Buying a Bike on Finance: How It Works, What You Need and How the Deposit Works
A good bike is an investment, and plenty of the people who come into the shop would rather spread the cost than pay it all on the day. That’s especially true for e-bikes and full-suspension mountain bikes, where prices quickly run into the thousands. We offer finance on our bikes, and this guide explains how it works, what you’ll need to hand and the mistakes that cause applications to stall, so you can decide whether it’s right for you before you click “apply”.
We’ll keep it practical. We can’t tell you which option is cheapest for your circumstances, because that depends on the term you choose and the deposit you put down, but we can show you exactly how the process works on our website.
Your options for spreading the cost
There are three ways to pay in instalments when you buy from us online:
- V12 Retail Finance. This is our main finance option for bikes. You’ll see it on every bike product page priced at £280 or more, and on baskets that add up to £280 or more. You choose a term and a deposit, apply online during checkout, and V12 tells you the outcome.
- PayPal Pay in 3. Most PayPal users can now split a purchase into three payments. It’s handy for smaller buys such as accessories, a kids bike or a set of upgrades.
- PayPal Credit. This lets you spread the cost over a period you choose, with the costs shown up front. Pick PayPal at checkout to see what you’re offered.
If you’re employed and your employer runs a scheme, salary sacrifice is a different route altogether. You don’t borrow money; instead the bike is paid for out of your gross salary. Our Cycle to Work guide explains how that works, and it’s worth comparing both before you decide.
Who provides the finance?
When you choose finance with us, we aren’t lending you the money. Image Cycles Limited, which trades as Les’s Cycles, is authorised and regulated by the Financial Conduct Authority (firm reference number 803000) and acts as a credit broker, not the lender. The finance itself is provided by Secure Trust Bank PLC trading as V12 Retail Finance. That means V12 makes the lending decision and your agreement is with them.
How the deposit works
Every V12 finance order needs a deposit of at least 10% of the order total. You can choose to pay more than 10%, and a bigger deposit means you borrow less, which reduces the overall cost of the finance. The finance calculator on each product page lets you try different deposits and terms and see the monthly payment and total cost before you commit.
To give you a feel for the numbers, here is what the minimum 10% deposit looks like on a few bikes we have in stock right now. Prices were correct at the time of writing, and the monthly payments depend on the term you pick, so check the calculator on each product page for the live figures.
| Bike | Price | Minimum 10% deposit | Amount to finance |
|---|---|---|---|
| Whyte Secta S hardtail mountain bike | £1,099 | £109.90 | £989.10 |
| Whyte Tourus V2 gravel and commuting bike | £1,299 | £129.90 | £1,169.10 |
| Whyte Syphon S full-suspension trail bike | £2,199 | £219.90 | £1,979.10 |
| Whyte Sythe RS enduro bike | £3,199 | £319.90 | £2,879.10 |
| Whyte Kado RS electric mountain bike | £5,199 | £519.90 | £4,679.10 |
What you’ll need before you apply
The single most important thing about a finance order is to only place it when you’re ready to finish the application in one go, deposit included. Have these to hand first:
- your address history for the last three years
- your employment details
- your bank account details
- a card to pay the deposit
Your order isn’t confirmed or reserved until you’ve paid the full deposit and completed your V12 agreement. If you place an order and don’t complete the application soon after, the order is cancelled, so the bike goes back on sale.
Step by step: buying a bike on finance online
- Check the finance options on the bike. On any bike page from £280, use the finance widget to see the terms available.
- Try different terms and deposits. The selector shows how the monthly payment and total cost change as you adjust them.
- Choose your size and colour and add it to your basket. You can combine items, such as a bike plus a helmet and lock, into one finance order as long as the total is £280 or more.
- Go to checkout and enter your delivery details. Then choose to apply for finance as your payment method.
- Pay your deposit and complete the V12 application. Once you’ve finished, your details sync across and V12 lets you know the outcome. If you’re accepted, V12 tells us automatically.
- We prepare and send your bike. Once the agreement is confirmed we ship your order.
Our full V12 finance guide walks through each checkout screen with pictures, and our finance options page has the key details in one place.
Bikes people often buy on finance
Finance makes the most sense when it lets you buy the bike that genuinely suits your riding, rather than settling for something that will need replacing in a year. Here are five bikes across different budgets and types of riding.
Entry-level trail riding: Whyte Secta S
The Whyte Secta S is a modern hardtail aimed at beginner and intermediate trail riders who want a tough, low-maintenance bike. It has trail geometry, a 130mm RockShox Recon Silver RL fork and a 6061 aluminium frame, and at £1,099 the minimum deposit is £109.90.
Commuting by day, gravel at the weekend: Whyte Tourus V2
The Whyte Tourus V2 is Whyte’s light gravel, commuting and touring bike. It has a full set of frame and fork mounts, takes Whyte mudguards and rolls on 45mm Maxxis Reaver tyres, so it handles a wet commute as well as a weekend on the byways.
Stepping up to full suspension: Whyte Syphon S
The Whyte Syphon S is a 29er trail bike with 140mm of travel up front and 135mm at the rear, using a RockShox Pike Base fork and Deluxe Select RT shock. It’s the kind of bike riders often spread the cost on when moving from a hardtail to their first full-suspension bike.
For bike parks and big descents: Whyte Sythe RS
The Whyte Sythe RS is built for enduro and bike-park riding, with 170mm front and 160mm rear travel from RockShox Lyrik Ultimate and Super Deluxe Ultimate suspension, mixed 29in and 27.5in wheels and TRP four-piston brakes.
A full-power e-MTB: Whyte Kado RS
E-bikes are where finance is most popular. The Whyte Kado RS is a full-power Bosch e-MTB with 160mm front and 150mm rear travel, a carbon front triangle and RockShox ZEB Select fork. At £5,199, the minimum deposit is £519.90, and putting down more will bring your monthly payments and total cost down.
You can see more in our Whyte bikes, mountain bikes and electric mountain bikes collections. Every bike from £280 shows its finance options on the product page.
Common questions
What happens if I’m not accepted?
If V12 doesn’t approve the application, the order is cancelled. You can then place a new order using a different payment method, or make a new application.
Can I put down a bigger deposit?
Yes. The minimum is 10%, but you can choose any amount above that using the widget on the product page. A larger deposit means you borrow less and pay less in total.
Can I add accessories to the same finance order?
Yes, as long as the basket total is £280 or more. Many people add a helmet, lock and lights so everything is covered in one agreement.
Can I apply in the shop instead?
If you’d rather talk it through in person, pop in or give us a call and we’ll help you choose the bike and explain how to apply.
Talk to us before you commit
Finance is a commitment, so take your time, use the calculator and make sure the monthly payment sits comfortably within your budget. Credit is subject to status and affordability. If you’d like help picking the right bike or size first, we’re happy to help.
Visit Les’s Cycles, 365 Long Road, Canvey Island, Essex SS8 0JQ (Monday to Saturday 9am to 6pm, Sunday 10am to 4pm), call 01268 695877 or email sales@lescycles.co.uk.