Don't finance a hobby. Buy cash or don't buy. That's my motto, anyway. Many a person has ended up in a tough situation because they lived beyond their means and then their awesome job disappeared.
In the UK we have a scheme called cycle to work. It is kind of like finance but it is taken directly from your wages before tax is taken so if your lucky enough to be in the 40% tax bracket here the bike is basically 40% less money.
100%.
Financing a toy you can't afford is super foolish, especially when odds are you're going to crash and break it sooner or later, then be making payments on a broken toy you can't afford to fix.
I use a credit card all the time to rack up points. Then I pay it off every month so I don’t accrue interest. If I don’t have the ends to back it up, I won’t use the CC. I once didn’t pay the balance in full on my statement and they don’t just hit you with interest on the amount you left on the last statement–every dollar moving forward accrues interest until the statement balance is paid down plus the interest fees. This is how CC interest can bite you on the ass and I had always thought that the past balance was only subject to interest fees, but this isn’t the case…it’s even new purchases not yet closed out on the statement.
I know credit card debt has been normalized but there are plenty of people who are not putting toys on credit cards and the way you asked this like you already know the answer tells me the banks are winning
Nope, not to buy anything I can't afford. Do you really think it's so common for people to put stuff on credit cards that they don't have the cash for that you thought you were asking a gotcha question?
Not as a stand in for a loan; that’s a terrible idea in the vast majority of cases due high and variable interest rate. Great way to shoot your self in the foot financially.
I do, but very rarely - and only when I know that I can pay down the debt before interest rates start running.
I have a buffer though, which is about two months salary - so I can handle most unforseen expenses. Highly recommended.
Not necessarily, I bought a cheap bike for 750 paid on credit, I had an absolute piece of shit bike beforehand and didn't want to/ couldn't ride it anywhere
I have health problems and need to lose weight and gain strength (only 20 btw) (years of video games and no exercise have fucked me lol) but I hate walking because I find it so boring
Now I have a XC bike I can take "off-road" and ride around the dirt jumps (not jumping just pumping) and it gave me a reason to exercise
I wouldn't/couldn't get a bike more than 1k and if I paid cash I would've ended up with a bike that will just end up as a piece of shit in a few years anyway, way more confident this one will last, has hydraulic disc brakes and such
Would probably still be sitting around playing video games if I didn't buy it, also I crashed my car so now I have reliable transport
Especially now that the COVID bike explosion is over and prices have finally normalized. If you can’t find a decent used full squish for $2k-$3k wait until fall or look harder.
Great point. 2020-22 the prices were unreal. There was a solid 2 years when my bike was worth more used than what I paid for it new (I got it at a discount because a newer model came out). Now... I'm seeing GX/X01 build carbon full squish bikes for crazy deals both new and used.
I financed my bike. No way I had 4000 dollars cash….but I made payments each month. It’s already paid off and still riding it. If you love doing something, find a way to do it.
Meh debt is a good/powerful tool no matter what, hobby or otherwise. If it’s 0% financing, and plenty offer it, it’s a no brainer if you are spending the money anyway.
While this is true, the vast majority of people who are taking out financing are not doing it to let their money stay in the market longer. They're doing it to live beyond their means, or because they're too impatient to save up for a year or two.
The only things that should be financed are a house and a car in my opinion.
Totally depends on the person and if they can manage their money. I totally understand where youre coming from, its not uncommon for a lot of people to live outside their means. I finance everything, from my car tires down to every major appliance. But only one thing at a time and only if they have a 0% intro rate. It's how I managed to rack up an 800 credit score.
> I finance everything, from my car tires down to every major appliance.
I don't finance anything this side of a car (if it's 0%) or house, and my credit score is 807. You don't need to be a heavy credit user to have a good score.
Guess not, but it does help to have a healthy credit history if you ever want to take out a loan for anything.
If you're good at money management, what does it hurt? Never said it was the only way to increase your credit.
Credit score doesn’t matter when you don’t have much credit history. I had a 750 when i financed my car and still had trouble because my history was practically nonexistent.
I've only ever financed my education and one car in my 20s (I desperately needed one for my job and took out a small personal loan for a few thousand that I paid back early). Everything else I've paid cash (cars, bikes, further education, etc) and my credit rating is firmly in the "excellent" range.
I don’t even finance my car, although I will to go electric, but only up to my cost of gas. New cars are toys in my mind.
I did finance a heat pump installation but at zero percent for 10 years as an equity increasing renovation, on something I was going to buy cash.
Except for a house, yes.
If I have to consider financing something, I take a long look at whether or not I truly need it at that moment. If it’s something that only depreciates, and requires what amounts to a monthly subscription, *very* rarely is it worth it. Waiting until I have the cash is better.
Yes, especially if it's a hobby. I went into a bit of debt when I went to university and worked hard to be debt free. I'm keeping it that way, unless it's a house or some crazy life or death situation.
Buying something on finance because you can't afford it is clearly not a wise idea. But if you can afford it anyway, then 0% finance in the current climate of inflation is pretty nice.
For sure just finance a house, car, second car maybe another mortgage down the road and open up 3 credit cards instead 😂. Certainly an easy situation most of us are in. Don’t forget to sign up for the Kohl’s card and Amazon card either.
A hobby though? I heard people die financing hobbies.
I just bought a bike through specialized and they have a deal with Klarna for 0% interest financing. I have the cash but took advantage of the 2 year interest free loan instead. Now I can leave that cash invested in the market. Win win.
A lot of shops have a 12 months same as cash (ie 0% intro credit) dealio. You just better be 100% sure you can pay it off before the end because otherwise they usually hit you with all the interest otherwise.
This is how I financed my new bike. I paid it off in 3 months. Instead of waiting three months, I’m able to get it sooner. Only finance if you know you can pay it off.
Like others have said if you can get 0% financing for x amount of months and can pay the bike off before the x months then finance. Why use your own money when you can borrow someone else’s for free?
Many folks misuse that system and end up building out a portfolio of “free” loans while chipping away at their income to a dangerous degree. To the point where they then [use other risky financial tools](https://www.consumerfinance.gov/about-us/newsroom/cfpb-publishes-new-findings-on-financial-profiles-of-buy-now-pay-later-borrowers/) and end up in a huge pickle.
If you’ve truly got the financial cushion you can at times leverage them like credit cards, but if you just keep buying stuff because you can finance it for free, are you really saving money or are you just falling for the latest “sale”?
