NORTH CHESTERFIELD, Va.–The $2.7-billion Virginia Credit Union has introduced bicycle loans, offering amounts from $100 to $10,000. The product offers rates starting at 8.49%.
“For those who want to finance their bicycle purchase with a fixed, manageable monthly payment and a definite ending date, a bike loan can be a good option,” the credit union said in a statement announcing the loans.
Terms vary from 12 months to 60 months, depending on the amount borrowed. Loans up to $499.99 can be financed for up to 12 months, for example, while loans for $1,000 to $1,499.99 can be financed for up 24 months.