BIKE FINANCE & CYCLE TO WORK
We offer 0% finance on all purchases over £399, available over 12 months. Finance is provided through V12 Retail Finance Limited. There is a minimum deposit of 30% . The application to the finance company V12 will be made with you in store. To qualify for finance you will need to meet the following criteria:
- Are aged 18 or older.
- You, or your partner, are in full time employment, retired and receiving a pension, in receipt of a disability benefit, or self-employed. If you are retired and receive a pension, or registered disabled and unable to work, V12 Retail Finance may ask for proof of income.
- You have been a resident in the UK for at least 3 years and will continue this residency.
- You have a debit or credit card in your name and registered to your address.
- You have a bank or building society current account.
Other conditions may apply and we cannot guarantee that your application will be accepted.
If your application is successful, you'll be asked to verify your identity by authorising a 50p transaction against a credit or debit card that you own. This helps protect you and us against fraudulent finance contracts. No money will be taken from your card; the details are only used to check that they are valid and registered to your address.
Should you cancel your credit agreement and have already received products from us, then you will be liable to pay us in full for the product.
Finance is not always available for bikes discounted in a sale or for ex demo bike purchases.
If you have any other questions about finance just telephone us (01903 573700), or visit V12 Retail Finance.
V12 is authorised and regulated by the Financial Conduct Authority. Secure Trust Bank Plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 204550.
What is it?
The government allows you to purchase a bike without tax so depending on your tax rate you will save between 30% to 40%.
How does it work?
Your employer buys the bike and then hire it to you at 1/12 of the purchase price each month for one year. You pay this from your salary before your tax. The saving comes because you are taxed less as your income is reduced by the value of the bike.
Who does it?
Most employers will or could run the scheme (there are no restrictions) and to do so they may choose to use a third party to manage the paper work. We are partners with all of these facilitating agencies.
We are partners with Cyclescheme, Bike 2 Work, CyclePlus, Bikes for the NHS, Salary Exchange, Halfords Cycle2work and many independent local businesses individual schemes. If you have a Halfords voucher we can only supply bikes that they cannot get.
Some employers run open ended schemes others have limited windows to enrol.
Is there a price limit?
There is usually a ceiling of £1,000 but some employers offer their staff more. GSK offer up to £3,000.
How does it affect us?
It doesn't. It is like any other cash sale but instead of you handing over the money the cycle to work provider pays us direct (less their charge). As they make a charge, offer bikes and end of line discounted bikes can still be purchased on the scheme but the cycle to work provider’s commission will be added. The standard charge is 10% and if your provider charges more we retain the right to charge you the difference (5% for Halfords, Cycle Plus (P&MM Ltd 2%).
If you want us to order a bike or you want to secure a bike in stock, as with any normal sale, you still need to pay us a deposit. The deposit will be refunded when you collect the bike. You can offer the cycle to work voucher as a deposit or even pay for the bike in full to be refunded when your cycle to work voucher eventually arrives.