecane isn't really my top choice.
Permalink Reply by Duppie on August 31, 2010 at 4:37am
If you are going to shop around, keep a Surly LHT in mind.
Cycle Smithy on Clark tends to have them in stock. While not cheap, I am pretty happy with their service.


jamimaria said:
Well, it looks like On the Route Cycles also carries Trek, so I'll definitely take a look at them as well. I stopped in the Village Cycle Center last night and tried otu the 520 on the trainer and wasn't too impressed with the service, so I was a little wary of buying there anyway.

I'm also going to try out some other bikes as well. I'd go with the same bike as I had before, but after riding it a lot, I had noticed some issues with the sizing, so I'm definitely interested in shopping around some more.

I've certainly thought about purchasing from bikes direct. I'm more interested in the Windsor Touring and I've read some CGOAB journals of people who have ridden cross country on them. I'd prefer steel to aluminum, so that motobecane isn't really my top choice.
Permalink Reply by Liz on August 31, 2010 at 4:37am
i was surprised to read your bike was a 50 cm, since you're taller than I am and that would be size I would get. I got my fisher at village cycle. It came with 2 free anual tune ups and a 1 month adjustment. They took a lot of time with me, in fact I went in twice and they spent over an hour both times swapping stems trying different sizes/bikes, etc to get my fit exactly where it was comfortable. The first guy I talked to there, didn't really know anything, so I asked if there was someone who could answer more questions and he got someone who knew what was up. If I had not actually known what to ask for I don't think I would've proper help, but if you ask the right questions you will get someone who can answer them. I wouldn't really shop there often, but I was satified with the bike purchase and with the shop for my tune ups, especially since the price I paid was well under retail elsewhere.

jamimaria said:
Well, it looks like On the Route Cycles also carries Trek, so I'll definitely take a look at them as well. I stopped in the Village Cycle Center last night and tried otu the 520 on the trainer and wasn't too impressed with the service, so I was a little wary of buying there anyway.

I'm also going to try out some other bikes as well. I'd go with the same bike as I had before, but after riding it a lot, I had noticed some issues with the sizing, so I'm definitely interested in shopping around some more.

I've certainly thought about purchasing from bikes direct. I'm more interested in the Windsor Touring and I've read some CGOAB journals of people who have ridden cross country on them. I'd prefer steel to aluminum, so that motobecane isn't really my top choice.

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