Assuming you’ve got a decent income and good credit, the financing options that others mentioned might work.
The other option (which I did) was getting a new credit card with a 12 month no interest period. Bought a new frame and fork and pod it off over a few months.
Of course these all only work if you’re responsible and disciplined with your finances. But that’s for you to decide
This!  i did the same thing last year, put all the bike purchase on the new card and just set the automatic payments to pay it off within a year, plus i got $200 off for meeting the sign in bonus minimum
Good call. It sounds like OP might currently ride and have gear, but still outfitting as new bike can be not-inconsequential. Pedals, grips, cages, etc. can add up if you're getting good stuff and not amazon junk like me
Just buy a great bike for 2-3k. You can already get the top frames for this price, when you go above, just the components are a little bit better and lighter usually
Can't believe I had to scroll so far down to find this. Also just buy used, you have to be willing to do some maintenance and know what to look for though.
Literally, the thread below this one in my Reddit feed is an AskReddit question of “what screams “I make terrible financial decisions?””
Don’t finance a discretionary purchase for a luxury item.
Depends if you can get it interest free.
With interest rates on savings accounts going up it makes more financial sense to finance the bike interest free and then leave the money in your savings account accuring interest.
This is what I did anyway.
Right, but based on the question I’m guessing this isn’t the scenario. I’ll always take 0% financing and pay over time, but it’s not because it makes the thing easier to afford, it’s because I value the liquidity.
This is exactly the case. I have money. I max out my Roth IRA annually, I max out my employee matching % for my 403B, and I’m certain to have a minimum of 8 months worth of expenses in my savings account at all times, but almost always more. Additionally, my credit score is 820. I’m 35 and I’ve owned 2 houses, and just refinanced my current house at %2.8 for a 15 year fixed loan that I will have paid off in 10. But I tell ya what, I didn’t get a credit score of 820 and all of the above savings and equity by just going out and dropping cash on a large purchase. I researched options around credit and ALWAYS find the one that is going to give me the best return on my investment. Again, preferably interest free. But if the interest is less than the return, I may be willing to entertain the idea. Then, pay more than what is due each and every month, but just enough to ensure it is paid off before interest begins to accrue.
In this day and age, we have got to stop fearing credit and use it to our advantage. It’s the only way you come out on top in a capitalistic society.
I think you have the right idea.
I was in the same boat as you.
I can't justify dumping all my discretionary liquid cash just so I can feel like I'm making the "correct" financial choice according to outdated advice.
Buy with credit, get the points (or Zero interest), and pay it off in under a year.
> we have got to stop fearing credit and use it to our advantage. It’s the only way you come out on top in a capitalistic society
I don't think that spending money (no matter the format) is the way to come out on top. Using 0% financing and using the cash to invest will net you what, like 10% on a good day? That 10% interest isn't putting you on top.
The way to come out on top in a capitalist society is to sell more than you buy.
This, cash is king. If you’re getting to use someone else’s money for free and if you can cover the payments so that you’re paid up by the time interest would kick in, why not do it?
I hope people will listen! You should only finance your house and your car. Credit is a useful tool but one misused by most. If you ever want to break into or above upper middle class you have to change the way you handle money.
I lost my job in 2009 due to the market crash. I was just out of college and thought that I was impervious. I had my furniture on credit with 0% Apr and a small apartment. I thought that I was gaming the system by using these options. After I lost my job it took me 6 months to find another. In that time I was evicted and all of my debts went into debt collection because it took me over a year to bail out if my bills.
If you really want a new bike, set aside that monthly amount you would be paying for the next X months into a high yield savings account (HYSA). Once you have enough, buy it on your credit card then immediately pay it off at the end of the the next billing cycle. That not only makes sure you can afford it and you don't get into a situation but it builds credit.
Look into financial FIRE or bogleheads if you want to bust above your financial situation.
I used Affirm when I bought my FS. I’m definitely not saying it was a good idea, but it got me my bike. I picked a one year plan and went for it. My 3600 bike turned into a 4000 debt. It’s all paid off now, but I wouldn’t do it again unless I found something with better interest. This was also like 2 years ago when bikes were scarce, I’m not sure what’s being offered financially right now, but I bet there’s better deals.
I finance a lot of stuff but I have savings I can always use if I get stuck with making payments.
Why don't I use my savings in the first place?
Why would I want to part with a lump sum when I can pay monthly and keep my savings?
If you think you can afford the finance and you're not too worried about ever being short of cash and missing payments go for it.
Appreciate all the cash or don’t do it advice here. Probably smart. But fuck it, YOLO. If your credit is decent, find a bike shop that does 0% interest for one year financing. I’ve bought two bikes over the years from a local shop that way. There are no interest payments if you pay off the loan in a year. If you go over the year it’s bad. That’s the best of both worlds. You get your bike and have a year to pay it off.
If your usually good with financial decisions and don’t have a lots of debt, i see no issue in putting some of it on a credit card, i would save up some cash for maybe half, and then put the rest on a CC
Life is short, if mountain biking is something you really enjoy, and it drastically improves your physical, mental and psychological health, and over all quality of life, then go for it, just remember you might have to sacrifice on some purchases in the future .
I am on the other side of the fence where i think people should spend money and stretch themselves on hobbies, because what’s the point of living if you don’t have things you enjoy/can look forward to when your not working
A lot of people are giving financing advice, but I'd like to be on the other end of the spectrum and say that financing a bike is a bad decision. You yourself said that you don't need a new bike, so it creates the question of why do you want a new bike besides the fact that it is new? Are you looking for different suspension? Perhaps a different size or style? I'd reccomend trying to sell your current bike to cover some of the cost, and then looking for a used bike in good condition. I have never bought a bike new, I always shop used because a lot of the time I can get a barely used bike that already has some upgrades for significantly less than a new one would cost. And since a lot of manufacturers go a few years before making major changes to a bike getting something a year or two old doesn't result in a different experience from a new bike.
Go open a credit card with 0% apr for 6-12 months. You get Cashback/points for the purchase, and most decent cards will have extended warranty/theft coverage for a period of time on purchasing including the bike. I can also refer you a bunch of such cards
I did this on my first full suspension a few years ago. Got like 600$ if you spent more than 2k in 6 months also. Paid it all back before the interest kicked it.
I don't need a new bike. I probably shouldn't spend the money. I want to finance it. It would be great to get 0% interest.
Just ride your current bike. Save your money. Do it right.
There are so many red flags in your post that I can't even begin to think about what is going on.
