Rent-To-Own Electric Bikes

Electric bikes are quickly growing as an option for transportation. They offer a fun and convenient way to get around town without the hassle and expense of a car. The biggest downside is the cost, but there are options to lease an electric bike, even if your credit isn’t great.

Keep reading to learn more about:
 

• What Is an Electric Bike?
• How Does Rent-To-Own Work for Electric Bikes?
• Where Can I Find Rent-To-Own Electric Bikes?
• Types of Electric Bikes Available with Rent-To-Own
• FAQs About Rent-To-Own Electric Bikes

An electric bike, or E-bike for short, looks and rides like a conventional bicycle but with the addition of thick tires and an electric motor. On e-bikes, this electric motor is in the frame, along with a lithium-ion battery pack. Think of the electric motor as a way of saving your energy by helping to keep your momentum going.

There are three classes of electric bikes on the market. Class 1 is the least expensive and offers basic pedal assist. Class 2 is a little more expensive but has an added throttle, so you don’t have to pedal if you don’t want to. The final class, Class 3, is electric bikes at the top of the speed range, at 28 MPH.

A common question for electric bike shoppers is whether they can legally be used on roads or trails. Laws and regulations vary from state to state, so it’s wise to check the laws in your state. However, most states consider Class 1, 2, and 3 electric bikes under the same laws and regulations as a bicycle, rather than an electric scooter.

For the most part, electric bikes may be permitted on roads, bike lanes, and mixed-use trails, depending on the state. The main exception is sidewalks since most states do not allow bicycles on sidewalks.

Rent-to-own can be a flexible way to pay for an electric bike over a period of time, rather than all at once. Regular payments over time may make it easier to lease an electric bicycle, even for those with imperfect credit.

There is a wide variety of electric bike options on the market and may include different brands and models that may be accessible with a rent-to-own agreement.

Rent-to-Own pros:

-Rent-to-own can give riders the flexibility to pay for their electric bikes over several months by paying over time, not at all once.

 -If approved, you can use your electric bike while paying for it, instead of waiting until it the lease is completed, like layaway options.

 -An electric bike may be more accessible now, instead of waiting until you have all the funds upfront.

Surprisingly, while electric bikes have been around for a while, they are just now beginning to grab greater recognition. Between 2019 and 2022, electric bike sales soared to 269%.

The pandemic likely helped spur that sudden surge in growth as many people looked for outdoor activities. But electric bikes can be more practical than traditional bicycles. For example, cyclists can easily travel five to ten miles or further on an electric bike without going through an intense workout.

In fact, electric bikes have become so popular that sales have topped $1 billion. With price tags on electric bikes often above $1,000, many may feel like an electric bike is out of reach. That is where a rent-to-own agreement may be able to help.

You can use our store locator tool to find a retailer near you that sells electric bikes with a rent-to-own option.

It may be possible to get an electric bike with a rent-to-own option, even if you have imperfect credit, bad credit, or no credit score.¹ Keep in mind that bikes qualifying for rent-to-own may vary by retailer.