SOMERVILLE, Mass.–Another credit union has introduced a bicycle loan.
Naveo Credit Union here said it is offering the new bicycle loan to help members purchase city or family/cargo bikes as an alternative means of transportation in order to help those who are interested in being more eco-friendly and healthy with an affordable loan option.
The credit union noted that many of its markets have become some of the “biggest bicycling communities in the country.”
The Bicycle Loan is available in amounts up to $5,000 and in terms of six months to 36 months. The loan covers the cost of the bicycle, plus up to 10% of the loan amount in accessories, including child seats, weatherization accessories, helmets, etc.
“We love seeing all the bicyclists passing by our locations in Somerville and Cambridge on a daily basis,” said VP-Lending Albert Pinho. “The Bicycle Loan Program is one more way for Naveo to serve our neighbors and to support their environmentally friendly lifestyle choices.”
Earlier this summer Virginia Credit Union also announced bicycle loans, as reported here.