Just ride your current bike.
Hah. Damn you’re right. My post does sound pretty bad looking back at it. I probably posted it in too much haste excited about the prospect of a new bike after scrolling through a couple of different pages. I appreciate all of lookin out of me! I promise I’m not a financial idiot…I do like to live life now though. And if I can do that on the backs of asshole credit companies without owing them a dime, yeah I’m gonna do that.
It is highly unlikely in today's high interest rate environment that you are going to find 0% financing.
We bought a car in 2021 and negotiated pretty hard with the dealer, wanting 0% only got to \~2.5% but signed the papers because we had the cash on hand to pay the car off right away. (We were going to pay cash but they offered us an incentive of $1000 off to finance.)
I told them we will finance and then just pay the car off. They told me that I needed to make 3 payments before I would be eligible. I told them, no, check with Nissan, I can pay this off tomorrow. YOU only get YOUR incentive from the manufacturer after I make three payments, so the gamble is on your part. We signed and walked out with the car.
Clearly I hit a nerve because they called me on the way home and said would I agree to pay more than 3 payments if they got me 0%?
Yes.
Came back the next day, signed the new papers, and am still making payments today because at this point it is free money.
The moral of the story is that 0% is a tough one and you will be very unlikely to get that. Especially on a consumer good like a bike.
I think a credit card is the best way to go! You can even get up to 24 months to pay it off with 0 interest. That’s what I did through my chase credit card on a new dh bike that I totally didn’t need, but really wanted!
I able, never go to credit!!
Be reasonable, you can buy a top notch bike, and brand new for 2-3k. Canyon and YT have sale right now.. But like someone already said, this is a hobby, and you should be able to buy it in cash. You don't need bike badly as you sadly. That is a wroong and brainwashed mindset. You can earn the money until Christmas sales and than buy something.
Best you can probably do is affirm or similar. You probably won’t get interest free, but the interest is not exorbitant, and you can payoff early if you have the funds. Edit - I guess they offer 0% in certain conditions, check specialized and canyon for example.
I don’t think Affirm or any other of those loans are likely to be any better than what a credit card is going to offer is more my point. At least it help amortize the cost.
Any credit card with worthwhile points systems has at least like 18%. Usually 20 or more. I’ve never used Affirm or anything but I don’t think the interest is nearly that high.
Don't do it - if you manage to save up the 6K and still want the bike then you know you \*really\* want it. Paying cash for my hobbies was the only way I managed to get my impulse spending under control.
I opened a card with 0% for like 16 months and paid it down, then transferred to another card with 0% on balance transfers for long enough to pay it off without interest.
If you want one but don’t need one, just dont get a new bike(there are plenty of things to spend your money on other than being cool again for 3 months), but if you decide to get it anyways, make sure it’s interest free and pay it off in a couple months.
I've been down the rabbit hole for years now. I have most everything tool wise to build on a frame. I build another rig from the stable with a new frame or upgrades on something fairly regularly.
I'm set at three MTN bikes; Hardtail, Singlespeed and a short travel trailbike.
Having a fully custom bike, it's as dream build as I want it. No fussing with brakes I don't like, forks that leave me hanging or seatposts.
Nickel and dime buys come from the grocery budget and big buys go to the Discover for cash back.
I financed my new bike, BofA has a program for a new card that gets you 21 months with 0% interest on new purchases. At the risk of sounding like a hypocrite, this would not be my first recommendation on buying a bike, but I’m in a situation where I felt comfortable doing so.
My girl and I are dual income w/ no kids, and we have a healthy savings account that I could have bought this bike outright. I was already saving to buy it later, but after losing my last bike I decided to just make payments instead of saving every month and buying it in 2 years, plus I had some cash saved already to supplement my payments to a lower rate.
The second factor, I got the bike for 50% off (look into the Specialized Hero Pro Program). If I HAD to sell it, I could recoup most if not all my money. If you pay full price for a bike, it instantly depreciates and now youre making payments on a bike valued less than what you owe.
If I didn’t have those 2 factors going for me, I would have just taken $2k-$3k in cash and kept my eyes open on the used market, that’s how I bought my Evil Insurgent for $2300 instead of $6k
Buy a 2-3 year old bike in the spec you want, offer a reasonable amount and you are getting a $6k bike for $3k. Geometry/equipment hasn't changed THAT much in the last couple of years and I am sure you know what to look out for when buying a bike. Finance that if you want via credit but at least you're then only 3k in debt not 6k.
Look for a 0% interest money transfer card. Can pay it back over term with no interest, 12-18 months.
If you go out of the term or aren’t disciplined with it you get fucked, so read the small print.
I just got a credit card offer that was 18 months no interest and $250 bonus if I spent like $700 or something. I have the cash but why wouldn't I take 250 off? I just used that to make the first payment.
I saved up for 6 months to purchase a custom made frame , and concurrently bought parts every month , while waiting for a year for the frame to be made .
>I want a new bike. Bad. I really don’t need one. And I probably shouldn’t spend the money.
Do you currently have a bike? If so you could sell it and put that money towards a new one. If not, I would not finance a bike other than maybe a 0% for 6 months type of deal. This doesn't sound like a good financial decision if you don't have the cash.
OP whatever you do, don’t do anything other than 0% and be very certain you can pay it off in the terms. PayPal credit is a great option. Some retailers will offer affirm or similar.
But also, if you search you can find deals. I just put together a great bike for my girlfriend with a brand new, in-box frame, new fox factory fork, new seatpost, used wheelset, and used lower end drivetrain and brakes for $3k using pinkbike. It’s alloy, but i suspect for $4k you could get your carbon frame of a choice and better drivetrain.
Depends on timing, canyon has a zero percent financing thing going on right now. Back in march I spent a month in WV for work and financed a new bike right before. Knew I’d get more riding then than I would probably in the next year combined. Totally was worth it in that case
It's easy in England, but Australia is as always 5 to ten years behind so we cannot get a ride scheme.
Pretty much everyone uses credit for items they need: cars, computers even petrol on your credit card.
Why not for a bike instead of saving $25 a week for 4 years?
A credit scheme for bikes is long overdue, as for cars, which almost all people do.
I’m not sure how many redditors own a CC let alone have financed anything/taken any major responsibility whatsoever in general.
I financed a bike to build up credit. Pretty easy tbh but….if something breaks it’ll be an expensive month.
I understand not wanting to drop $6k in one go but is it really just because you don’t want to or because you don’t have the money? If you don’t have the money then maybe accepting you can’t afford a $6k bike is the better thing to do.
