How does this work, then?
If you decide that you want to apply for interest free retail finance, simply add the bike you want to purchase to your basket and continue on through the usual checkout process.
NOTE: Retail finance is only available on orders between £300 and 1500. If the bike of your dreams is £290 and you want to use retail finance, why not add a cheeky set of mudguards or one of our wicked branded cycling caps? Cunning.
When you reach the Payment method stage, select Apply For Finance as your payment option. Then complete the purchase process as normal.
Our retail finance partners V12 Retail Finance will take over from here. They'll ask you to complete an application form, which will ask you for lots of personal details, including far-out ones like your recent residential history. So be prepared with your bank details and a good memory!
Once you've finished the form, it usually takes less than 20 seconds to get a decision. Sometimes it can take a bit longer - up to 2 hours - but you'll be notified as soon as the decision has been made, so feel free to put the kettle on.
If you are approved, you'll be taken to a screen where you can pay your deposit (10-40% - 'sup to you), verify your identity, and sign the finance agreement.
When all that's done, we'll pack and send out your bike. Hooray! The rest of the payment will be taken straight out of your account by direct debit every month for the next 12 months.
Great doing business with you - ride safe!
The bike I want isn't eligible for retail finance!
Retail finance is only available on orders between £300 and 1500. If the bike of your dreams is £290 and you want to use retail finance, why not add a cheeky set of mudguards or one of our wicked branded cycling caps? Cunning.
Am I eligible for retail finance?
The answer is a resounding yes, if...
- You are over 18 years old
- You or your partner are in permanent paid employment (over 16 hours per week), retired, in receipt of disability benefit, or self-employed.
- You have been resident in the UK for at least 3 years
- You have a debit or credit card in your name and registered to your address
- You have a bank or building society current account
Sadly, V12 will reject your application if you are currently a student or unemployed. Sorry!
Disaster! My application for finance has been declined!
Oh no! We're really sorry, but there's nothing we at The Bike Project can do to change V12's decision. You can speak directly to V12 by calling 02920 468916 or by email to firstname.lastname@example.org.
If your application for finance has been rejected, we're afraid that further applications cannot be accepted for 3 months.
Alright, so how much is this bike going to cost me in the end?
Our finance is completely interest free, so you'll only ever pay the price tag you see online.
You pay a deposit of between 10% and 40% - how much is your choice - and then pay the remainder off over 12 monthly instalments.
You can inspect a detailed break-down of the finance options for every bike we sell (over the £300 threshold) by going to the bike product page and clicking More Info
next to the V12 logo below the product price tag.Example:
Fuji Finest Road Bike
Monthly Payment: £33.38
Cash Price: £445.00
Deposit to Pay: £44.50
Loan Amount: £400.50
Cost of Loan: £0.00
Total Amount Payable: £445.00
Number of Monthly Payments: 12
V12 Retail Finance are pretty flexible. If you decide later that you'd like to pay off a wodge of your bike, or increase your monthly payments, then you can. Just get in touch with their customer service department
and away you go.
Hold on, what does 0% APR mean?
Simply put, it means that you will never pay a penny more than the price tag that you see online. Neither us nor the financing company will charge you any interest whatsoever. Not a bean. Ever.
Why on earth are you offering 0% finance when you could be making a fast buck?
Because we're not a bank?
Also because we're really proud of our bikes and we think everyone should be able to afford one.
Also also because we know what a big difference the government's Cycle to Work scheme has made to cyclists in the UK over the last 20 years. We're not eligible to take part in the scheme because we sell secondhand bikes, but we didn't want to miss out on getting the UK cycling!
How much is the deposit?
You can choose the amount you pay as a deposit - anything from 10-40% of the bike's value. This will then affect the amount you pay per month: the more you pay as a deposit, the less your monthly payments will be.
Remember that there is NO INTEREST charged, so however big a deposit you pay, the final cost of the bike will be identical. There's absolutely no need to overstretch yourself, but if you've got the readies right now, you might as well save yourself the pain of a bigger monthly payment later.
V12 Retail Finance are pretty flexible as well. If you decide later that you'd like to pay off a wodge of your bike, or increase your monthly payments, then you can. Just get in touch with their customer service department
and away you go.
What happens if I want to return the bike?
Never fear! Your bike falls under our usual returns policy, and if you are eligible for a full refund then - guess what? - you'll be refunded in full, including your deposit and however much you've paid of the balance.
However, because your bike purchase is a three-way agreement between you, us and V12, your refund might take a little longer than usual, and you might need to continue making your monthly payments until we've sorted out the return.
We ask for your understanding and cooperation on this, because it is a little bit complicated. Thanks.
Who the heck are V12 Retail Finance?
V12 Retail Finance Limited
is a trading name of Secure Trust Bank PLC.
V12 Retail Finance Limited is registered in England and Wales 4585692. Authorised and regulated by the Financial Conduct Authority. Registration number: 679653.
Secure Trust Bank PLC is registered in England and Wales 541132. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registration number: 204550.
I'm technically eligible, but is retail finance really for me?
This is a darned good question and not one we can really answer for you online.
It's worth saying again that you'll never pay more than the price tag. To give you an idea of cost, our retail finance bikes start from approx £25 per month, with a minimum deposit of £30. The more expensive bikes are around £60 per month, with a minimum deposit of £80.
This might sound manageable now, but how confident are you about the state of your finances in 6 or 10 months' time?
It's easy to get carried away with how much a bike will save you in bus fares, but please be realistic about your budget. Like, don't assume you'll definitely replace your 3 hour commute with a 100km bike ride.
If you're realistic today, your dreams will come true tomorrow. (We should really be writing motivational posters...)
If you'd like to chat about your options, please feel free to email us on email@example.com or call 020 7733 8098. Nice one!
Agh - I have so many more questions!
You might be best off going straight to V12. On their website, they have answers to such gems
as What should I do if I'm unable to make a payment this month?
, Can I change my payment date?
, and Can I make additional payments into my account and decrease my monthly payments?
If your queries are more Bike Project-y, please email us on firstname.lastname@example.org or call 020 7733 8098. Ta!