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Electric bike financing in Canada

How to finance an electric bike in Canada, including options for bad credit.

If you’re looking for an easier commute to work or some extra motivation to get active, an e-bike could be the answer. And if you want to finance an e-bike in Canada, there are several ways to go about it.

In this guide, we’ll look at six e-bike financing options to help get you pedalling.

Woman riding an e-bike in nature

Option 1: Buy and finance an e-bike through the store

How it works: In-store electric bike financing is a quick and convenient option to get your new bike. Stores work with third-party providers to offer financing, and you can split up the purchase price into regular repayments over terms ranging from 3 to 60 months. 0% and low-interest financing are available, but 0% interest may only be available for an introductory period. Some retailers also offer Buy Now Pay Later financing, where you can split the purchase price into four equal payments over six weeks, with no interest charged.

Suited for: People looking for a quick and easy e-bike financing option. Keep in mind that you’ll typically need good credit to qualify for 0% financing.


  • Convenient
  • Buy Now Pay Later available
  • Some retailers offer multiple financing options


  • Not available at all stores
  • You might find a better deal if you shop around
  • Check the fine print to find out what fees apply

Option 2: Finance an e-bike using a personal loan

How it works: You can use an unsecured personal loan from a bank, credit union or private lender to fund your e-bike purchase. Banks and credit unions have strict eligibility criteria, so you’ll typically need good to excellent credit to qualify. Many private lenders accept borrowers with bad credit, but you’ll need to settle for higher interest rates as a result. Loan terms typically range from 3 to 60 months.

Suited for: Borrowers with good credit.


  • Manageable monthly repayments
  • You can shop around to find the best rate
  • Bad credit options available


  • High rates if you have bad credit
  • No 0% financing available
  • Strict eligibility requirements at traditional lenders

Compare personal loans to finance an e-bike

1 - 4 of 9
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
Customer Survey:
10.8% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
Loans Canada Personal Loan
Finder Score:
Customer Survey:
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
LoanConnect Personal Loan
Finder Score:
Customer Survey:
8.99% - 46.96%
$500 - $50,000
3 - 120 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
easyfinancial Personal Loan
Finder Score:
Customer Survey:
9.99% - 46.96%
$500 - $100,000
9 - 120 months
Requirements: min. income $1,200/month

Option 3: Buy and finance an electric bike through the manufacturer

How it works: If you’re buying your bike directly from the manufacturer, some e-bike manufacturers offer access to e-bike financing in Canada through third-party providers. This may involve a monthly payment plan with low interest rates, or a Buy Now Pay Later option that allows you to split the purchase price up into four payments with 0% interest.

Suited for: People looking for a quick and easy e-bike financing option.


  • Quick and convenient
  • Buy Now Pay Later available
  • 0% financing available


  • You may be able to find a better price on the e-bike if you buy at another retailer
  • 0% interest may only apply for an introductory period
  • Higher rates for bad credit

Option 4: Finance an electric bike using a credit card

How it works: If your credit card has a low purchase rate, you could use it to finance an electric bike. It’s a simple way to pay for your purchase, and rates of around 8.99%-12.99% are available on some cards.

Suited for: People looking for convenient financing they can also use to cover a range of other expenses.


  • You don’t need to apply for financing — just use your card
  • Convenient and easy
  • Earn credit card reward points


  • No 0% financing
  • Watch out for card annual fees
  • Will reduce the credit you have available to cover emergency expenses

Less common options to get electric bike financing in Canada


How it works: When you put an e-bike on layaway, you pay a deposit so the store will set the bike aside for you. You can then make regular payments or pay a one-off lump sum to cover the rest of the purchase price, and you become the owner of the bike once you’ve paid off the full amount.

Suited for: People who don’t want to borrow any money and people with bad credit.


  • You don’t need to borrow any money
  • Typically no interest charges
  • You can buy when there’s a sale on


  • Limited availability
  • You don’t get your e-bike until you’ve paid it off
  • Check the fine print for any fees that apply
  • Minimum deposit required


How it works: Some e-bike retailers offer lease-to-own (or rent-to-own) plans where you can make monthly payments to rent and use an e-bike. At the end of the rental period once you’ve made all the required payments, you own the bike. However, be aware that the total amount you end up paying will typically be significantly more than the upfront purchase price.

Suited for: People with bad credit.


  • Manageable monthly payment amounts
  • Bad credit accepted
  • You can use your e-bike before it is fully paid off


  • You’ll end up paying much more than the purchase price
  • Extra fees may apply
  • Your bike could be repossessed if you can’t make on-time payments
  • Limited availability

Can I use Buy Now Pay Later to finance an e-bike?