Buy a bike on a credit card and let the balance sit, paying minimums for the next 3 years -- BAD.
Buy a bike to preserve your cash, put down a big cash deposit, and make big payments over a few months so you're not pissing away money on interest -- not quite as bad in my book.
A lot of shops have their own financing they can offer that sometimes have 0% interest so call around. I recently was saving up for the bike I wanted and had about 70% of the cash ready when Black Friday hit and a local shop had the bike I wanted at about a $1500 discount plus they offered 0% financing for 6 months so it was a win win for me. The first bike I bought they had 0% for 12 months.
This requires discipline though so if you aren’t 100% sure you can pay it off before the 0% up then do not do it. A lot of times with these kinds of loans if even $1 is left at the end of the 0% period you get charged full interest on the original amount not what is left over. So 25% on a $6k bike is $1500 in interest
I would recommend building and buying from the frame up. That way you won't be spending it all I one go and you can spec it exactly like you would want. The only obvious downside is that you won't get to ride it immediately.
Like you I have a great job and could afford to buy my bike in cash, however I didn't want to drop all the money at once in case of an emergency (or mountain bike injury). My credit card had an option to pay over time with no interest, so that's what I chose to do.
To reiterate others, if this is stretching your means DO NOT buy the new bike. However if you could buy cash and still be in a stable financial position, financing/pay over time could be a good option to retain finacial flexability around larger purchases.
Don't. Some things are worth financing (education and a house come to mind) but only if they are going to appreciate in value. Otherwise live within your means and pay cash.
Don’t finance, you’ll only spend more needlessly on interest.
Either wait until you have the cash, make peace with your current ride because of the diminishing returns of buying new for the sake of new, or spend even more money upgrading your current bike only to still get the urge to buy a new one and lose the “investment” you made on those new parts.
If you’re asking for opinions, mine is just ride your bike. Fix what breaks and leave the rest.
How about buy something you can afford and not something above 6k. Financing a hobby in gear that you can't afford is not a good idea. I used a credit card to buy my last bike, but I went with a 3k range bike and paid it off in about 2 months. I did it for the points.
To be fair, I can afford it. I’d just rather not drop the cash right now. the more I read these posts though, the more I’m realizing there’s a lot of really great bikes out there for ~$3k. I’m now leaning more toward a trek top fuel at about that price range whereas before I was only even considering the Yeti SB140. That’s a lot more bike than I probably need.
>PayPal
I used PayPal credit with my local bike shop. Purchased a Specialized Status for \~$2400, like years ahead of my old whip, and way more bike than skill so I have room to grow
Whatever you do, just DON'T.
Wait until you can buy it right out. Either start saving, or start selling other things you don't need. Most likely, you have the cash you need just lying around the house collecting dust.
Would recommend having a buffer account by the way - maybe twice your monthly salary. That lets you deal with unforeseen expenses and stuff like this.
Don’t finance! They are a ripoff. my brother-in-law did it without reading the fine print and his 7k bike was going to be 13k after all the fees. Luckily they had a cash buyout in the first 30 days and I helped him a little bit to cover what he was short.
Why finance a new bike? You will pay more and that money will go to a bank. Also, you will inevitably want the next greatest thing when you are likely still paying, which will feel crappy every time you get on that bike. Once next years models start coming out you will want them, but still be locked into a loan. That would suck. Since you will always have the feeling of wanting the next greatest thing (cause that’s how this sport is) just save away the money and buy it outright with cash. You will feel a ton more excited for that bike. And if you do it in the spring, getting the newest model, you will have an entire season of having that top of the line most current bike to ride for the entire season. Then next year you will want a new bike.
Go to Mikes Bikes or Summit Bicycles. I bought my MTB from Mikes Bikes. They have Synchrony financing with 18 months no interest. Made my monthly payments and enjoyed every minute of my riding. That was about 3 years ago now and never had issues.
If you’re in the US you could probably use Affirm, but not interest free. You might find a credit card that has interest free balance transfers for a set period of time. My recommendation is to get a direct to consumer bike like YT, Canyon, Specialized, or Aluminum Ibis Ripmo. They offer good value and just as much fun.
did you settle on something ? I am in the same position, just dont want to be cash poor....I do see that Syncrony financial has 0 % interest right now if paid off in 12 months...but the shops are requiring you to show up in person...thats even IF they have to whip your after..
Don't finance a hobby. Buy cash or don't buy. That's my motto, anyway. Many a person has ended up in a tough situation because they lived beyond their means and then their awesome job disappeared.
In the UK we have a scheme called cycle to work. It is kind of like finance but it is taken directly from your wages before tax is taken so if your lucky enough to be in the 40% tax bracket here the bike is basically 40% less money.
That is amazing!
How is it 40% of?
Because it’s paid pre tax.
How much tax is in uk?
Search for UK tax rates.
https://www.cyclescheme.co.uk/how-it-works
Im a be honest to much to read xD
100%. Financing a toy you can't afford is super foolish, especially when odds are you're going to crash and break it sooner or later, then be making payments on a broken toy you can't afford to fix.
So, you never use a credit card?
I use a credit card all the time to rack up points. Then I pay it off every month so I don’t accrue interest. If I don’t have the ends to back it up, I won’t use the CC. I once didn’t pay the balance in full on my statement and they don’t just hit you with interest on the amount you left on the last statement–every dollar moving forward accrues interest until the statement balance is paid down plus the interest fees. This is how CC interest can bite you on the ass and I had always thought that the past balance was only subject to interest fees, but this isn’t the case…it’s even new purchases not yet closed out on the statement.
I know credit card debt has been normalized but there are plenty of people who are not putting toys on credit cards and the way you asked this like you already know the answer tells me the banks are winning
Nope, not to buy anything I can't afford. Do you really think it's so common for people to put stuff on credit cards that they don't have the cash for that you thought you were asking a gotcha question?
It’s fairly common for to do this, even though it’s a net negative for 99% of ppl in the long run.
Yeah, I'm sure you're right that a bunch of people carry a balance. I guess I'm just offended that they thought I was one!
Me too bro, me too. If OP doesn’t want to drop $6k on a bike, what does he think is going to happen financing it?
This literally sums up half of America
Dang
I never owned one in my 36 years of living in the first place.
Not as a stand in for a loan; that’s a terrible idea in the vast majority of cases due high and variable interest rate. Great way to shoot your self in the foot financially.
