My Experience Financing my Peloton Bike (and what I Wish I Had Known) – Updating

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Reading My Experience Financing my Peloton Bike (and what I Wish I Had Known) – updated 2022


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When I got my Peloton bike last summer, I decided to finance it rather than prepay. I liked that the finance company Affirms promised a loan that had no interest and could be paid off early if I wanted to. My Peloton replaced my gym membership, hence the funding

It’s been almost a year since I started financing my bike and I wanted to share my whole experience – from applying for financing to my monthly payments.

Applying for funding

After selecting the bike and bike pack I wanted to buy (I was given the bike essentials pack, which included the bike, headphones, a set of bike shoes, and a set of light weights), I was taken to a check-out page and brought.

On the checkout page, I filled out more information about myself and then clicked a link to take Affirm to Pay Over Time. I filled out a few questions and within seconds approval came back and I was able to order my Peloton. I think the whole process took maybe 5 minutes.

Total funding was $53/month for 39 months (just over 3 years) with no interest. If you only get the bike and no additional accessories, the payments can be as low as $49/month. Update: Peloton recently dropped the bike’s price to $1,495. If you use Affirm to finance the bike, the payments can be as little as $39!

Financing and waiting for bike delivery

I quickly learned that the downside of funding the Peloton is that I could potentially pay for the bike before the bike even arrived. While Peloton membership does not recharge until your bike or treadmill is activated, Affirm loan payments are due 1 month after ordering.

Update: Peloton has changed when the loan starts! Now your loan starts 30 days after your delivery date instead of the purchase date. When I purchased my Peloton Tread, my payment date was not set until my delivery date was set.

When I ordered I was originally given a 2-month delivery window, but after a few calls to customer service, I was able to extend my delivery date by a month and a half.

Experiences with Affirm

I’ve been financing my bike for almost a year now and have had a great experience with Affirm. The funding is interest-free and I can link it directly to my debit card so I’m billed automatically each month (they text a few days before as an alert), similar to my old Orangetheory membership.

Related Post: Why I Left Orangetheory for Peloton

Affirm also has an app that lets me see how much progress I’ve made towards paying off the bike and allows me to make additional payments (with no penalty!) to pay off the bike sooner. I can also easily pay early in the app.

All in all, I would fund the bike if I had to do it again – I plan to fund the treadmill once my bike pays off! The payments are manageable and even cheaper than what I paid for my Orangetheory gym membership (even if you add the $39 per month Peloton subscription).

frequently asked Questions

Who does Peloton use for funding?

Peloton uses Affirm for all funding.

What are Peloton funding payments?

Payments may vary depending on the bike package purchased. Financing starts at $49/month for the Original bike and then can go up to $76/month for the Bike+ Family package.

What credit rating do I need to be approved?

There’s no official rating, but based on Affirm’s website, they say that if your credit score is above 640, you’re “more than likely” to be approved.

Do I start paying before my bike is delivered?

Yes, you may start paying off the loan before your bike is delivered. Payments start one month after ordering the bike.

How much is due when I order the bike?

With financing, you don’t have to pay anything on the day you order the bike.

Is there interest on the loan?

nope! This is (in my opinion) the best part of this loan. No interest accrues during the term of the loan.

Will Affirm’s credit check show up on my credit report?

Yes, when you apply for the Affirm loan, a credit check will be performed and will appear on your credit report.

Are you billed for Peloton membership and confirmed at the same time?

No, you will be charged two separate fees – one goes directly to Peloton for the monthly membership and another goes directly to Affirm for the loan. My Peloton membership payments started when my bike was activated (they give you a free membership until you get the bike or tread) and the Affirm payments started a month after I bought the bike.

Related Post: Everything You Need to Know About Peloton Century Club Jerseys

So the article “My Experience Financing my Peloton Bike (and what I Wish I Had Known)” has ended. Thank you and best regard !!!

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