Financing an e-bike offers a convenient and affordable way to spread out the cost over time, making the purchase more accessible for consumers. Various financing solutions are available, including Buy Now, Pay Later (BNPL) plans and personal loans from traditional and alternative lenders. Consider your financial situation to choose the right financing option for you.
Can You Finance An E-Bike?
Yes, financing for e-bikes is available. You can get e-bike financing from the following sources:
E-Bike Financing From The Retailer
Many e-bike retailers are partnered with lenders or Buy Now, Pay Later (BNPL) service providers to help consumers spread out their purchase through smaller payments over a certain period.
BNPL services are easy to use and can be opted for at the point of sale. You can start financing your e-bike right away and make your payments according to your agreement with the BNPL service provider, such as Sezzle, Affirm, or PayPlan by RBC.
Dealership Financing
If you buy your e-bike from a dealership, they may offer in-house financing or funding through one of their lending partners. This is a convenient way to access credit to cover the cost of your e-bike, as it can all be done at the same time that you finalize your purchase.
Credit Card
If you have a credit card with a sizable credit limit, you may choose to purchase your e-bike on credit. This may be a good option if the purchase price isn’t too high and you’re able to pay back the amount before the statement date. That way, you won’t have to worry about paying interest on the purchase, which can be quite high given the fact that credit card interest rates are relatively high compared to other financing options.
Personal Loan
You can get the money needed to pay for an e-bike by applying for a personal loan from a bank or online lender. Then, you can shop like a cash buyer and use the money to pay for your e-bike, no matter where you buy it from. This option may be particularly beneficial to those looking to buy it second hand from a private seller or a used e-bike dealer.
Once approved for the loan, you’ll make regular installment payments over a set term with interest until the loan is fully repaid.
Can You Finance An E-Bike With Bad Credit?
Yes, you can get financing for an e-bike even with bad credit. Although traditional lenders may require good credit for loans, alternative lenders may be more likely to work with bad credit borrowers. These types of lenders may place more emphasis on other factors besides your credit score, such as your income or collateral.
Make sure to check with the lender or financing company you’re considering working with to find out what their specific requirements are.
Best Powersports Lenders
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 Loans Canada |
| Up to 60 months or longer | Learn More |
 Spring Financial |
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 LendCare |
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 Prefera Finance |
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 All Pro Financing |
| Up to 20 years | Learn More |
 Fairstone |
| Up to 36-120 months | Learn More |
 Revival Powersports Financing |
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 Canada Powersports Financing |
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 Motorsports Financing |
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 National Powersports Financing |
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 Breeze Powersports Financing |
| N/A | Learn More |
 TD Bank |
| Up to 84 months | Learn More |
 Desjardins |
| Up to 20 years | Learn More |
 Scotiabank |
| Up to 20 years | Learn More |
 RBC |
| Up to 20 years | Learn More |
 National Bank Of Canada |
| Up to 240 months | Learn More |
Types Of E-Bikes You Can Finance
Several types of e-bikes can be financed, such as the following:
- Commuter E-Bikes: Designed for daily commuting.
- Mountain E-Bikes: Built with more robust structures and suspension for off-road riding.
- Road E-Bikes: Designed for speed and long-distance rides on paved roads.
- Folding E-Bikes: Compact and portable for easy transport and storage.
- Cargo E-Bikes: Designed to carry heavy weight.
- Cruiser E-Bikes: Comfortable for leisurely rides.
- Touring E-Bikes: Built for long-distance rides with lots of storage space.
Type Of E-Bike Brands You Can Finance
Some of the more popular e-bike brands that are available for financing include the following:
- Rad Power Bikes
- Pedego
- Biktrix
- Aventon
- Trek
- Emmo
- Epic Cycles
- Magnum Bikes
How Do I Find E-Bikes Near Me?
You can find dozens of e-bikes near you, both in-store and online. You can shop online directly from eBike brands or retailers like Amazon, Rad Power Bike, Walmart, Best Buy, and REI. Moreover, you can find used e-bikes near you by searching Kijiji, Facebook marketplace and other platforms.
Depending on where you buy your e-bike, they may offer financing, or you’ll need to secure your own financing elsewhere.