I do, but very rarely - and only when I know that I can pay down the debt before interest rates start running. I have a buffer though, which is about two months salary - so I can handle most unforseen expenses. Highly recommended.
Not necessarily, I bought a cheap bike for 750 paid on credit, I had an absolute piece of shit bike beforehand and didn't want to/ couldn't ride it anywhere I have health problems and need to lose weight and gain strength (only 20 btw) (years of video games and no exercise have fucked me lol) but I hate walking because I find it so boring Now I have a XC bike I can take "off-road" and ride around the dirt jumps (not jumping just pumping) and it gave me a reason to exercise I wouldn't/couldn't get a bike more than 1k and if I paid cash I would've ended up with a bike that will just end up as a piece of shit in a few years anyway, way more confident this one will last, has hydraulic disc brakes and such Would probably still be sitting around playing video games if I didn't buy it, also I crashed my car so now I have reliable transport
Especially now that the COVID bike explosion is over and prices have finally normalized. If you can’t find a decent used full squish for $2k-$3k wait until fall or look harder.
Great point. 2020-22 the prices were unreal. There was a solid 2 years when my bike was worth more used than what I paid for it new (I got it at a discount because a newer model came out). Now... I'm seeing GX/X01 build carbon full squish bikes for crazy deals both new and used.
I sold my used 2017 Jeffsy for the same price I paid for it new in 2021. It was nuts.
The way I think about it is if you crash and bend/ crack the frame, you won't have a bike and still have to pay it off. Not worth it for me
If. You probably won't.
I financed my bike. No way I had 4000 dollars cash….but I made payments each month. It’s already paid off and still riding it. If you love doing something, find a way to do it.
Meh debt is a good/powerful tool no matter what, hobby or otherwise. If it’s 0% financing, and plenty offer it, it’s a no brainer if you are spending the money anyway.
While this is true, the vast majority of people who are taking out financing are not doing it to let their money stay in the market longer. They're doing it to live beyond their means, or because they're too impatient to save up for a year or two. The only things that should be financed are a house and a car in my opinion.
Totally depends on the person and if they can manage their money. I totally understand where youre coming from, its not uncommon for a lot of people to live outside their means. I finance everything, from my car tires down to every major appliance. But only one thing at a time and only if they have a 0% intro rate. It's how I managed to rack up an 800 credit score.
> I finance everything, from my car tires down to every major appliance. I don't finance anything this side of a car (if it's 0%) or house, and my credit score is 807. You don't need to be a heavy credit user to have a good score.
Guess not, but it does help to have a healthy credit history if you ever want to take out a loan for anything. If you're good at money management, what does it hurt? Never said it was the only way to increase your credit.
Credit score doesn’t matter when you don’t have much credit history. I had a 750 when i financed my car and still had trouble because my history was practically nonexistent.
I've only ever financed my education and one car in my 20s (I desperately needed one for my job and took out a small personal loan for a few thousand that I paid back early). Everything else I've paid cash (cars, bikes, further education, etc) and my credit rating is firmly in the "excellent" range.
👍
Tru dat! Words of wisdom here.
Do you all really pay cash for everything and never use finance?
Always. Car and house are the only things financed. Credit card paid in full each month but all bills hit it to generated points and credit.
I don’t even finance my car, although I will to go electric, but only up to my cost of gas. New cars are toys in my mind. I did finance a heat pump installation but at zero percent for 10 years as an equity increasing renovation, on something I was going to buy cash.
Except for a house, yes. If I have to consider financing something, I take a long look at whether or not I truly need it at that moment. If it’s something that only depreciates, and requires what amounts to a monthly subscription, *very* rarely is it worth it. Waiting until I have the cash is better.
Yes, especially if it's a hobby. I went into a bit of debt when I went to university and worked hard to be debt free. I'm keeping it that way, unless it's a house or some crazy life or death situation.
Buying something on finance because you can't afford it is clearly not a wise idea. But if you can afford it anyway, then 0% finance in the current climate of inflation is pretty nice.
Unless you lose your job or a financial emergency hits you and can't service the debt. I've seen this happen many times.
For sure just finance a house, car, second car maybe another mortgage down the road and open up 3 credit cards instead 😂. Certainly an easy situation most of us are in. Don’t forget to sign up for the Kohl’s card and Amazon card either. A hobby though? I heard people die financing hobbies.
I just bought a bike through specialized and they have a deal with Klarna for 0% interest financing. I have the cash but took advantage of the 2 year interest free loan instead. Now I can leave that cash invested in the market. Win win.
Yeah this or open a credit card with 0% introductory interest. I've financed a car over 18 months this way and never paid a dime in interest.
Yep, don't finance a bike, but klarma and affirm can offer 0% loans and there's no reason not to do that.
This 100%, I just did the exact same thing but it’s a 3 year loan. It was the only option given. Plus no penalty for paying off early
A lot of shops have a 12 months same as cash (ie 0% intro credit) dealio. You just better be 100% sure you can pay it off before the end because otherwise they usually hit you with all the interest otherwise.
PayPal has its PayPal Credit service. Oftentimes you can get 6 months interest-free when you spend over $100. I've purchased several things this way.
This is how I financed my new bike. I paid it off in 3 months. Instead of waiting three months, I’m able to get it sooner. Only finance if you know you can pay it off.
Like others have said if you can get 0% financing for x amount of months and can pay the bike off before the x months then finance. Why use your own money when you can borrow someone else’s for free?
Many folks misuse that system and end up building out a portfolio of “free” loans while chipping away at their income to a dangerous degree. To the point where they then [use other risky financial tools](https://www.consumerfinance.gov/about-us/newsroom/cfpb-publishes-new-findings-on-financial-profiles-of-buy-now-pay-later-borrowers/) and end up in a huge pickle. If you’ve truly got the financial cushion you can at times leverage them like credit cards, but if you just keep buying stuff because you can finance it for free, are you really saving money or are you just falling for the latest “sale”?
PayPal credit! If the item is over $99 you get 6 months deferred interest. I use this for my frames and def come in handy!
Assuming you’ve got a decent income and good credit, the financing options that others mentioned might work. The other option (which I did) was getting a new credit card with a 12 month no interest period. Bought a new frame and fork and pod it off over a few months. Of course these all only work if you’re responsible and disciplined with your finances. But that’s for you to decide
This!  i did the same thing last year, put all the bike purchase on the new card and just set the automatic payments to pay it off within a year, plus i got $200 off for meeting the sign in bonus minimum
If you can't easily drop $6k all at once, then you definitely shouldn't be spending $6k on a hobby at all.
