Buying a new bike can be an expensive proposition. However, Canyon aims to make it easier to buy their bikes by adding Klarna to their range of payment methods.
Klarna, which offers financing through a series of monthly installments, is one of seven ways to pay for your next bike, with other options including Cyclescheme, Splitit, Paypal, prepay and credit card .
By offering a range of payment methods, Canyon wants to make buying a bike simple, whether you’re taking the plunge with your first serious road bike, upgrading to a pro-level mountain bike, adding a gravel to the fleet, or anything in between.
Here are all the ways to buy one of Canyon’s road, gravel, mountain, hybrid or electric bikes.
Klarna is a financial service, founded in Sweden in 2005, which allows payment by monthly installments, over periods of 6, 12, 24 or 36 months.
If you pay for your bike over six months you pay no interest, but for longer periods interest is charged at 9.9%. There is a maximum purchase price of £10,000.
You can buy the new Canyon Ultimate road bike, for example, from £121.64 a month for 36 months, or a Canyon Spectral 29 CFR mountain bike for £206.50 a month, also for 36 months.
If you’re considering a hybrid like Canyon’s Commuter 5, you’d pay £36.79 per month over 36 months, or you could pay £191.50 per month over six months, interest free.
To see what’s available and check the monthly cost using Klarna, find the bike you’re interested in and click “Fund with Klarna Installments” in the right menu to compare terms in the pop-up window.
At the time of payment, Klarna will perform a credit check.
Once approved, the first payment will be taken when your bike is shipped, with additional payments at monthly intervals over the life of the loan. Klarna will notify you when each payment is due and when it is collected.
You can also pay the full amount at any time. Canyon has a comprehensive Klarna FAQ on its website. BikeRadar also has a guide to buying a finance bike.
Cyclescheme is a wage sacrifice initiative of the Cycle to Work scheme in the UK.
The advantage here is that you pay for your Canyon from your pre-tax gross salary, so you pay no taxes, national insurance, or interest charges.
At the end of the agreed duration, however, you must decide whether to return the bike or pay the ownership costs.
BikeRadar has more on buying a Canyon using Cyclescheme.
Splitit is another installment payment option, in this case linked to your Visa or Mastercard credit card. You can pay via Splitit in instalments between two and six months.
Splitit offers zero percent interest and no credit checks, and there is no minimum order value. Simply select the “Interest-Free Installments” payment method at checkout.
The total amount due is held on your card, which must have a high enough credit limit for the entire transaction. The first monthly payment is debited when your Canyon ships and the amount held on your card will decrease each month until the full amount has been paid.
Canyon accepts payments via PayPal and there is no upper limit to the transaction value. The amount will be reserved in your PayPal account when you order, but only debited when Canyon ships.
You must, however, ensure that you have a sufficiently high PayPal account limit and that the credit limit on the payment method linked to your PayPal account is sufficient for the intended transaction.
PayPal Pay in 3
If your transaction value is between £30 and £2,000, you can spread the PayPal payment to Canyon over three months using PayPal Pay in 3.
It is only available to individual UK residents and there is no additional charge.
You can pay for a Canyon bike in full with a Visa or Mastercard credit card, online or over the phone.
If you call to pay, Canyon will email you a secure link to enter your card details.
Finally, you can prepay for your new Canyon. Once your order has been placed, Canyon will reserve your bike and send you an invoice with their German bank details.
Then, once payment has been received, Canyon will arrange shipment of your bike. There may be foreign transaction fees payable to your bank.