How To Apply For E-Bike Financing In Canada
The way to apply for e-bike financing depends on which option you choose and what’s available to you:
1. BNPL Service
As mentioned, many e-bike dealers offer BNPL services, which allows you to finance your purchase at checkout. For instance, Emmo and Rad Power Bikes, offer BNPL financing.
To apply for BNPL financing, simply choose Affirim or whichever BNPL service is offered at checkout. Then follow the prompts to create an account. Once you’ve signed up, simply choose a payment plan that works for you.
- Credit Score. The BNPL service will usually require a soft credit check, however, a hard credit check will require a hard credit check if you choose one of their longer terms.
- Down Payment: Most services require a down payment at the time of purchase. Typically, this initial payment is roughly 25% of the purchase price, and the rest of the balance is then split into equal payments over a set term.
2. Personal Loan From A Lender
If you decide to take out a loan with a lender on your own, you’ll need to apply directly with that lender by filling out their application form and providing all necessary documents. Essentially, you’re shopping like a cash buyer when you use a personal loan to fund your e-bike purchase.
Requirements
- Documents. A personal loan from a lender may require more extensive documents and information, such as government-issued photo ID, bank statements and pay stubs.
- Credit Score. Traditional lenders typically require good credit for personal loans. These lenders typically perform a hard credit check to verify your creditworthiness. Alternative or online lenders, on the other hand, may not have strict credit requirements and may approve you for a loan even with bad credit, though your loan may come with a higher interest rate.
- Down Payment: Not all personal loans require a down payment. This depends on the lender’s requirements.
License Requirements
A license is not required to buy or finance an e-bike in Canada. In fact, a driver’s license is not required to operate an e-bike, as they’re typically considered similar to regular bicycles.
E-Bike Financing Aid
Provincial and municipal rebate programs are available across Canada to help reduce the cost of the purchase of an e-bike. Here are a few worth looking into:
| Electrify Nova Scotia | Qualifying e-bikes priced at $1,200 and over are eligible for a $500 rebate. | Learn more |
| Prince Edward Island E-Bike Incentive | Qualifying e-bikes priced at $1,200 and over are eligible for a $500 rebate. | Learn more |
| Yukon Clean Energy Rebate | New qualifying e-bikes are eligible for 25% off the purchase price up to a maximum of $750, or 25% off the cost of a new cargo e-bike up to a maximum of $1,500. | Learn more |
| Scrap-It Program | This program offers a $300 rebate for the purchase of an e-bike, as long as a qualifying vehicle is scrapped and a new e-bike is purchased from a participating retailer. | Learn more |
| Nelson E-Bike Program | Residents of Nelson, BC can get financing for up to $8,000 for the purchase of an e-bike. Loan terms are available from 2 to 5 years, with an interest rate of 3.5%. | Learn more |
| Banff Residential Rebates | Rebates of $500 to $1,000 off the purchase of a new e-bike are available to Banff residents. | Learn more |
E-Bike Maintenance And Repair Costs
Before buying an e-bike, you should also consider the maintenance and repair costs for things such as the following:
- Tune-ups
- Flat tire repair
- New tire tubes
- Drivetrain adjustment
- Brake pads replacement
- Battery replacement
Consider budgeting for around $150 to $500 per year for regular maintenance of your e-bike.
E-Bike Riding Regulations In Canada
E-bikes are only allowed in specific provinces in Canada. They are not permitted across the board. Here are the rules for the 4 major provinces in Canada:
| British Columbia | In BC, e-bikes are referred to as “motor assisted cycle” (MAC). To ride one, drivers must be at least 16 years old and a bike helmet is required. |
| Alberta | In Alberta, e-bikes are referred to as “power bicycles”. Drivers must be at least 12 years old and a motorcycle helmet is required. |
| Ontario | To ride an e-bike in Ontario drivers must be at least 16 years old and must wear a bicycle helmet. |
| Quebec | To ride an e-bike in Quebec, drivers must be at least 18 years old and wear a bicycle helmet. Drivers 14 to 17 may also ride an electric bike but require a Class 6D (moped or scooter) licence. |
Bottom Line
E-bikes can be pretty costly. Depending on the exact model you purchase, you could be spending a few thousand dollars on a new e-bike. Fortunately, there are financing options available to help make this purchase a more manageable one. Visit Loans Canada to find various financing options available for electric vehicle purchases.