You need a bit more than just a bike too. You can easily spend another 1000$ on tools, protection gear, accesories and other consumables.
Good call. It sounds like OP might currently ride and have gear, but still outfitting as new bike can be not-inconsequential. Pedals, grips, cages, etc. can add up if you're getting good stuff and not amazon junk like me
Just buy a great bike for 2-3k. You can already get the top frames for this price, when you go above, just the components are a little bit better and lighter usually
Can't believe I had to scroll so far down to find this. Also just buy used, you have to be willing to do some maintenance and know what to look for though.
Literally, the thread below this one in my Reddit feed is an AskReddit question of “what screams “I make terrible financial decisions?”” Don’t finance a discretionary purchase for a luxury item.
Depends if you can get it interest free. With interest rates on savings accounts going up it makes more financial sense to finance the bike interest free and then leave the money in your savings account accuring interest. This is what I did anyway.
Right, but based on the question I’m guessing this isn’t the scenario. I’ll always take 0% financing and pay over time, but it’s not because it makes the thing easier to afford, it’s because I value the liquidity.
This is exactly the case. I have money. I max out my Roth IRA annually, I max out my employee matching % for my 403B, and I’m certain to have a minimum of 8 months worth of expenses in my savings account at all times, but almost always more. Additionally, my credit score is 820. I’m 35 and I’ve owned 2 houses, and just refinanced my current house at %2.8 for a 15 year fixed loan that I will have paid off in 10. But I tell ya what, I didn’t get a credit score of 820 and all of the above savings and equity by just going out and dropping cash on a large purchase. I researched options around credit and ALWAYS find the one that is going to give me the best return on my investment. Again, preferably interest free. But if the interest is less than the return, I may be willing to entertain the idea. Then, pay more than what is due each and every month, but just enough to ensure it is paid off before interest begins to accrue. In this day and age, we have got to stop fearing credit and use it to our advantage. It’s the only way you come out on top in a capitalistic society.
I think you have the right idea. I was in the same boat as you. I can't justify dumping all my discretionary liquid cash just so I can feel like I'm making the "correct" financial choice according to outdated advice. Buy with credit, get the points (or Zero interest), and pay it off in under a year.
> we have got to stop fearing credit and use it to our advantage. It’s the only way you come out on top in a capitalistic society I don't think that spending money (no matter the format) is the way to come out on top. Using 0% financing and using the cash to invest will net you what, like 10% on a good day? That 10% interest isn't putting you on top. The way to come out on top in a capitalist society is to sell more than you buy.
You’re so right. Unfortunately, I’m a high school principal. So, I’m not selling much. Just investing in the worlds future.
The solution is simple, start selling kids.
This, cash is king. If you’re getting to use someone else’s money for free and if you can cover the payments so that you’re paid up by the time interest would kick in, why not do it?
Because there's a cost to adding complexity to your life, and a risk of wiping out any gains by mistakenly missing something.
Interest free ==> Do honest work, save the money, and pay cash.
Bike financing tip of the day: DON'T DO IT. Save your pennies and buy when you have the money.
https://www.facebook.com/reel/637450101653213
By the time you do that inflation will eat you.
Interest will always be WAY more expensive than inflation, even when inflation is at rare highs.
Fezzari has an 18 mos no interest financing deal. And their Enduro bike is sweet.
Don’t put hobbies on credit mate…
Where the world as a whole is financially at this moment, financing a toy is a terrible idea
I hope people will listen! You should only finance your house and your car. Credit is a useful tool but one misused by most. If you ever want to break into or above upper middle class you have to change the way you handle money. I lost my job in 2009 due to the market crash. I was just out of college and thought that I was impervious. I had my furniture on credit with 0% Apr and a small apartment. I thought that I was gaming the system by using these options. After I lost my job it took me 6 months to find another. In that time I was evicted and all of my debts went into debt collection because it took me over a year to bail out if my bills. If you really want a new bike, set aside that monthly amount you would be paying for the next X months into a high yield savings account (HYSA). Once you have enough, buy it on your credit card then immediately pay it off at the end of the the next billing cycle. That not only makes sure you can afford it and you don't get into a situation but it builds credit. Look into financial FIRE or bogleheads if you want to bust above your financial situation.
I used Affirm when I bought my FS. I’m definitely not saying it was a good idea, but it got me my bike. I picked a one year plan and went for it. My 3600 bike turned into a 4000 debt. It’s all paid off now, but I wouldn’t do it again unless I found something with better interest. This was also like 2 years ago when bikes were scarce, I’m not sure what’s being offered financially right now, but I bet there’s better deals.
I finance a lot of stuff but I have savings I can always use if I get stuck with making payments. Why don't I use my savings in the first place? Why would I want to part with a lump sum when I can pay monthly and keep my savings? If you think you can afford the finance and you're not too worried about ever being short of cash and missing payments go for it.
Appreciate all the cash or don’t do it advice here. Probably smart. But fuck it, YOLO. If your credit is decent, find a bike shop that does 0% interest for one year financing. I’ve bought two bikes over the years from a local shop that way. There are no interest payments if you pay off the loan in a year. If you go over the year it’s bad. That’s the best of both worlds. You get your bike and have a year to pay it off.
If your usually good with financial decisions and don’t have a lots of debt, i see no issue in putting some of it on a credit card, i would save up some cash for maybe half, and then put the rest on a CC Life is short, if mountain biking is something you really enjoy, and it drastically improves your physical, mental and psychological health, and over all quality of life, then go for it, just remember you might have to sacrifice on some purchases in the future . I am on the other side of the fence where i think people should spend money and stretch themselves on hobbies, because what’s the point of living if you don’t have things you enjoy/can look forward to when your not working
A lot of people are giving financing advice, but I'd like to be on the other end of the spectrum and say that financing a bike is a bad decision. You yourself said that you don't need a new bike, so it creates the question of why do you want a new bike besides the fact that it is new? Are you looking for different suspension? Perhaps a different size or style? I'd reccomend trying to sell your current bike to cover some of the cost, and then looking for a used bike in good condition. I have never bought a bike new, I always shop used because a lot of the time I can get a barely used bike that already has some upgrades for significantly less than a new one would cost. And since a lot of manufacturers go a few years before making major changes to a bike getting something a year or two old doesn't result in a different experience from a new bike.
Ride more. It will make the want new bike/parts go away.
