Olympia Micro Loans for Commute Bikes
A new option for folks needing a commute bike exists at local
financial institutions in the form of micro loans.
Bikes are serious transportation, and a good, durable bike,
properly outfitted for commuting can cost more than some folks have at
their immediate disposal; a realistic figure would be $1650* Options
to deal with this include layaway, though that means the rider only
gets their bike when it is fully paid off. Credit cards are another
avenue, but not everyone has one, and their interest rates are often
sheer usury.
At least two local financial institutions, TwinStar Credit Union
and TULIP Credit Union offer micro loans to help bike buyers afford
the transportation they need today. TwinStar
recently started their Green Means Go bike loan program. It entails an
11.99% rate for 12 months. Their promotional information provides an
example that a $2000 loan would entail monthly payments of $177.72.
Like all things, however, the program has its limitations. Only the
purchase of the bike and sales tax qualifies -- not the accessories*.
This leaves the would-be commuter to make up the rest of the amount on
their own or with the help of a credit card company. What to do?
Perhaps TULIP has a
solution in their Personal Loan program. TULIP caters to low-income
folks build and work with their credit histories. Their program
provides for loan up to $2000, with no apparent limitations on how
that money is used. TULIP's loan rate can vary according to the
borrower's credit score. According to someone I spoke with there, this
could range from 9.75% to 18%. So for folks with good credit, this
program might really be the "ticket to ride."
* That figure would buy: A Jamis Coda Sport with: fenders, cargo
rack, waterproof panniers, U-lock, head and tail lights, mirror, water
bottle and cage, saddle pack for toolkit (including tire levers, patch
kit, spare tube, multi-tool), pump, chain oil, plus a helmet and
gloves for the rider. One could put together a package costing more or
less, though this is a quality bike and accessories that will stand up
to daily commute use (and just like for cars, city riding is tougher
on bikes than long-distance riding due to all the starts, stops and
shifting involved).
--
- Larry
Leveen
OlyBikes Locally-Owned
Bike Shop
"Bikes, Parts, Repairs and GREAT Customer
Service"
124 State Avenue
NE
Olympia, WA
98501
Phone:
360-753-7525
(FREE bike safety &
advocacy materials)
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