Yes, you might be able to use Buy Now Pay Later (BNPL) financing to buy an e-bike. This payment option is available at checkout from some retailers and e-bike manufacturers, and it allows you to divide the purchase price up into multiple payments as part of a short-term payment plan.

For example, let’s say you want to buy an e-bike for $1,600. You’d pay the first $400 at checkout, then make three more $400 payments at two-week intervals to complete the purchase.

There are often no interest charges, and while some BNPL services require you to pass a credit check, others don’t.

However, keep in mind that you may not be able to access a high enough credit limit to cover the cost of an e-bike, with some providers offering maximum limits of around $1,500-$2,000. You should also be aware that high fees may apply if you miss payments, while the returns process may be complicated if you decide you’ve bought the wrong bike.

E-bike financing with bad credit

If you’ve got bad credit, there are still multiple ways to finance an e-bike in Canada:

  • Personal loan. Many online lenders offer bad credit personal loans with lenient eligibility criteria. However, steep interest rates often apply, so you’ll need to be sure you can afford to repay what you borrow. Learn more about the best bad credit loans.
  • Credit card. It will be hard to qualify for a new credit card if your credit history is less than perfect, but you may be able to use an existing card to buy an e-bike. It’s a convenient way to finance an e-bike and you can take advantage of interest-free days, but you’ll want to make sure your card has a low rate to minimize interest charges. It’s also worth remembering that using up a sizeable chunk of your credit limit can hurt your credit score.
  • In-store or manufacturer financing. You may be able to qualify for a Buy Now Pay Later plan with bad credit. However, low credit limits mean you may not be able to afford the e-bike you want.
  • Layaway. You might not need to pass a credit check to put an item on layaway. The downside is that you’ll need to wait until you’ve paid off your e-bike in full before you can ride it.
  • Rent-to-own. You can qualify for a rent-to-own plan if you have bad credit. But be warned that this is usually a very expensive option — you could end up paying significantly more than the upfront purchase price.

Is electric bike financing with no credit check available in Canada?

Yes. If your credit history is less than perfect, it’s possible to finance an e-bike in Canada without completing a credit check.

One option is to get a personal loan from an online lender. Many lenders offer no credit check loans to suit people with bad credit, but high interest rates often apply. It’s worth comparing some of the best installment loans and their lender eligibility requirements to find out what’s available.

Layaway is another option worth considering. While it means you’ll need to wait until you’ve paid off your e-bike before you can actually ride it, the fact that you’re not actually borrowing money means you typically won’t need to complete a credit check.

How to save for an e-bike

If you don’t want to take on debt to get an e-bike, these tips can help you save the money you need to buy it outright:

  • Create a budget. Put together a weekly budget to work out how and where you spend your income. Do you have enough left over after all your regular expenses to pay off an e-bike?
  • Work out where you can cut back. Next, think about the areas of your life where you can cut back on spending, like cancelling the gym membership you never use or eating out a little less often.
  • Open a high-interest savings account. Make your money work harder for you by opening a dedicated savings account. Compare high-interest savings accounts to get the best bang for your buck.
  • Automate your savings. Set up a recurring transfer from your chequing account to your savings account. That way you’ll grow your balance each week or month without lifting a finger.
  • Avoid temptation. Don’t give in to temptation and dip into your savings account to pay for things you don’t really need. Keep your eyes on your savings goal: a shiny, new e-bike.

Representative example: Phil finances an e-mountain bike

Phil wants to get active and lose a little bit of weight, and after a test ride on a friend’s e-mountain bike, he decides he wants one of his own. But with the model he wants retailing for $4,000, Phil knows he can’t afford to buy it outright on his current budget. He doesn’t want to dip into his rainy-day fund to buy the bike, so he decides to compare e-bike financing options from four different lenders.

Check out the results of his comparison in the table below.

Lender ALender BLender CLender D
Amount borrowed$4,000$4,000$4,000$4,000
Interest rate0%11.99%13.99%7.99%
Loan term18 months48 months36 months12 months
Admin fee$99.99$0$0$0
Total interest$0$1,055.15$920.88$175.22
Total cost$4,099.99$5,055.15$4,920.88$4,175.22
Monthly payment$227.78$105.32$136.69$347.94

Phil decides to apply for financing from Lender A. It offers the cheapest total cost of the four lenders compared, and Phil knows he can manage the $227.78 monthly payment on his current budget.

Bottom line

If you’re not paying the full purchase price of your new e-bike upfront, there are several e-bike financing options to consider. Make sure you shop around to find convenient and affordable financing that won’t leave you spinning your wheels.

Frequently asked questions


Written by

Tim Falk

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full profile

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