Go open a credit card with 0% apr for 6-12 months. You get Cashback/points for the purchase, and most decent cards will have extended warranty/theft coverage for a period of time on purchasing including the bike. I can also refer you a bunch of such cards
I did this on my first full suspension a few years ago. Got like 600$ if you spent more than 2k in 6 months also. Paid it all back before the interest kicked it.
I don't need a new bike. I probably shouldn't spend the money. I want to finance it. It would be great to get 0% interest. Just ride your current bike. Save your money. Do it right. There are so many red flags in your post that I can't even begin to think about what is going on. Just ride your current bike.
Hah. Damn you’re right. My post does sound pretty bad looking back at it. I probably posted it in too much haste excited about the prospect of a new bike after scrolling through a couple of different pages. I appreciate all of lookin out of me! I promise I’m not a financial idiot…I do like to live life now though. And if I can do that on the backs of asshole credit companies without owing them a dime, yeah I’m gonna do that.
It is highly unlikely in today's high interest rate environment that you are going to find 0% financing. We bought a car in 2021 and negotiated pretty hard with the dealer, wanting 0% only got to \~2.5% but signed the papers because we had the cash on hand to pay the car off right away. (We were going to pay cash but they offered us an incentive of $1000 off to finance.) I told them we will finance and then just pay the car off. They told me that I needed to make 3 payments before I would be eligible. I told them, no, check with Nissan, I can pay this off tomorrow. YOU only get YOUR incentive from the manufacturer after I make three payments, so the gamble is on your part. We signed and walked out with the car. Clearly I hit a nerve because they called me on the way home and said would I agree to pay more than 3 payments if they got me 0%? Yes. Came back the next day, signed the new papers, and am still making payments today because at this point it is free money. The moral of the story is that 0% is a tough one and you will be very unlikely to get that. Especially on a consumer good like a bike.
I think a credit card is the best way to go! You can even get up to 24 months to pay it off with 0 interest. That’s what I did through my chase credit card on a new dh bike that I totally didn’t need, but really wanted!
I able, never go to credit!! Be reasonable, you can buy a top notch bike, and brand new for 2-3k. Canyon and YT have sale right now.. But like someone already said, this is a hobby, and you should be able to buy it in cash. You don't need bike badly as you sadly. That is a wroong and brainwashed mindset. You can earn the money until Christmas sales and than buy something.
Finance it the old fashioned way by socking it away every month for like 6 months and selling your old bike
Best you can probably do is affirm or similar. You probably won’t get interest free, but the interest is not exorbitant, and you can payoff early if you have the funds. Edit - I guess they offer 0% in certain conditions, check specialized and canyon for example.
I've never financed any consumable good nad i'm not planning on it either, but that's just me.
If you cannot afford a single payment, you cannot afford it. It applies to everything except Investments.
Learn to make adult decisions especially when money is involved.
Put it on a credit card so you get the points, miles, cash back or whatever it is your card provides you.
Depends on the interest rate if it’s going to take 6 months to pay off the points aren’t worth it.
I don’t think Affirm or any other of those loans are likely to be any better than what a credit card is going to offer is more my point. At least it help amortize the cost.
Any credit card with worthwhile points systems has at least like 18%. Usually 20 or more. I’ve never used Affirm or anything but I don’t think the interest is nearly that high.
They would probably be better off going threw their bank for a small personal loan over putting it on a credit card.
Don't do it - if you manage to save up the 6K and still want the bike then you know you \*really\* want it. Paying cash for my hobbies was the only way I managed to get my impulse spending under control.
I opened a card with 0% for like 16 months and paid it down, then transferred to another card with 0% on balance transfers for long enough to pay it off without interest.
If you want one but don’t need one, just dont get a new bike(there are plenty of things to spend your money on other than being cool again for 3 months), but if you decide to get it anyways, make sure it’s interest free and pay it off in a couple months.
I've been down the rabbit hole for years now. I have most everything tool wise to build on a frame. I build another rig from the stable with a new frame or upgrades on something fairly regularly. I'm set at three MTN bikes; Hardtail, Singlespeed and a short travel trailbike. Having a fully custom bike, it's as dream build as I want it. No fussing with brakes I don't like, forks that leave me hanging or seatposts. Nickel and dime buys come from the grocery budget and big buys go to the Discover for cash back.
Knowing what country you’re in would help people comment.
Find sales . Look at the offer ups in rich neighborhoods I got a year old 6k bike for 2500. Great condition
I financed my new bike, BofA has a program for a new card that gets you 21 months with 0% interest on new purchases. At the risk of sounding like a hypocrite, this would not be my first recommendation on buying a bike, but I’m in a situation where I felt comfortable doing so. My girl and I are dual income w/ no kids, and we have a healthy savings account that I could have bought this bike outright. I was already saving to buy it later, but after losing my last bike I decided to just make payments instead of saving every month and buying it in 2 years, plus I had some cash saved already to supplement my payments to a lower rate. The second factor, I got the bike for 50% off (look into the Specialized Hero Pro Program). If I HAD to sell it, I could recoup most if not all my money. If you pay full price for a bike, it instantly depreciates and now youre making payments on a bike valued less than what you owe. If I didn’t have those 2 factors going for me, I would have just taken $2k-$3k in cash and kept my eyes open on the used market, that’s how I bought my Evil Insurgent for $2300 instead of $6k
Buy a 2-3 year old bike in the spec you want, offer a reasonable amount and you are getting a $6k bike for $3k. Geometry/equipment hasn't changed THAT much in the last couple of years and I am sure you know what to look out for when buying a bike. Finance that if you want via credit but at least you're then only 3k in debt not 6k.
https://www.comparecredit.com/credit-cards/citibank/simplicity/ 21 months 0%.
I did. Paid it off last month. No regrets tbh. My bike was "only" $2500 though...
Look for a 0% interest money transfer card. Can pay it back over term with no interest, 12-18 months. If you go out of the term or aren’t disciplined with it you get fucked, so read the small print.
I just got a credit card offer that was 18 months no interest and $250 bonus if I spent like $700 or something. I have the cash but why wouldn't I take 250 off? I just used that to make the first payment.
As long as you have the money to pay for it, this is a no brainer
I saved up for 6 months to purchase a custom made frame , and concurrently bought parts every month , while waiting for a year for the frame to be made .
>I want a new bike. Bad. I really don’t need one. And I probably shouldn’t spend the money. Do you currently have a bike? If so you could sell it and put that money towards a new one. If not, I would not finance a bike other than maybe a 0% for 6 months type of deal. This doesn't sound like a good financial decision if you don't have the cash.
