Peloton bikes are a popular piece of exercise equipment for those looking to get a good cardio workout in the comfort of their own home. They come with a hefty price tag, however, making them out of reach for some. But if you’ve been eyeing a Peloton bike but can’t afford it upfront, there are financing options available that can make owning one more affordable.
The Peloton website offers financing through Affirm. This means you can spread the cost of the bike over several months, depending on the terms you choose. The loan is subject to a credit check, so you must have good to excellent credit to qualify. The interest rate and APR vary based on your creditworthiness, but you can expect to pay around 0-30% APR.
You can also finance a Peloton bike through other financing companies such as Synchrony Bank or Wells Fargo. The same credit check and APR rates apply, and you’ll need to decide whether you want to pay off the loan in a few months or over a longer period of time.
Finally, if you have a rewards credit card, you may be able to use it to purchase a Peloton bike. Some rewards cards have no-interest financing offers for a certain period of time, sometimes up to 18 months. Just be sure to read the fine print and understand the terms of the offer before applying.
No matter which financing option you choose, it’s important to make sure that you can afford the payments and that you’re not taking on more debt than you can handle. Financing a Peloton bike can be a great way to get the exercise equipment you want without breaking the bank, but it’s important to understand the terms of the loan before signing on the dotted line.
Frequently Asked Questions
1. Can I finance a Peloton bike?
Answer: Yes, you can finance a Peloton bike through Peloton’s financing partner, Affirm. You can apply for a loan up to $2,500 for up to 36 months at 0% APR.
2. How much does a Peloton bike cost?
Answer: The Peloton bike costs $1,895 plus a $250 delivery and setup fee. Accessories, including shoes, weights, and heart rate monitors, can be purchased separately.
3. How long does it take to get a Peloton bike?
Answer: It usually takes between 7-14 business days to receive your Peloton bike once you’ve placed your order.
4. How much is the monthly subscription for a Peloton bike?
Answer: The Peloton monthly subscription costs $39/month. This subscription includes unlimited access to live and on-demand classes.
5. Does Peloton offer any discounts?
Answer: Yes, Peloton offers discounts to military personnel and first responders. You can also purchase a used Peloton bike at a discounted price.