Choosing scooters as your main mode of transport is a logical decision. Not only is an electric scooter convenient, it is also economical and environmentally friendly.
Like other things, once an item is of quality its market value also increases. Do not fret, our finance experts discuss the various payment plans that will help you purchase one without breaking the bank.
How to Get an E-Scooter on Finance
Documentation is required from you to get a smooth transaction when applying for electric scooter financing. The information which includes but is not limited to are mobile phone number, active email address, current billing address, and a debit or credit card.
These are needed for clear communication with regard to the purchase and other progress with regard to the availed payment schemes. Furthermore, some of these payments are on an online exclusive payment method.
Financing Institutions and Rates
| Financing Company | Merchants | Payment Plans | Interest Rate | Credit Check |
|---|---|---|---|---|
|
Affirm |
Electric Boarding Co. |
Allows you to split the price into fixed payment amounts that fit your monthly budget. |
0% interest |
Does a ‘soft’ credit check for verification of identity. |
|
Klarna |
Pure electric |
Payment will automatically be collected from debit or credit cards entered upon checkout.
1st payment is collected from when order confirmation whereas 2nd and 3rd installments are collected at 30 and 60 days respectively. |
0% interest for 6-month term
18.9% APR for a 24-month term |
May run so-called unrecorded inquiries or soft credit searches that do not affect credit scoring. |
|
Katapult |
Zebra, Wayfair, Motorola, Lenovo |
Customized payment schemes where they create payment plans that match and align with your budget and pay dates. |
No interest rate or APR will be used to calculate the lease amount. |
They check transaction history but established credit history is not necessary. |
|
Afterpay |
Scooter hut |
1st payment is made upon purchase and the rest is paid in a span of 6 weeks. |
No interest rate. |
No credit check is required to use AfterPay. |
|
PayBright |
dyadcycle |
Pre-authorized payments via bank account or Visa or Mastercard/ debit card will be set up. |
0% for 3 months, 9% for 6 months, and 19% for 12 months and more |
Does a ‘soft’ credit check for verification of identity. |
|
PayPal |
Electric bike place, Varla scooter |
No payments if paid fully within 6 months |
0% APR, if paid in full within 6 months |
Paypal will run a credit check to determine whether you are a reliable borrower or not. |
|
Amazon and ShopAbunda |
Gotrax, Segway, Razor, XPRIT, Xiaomi |
The following payment plans are available to you depending on the chosen finance companies:
1. Klarna: 11 USD/ mo for 6 months 2. QuadPay: 4 biweekly payments of 16 USD 3. ViaBill: 4 monthly payments of 16 USD 4. Shop Pay: 4 biweekly payments of 16 USD 5. PayPal: 4 biweekly payments of 16 USD |
|
They will check your credit score to help decide on the loan approval. |
Affirm
Affirm lends to the merchant on your behalf and makes loan decisions not only based on your credit score. Once a loan has been approved, they will enable autopay to schedule automatic payments on your loan.
Katapult
Loan applications can be made at any partner stores online or in-store. They create payment plans that match and align with your budget and pay dates. Katapult does not charge late fees.
Klarna
Klarna provides easy methods for purchasing an electric scooter or bike. There are two payment plans which are: 1) Pay in three equal interest-free installments and; 2) create a monthly payment plan and spread out payments equally over 3, 5, 12, or 24 months.
PayBright
PayBright can be selected upon checkout and the order will be processed within 1-3 days. Payment plans are available to Canadian residents aged 18 and above.
PayPal
No payments if paid fully within 6 months and no money down as well
Amazon and ShopAbunda
ShopAbunda allows you to purchase any product from Amazon and pay later through flexible payment plans. It allows access to Amazon-fast shipping times and a 30-day return policy.
Afterpay
Applying for a loan can be made via the Afterpay app. Offers payment terms in a span of 6 weeks.
Important Factors
Monthly Payment/Installment Payment
Make sure you have a clear repayment plan, especially when choosing a payment scheme. Take note of the monthly payment whether you can afford it or not based on your income level and cash flow.
Interest Rates
Always choose payment schemes that have little to no interest rates. You can achieve the lowest interest rate when you possess an excellent credit score [1] and your payment scheme has the shortest payment term possible.
Financing Alternative: Loans
Another alternative to purchasing an electric scooter is by acquiring a loan. This can be via bank loans or personal loans through financial lending institutions.
Conclusion
You need not wait for a long time in order to purchase your very own e-scooter. Our experts have collated the different ways of electric scooter financing to help you. There are a lot of payment schemes that can cater to you and your budget. Owning one is definitely a convenient way of moving from one place to another.