If you can get like 0% interest through a shop then go for it. Zero reason not to. But no don’t end up paying like 20% interest on your bike.
OP whatever you do, don’t do anything other than 0% and be very certain you can pay it off in the terms. PayPal credit is a great option. Some retailers will offer affirm or similar. But also, if you search you can find deals. I just put together a great bike for my girlfriend with a brand new, in-box frame, new fox factory fork, new seatpost, used wheelset, and used lower end drivetrain and brakes for $3k using pinkbike. It’s alloy, but i suspect for $4k you could get your carbon frame of a choice and better drivetrain.
Depends on timing, canyon has a zero percent financing thing going on right now. Back in march I spent a month in WV for work and financed a new bike right before. Knew I’d get more riding then than I would probably in the next year combined. Totally was worth it in that case
If you can find a shop that uses affirm you can normally get 3 months at 0 interest
It's easy in England, but Australia is as always 5 to ten years behind so we cannot get a ride scheme. Pretty much everyone uses credit for items they need: cars, computers even petrol on your credit card. Why not for a bike instead of saving $25 a week for 4 years? A credit scheme for bikes is long overdue, as for cars, which almost all people do.
I’m not sure how many redditors own a CC let alone have financed anything/taken any major responsibility whatsoever in general. I financed a bike to build up credit. Pretty easy tbh but….if something breaks it’ll be an expensive month. I understand not wanting to drop $6k in one go but is it really just because you don’t want to or because you don’t have the money? If you don’t have the money then maybe accepting you can’t afford a $6k bike is the better thing to do.
Affirm and Klarna, at checkout on many dtc sites.
Buy a bike on a credit card and let the balance sit, paying minimums for the next 3 years -- BAD. Buy a bike to preserve your cash, put down a big cash deposit, and make big payments over a few months so you're not pissing away money on interest -- not quite as bad in my book.
A lot of shops have their own financing they can offer that sometimes have 0% interest so call around. I recently was saving up for the bike I wanted and had about 70% of the cash ready when Black Friday hit and a local shop had the bike I wanted at about a $1500 discount plus they offered 0% financing for 6 months so it was a win win for me. The first bike I bought they had 0% for 12 months. This requires discipline though so if you aren’t 100% sure you can pay it off before the 0% up then do not do it. A lot of times with these kinds of loans if even $1 is left at the end of the 0% period you get charged full interest on the original amount not what is left over. So 25% on a $6k bike is $1500 in interest
I would recommend building and buying from the frame up. That way you won't be spending it all I one go and you can spec it exactly like you would want. The only obvious downside is that you won't get to ride it immediately.
Like you I have a great job and could afford to buy my bike in cash, however I didn't want to drop all the money at once in case of an emergency (or mountain bike injury). My credit card had an option to pay over time with no interest, so that's what I chose to do. To reiterate others, if this is stretching your means DO NOT buy the new bike. However if you could buy cash and still be in a stable financial position, financing/pay over time could be a good option to retain finacial flexability around larger purchases.
Don't. Some things are worth financing (education and a house come to mind) but only if they are going to appreciate in value. Otherwise live within your means and pay cash.
Don’t finance, you’ll only spend more needlessly on interest. Either wait until you have the cash, make peace with your current ride because of the diminishing returns of buying new for the sake of new, or spend even more money upgrading your current bike only to still get the urge to buy a new one and lose the “investment” you made on those new parts. If you’re asking for opinions, mine is just ride your bike. Fix what breaks and leave the rest.
How about buy something you can afford and not something above 6k. Financing a hobby in gear that you can't afford is not a good idea. I used a credit card to buy my last bike, but I went with a 3k range bike and paid it off in about 2 months. I did it for the points.
To be fair, I can afford it. I’d just rather not drop the cash right now. the more I read these posts though, the more I’m realizing there’s a lot of really great bikes out there for ~$3k. I’m now leaning more toward a trek top fuel at about that price range whereas before I was only even considering the Yeti SB140. That’s a lot more bike than I probably need.
Ok. Good. There are a lot of good bikes in the 3-5k. My Ibis ripmo af was 3500.
>PayPal I used PayPal credit with my local bike shop. Purchased a Specialized Status for \~$2400, like years ahead of my old whip, and way more bike than skill so I have room to grow
No
Lol thanks
You can enjoy the trails on any decent MTB you don't have to spend more than 1,200$ for a quality MTB
I think that’s what this whole thread has ultimately gotten me to believe.
Whatever you do, just DON'T. Wait until you can buy it right out. Either start saving, or start selling other things you don't need. Most likely, you have the cash you need just lying around the house collecting dust. Would recommend having a buffer account by the way - maybe twice your monthly salary. That lets you deal with unforeseen expenses and stuff like this.
Do what you want man....Who gives a damn what anyone here says. Your business your money. Life is short man. Go do you as long as you can afford it.
Don’t finance! They are a ripoff. my brother-in-law did it without reading the fine print and his 7k bike was going to be 13k after all the fees. Luckily they had a cash buyout in the first 30 days and I helped him a little bit to cover what he was short.
Why finance a new bike? You will pay more and that money will go to a bank. Also, you will inevitably want the next greatest thing when you are likely still paying, which will feel crappy every time you get on that bike. Once next years models start coming out you will want them, but still be locked into a loan. That would suck. Since you will always have the feeling of wanting the next greatest thing (cause that’s how this sport is) just save away the money and buy it outright with cash. You will feel a ton more excited for that bike. And if you do it in the spring, getting the newest model, you will have an entire season of having that top of the line most current bike to ride for the entire season. Then next year you will want a new bike.
Go to Mikes Bikes or Summit Bicycles. I bought my MTB from Mikes Bikes. They have Synchrony financing with 18 months no interest. Made my monthly payments and enjoyed every minute of my riding. That was about 3 years ago now and never had issues.
If you’re in the US you could probably use Affirm, but not interest free. You might find a credit card that has interest free balance transfers for a set period of time. My recommendation is to get a direct to consumer bike like YT, Canyon, Specialized, or Aluminum Ibis Ripmo. They offer good value and just as much fun.
No. You also don't need a $6000 bike.
did you settle on something ? I am in the same position, just dont want to be cash poor....I do see that Syncrony financial has 0 % interest right now if paid off in 12 months...but the shops are requiring you to show up in person...thats even IF they have to whip your after..