A freewheeling bicycle loan

Each and every year CANSTAR highlights monetary innovations within Australia that we think represent excellence in their field. An innovative product should be a initial in the market – even probably open up a new market. The degree of innovation ought to also be sufficient to have a actual effect for each customers and competition. And, of course, something that is actually innovative can’t assist but have that “wow” factor and the all round impact the product could have.

In 2015, CANSTAR is please to congratulate Transport Mutual Credit Union for winning an Innovation Excellence award helping customers get back on their bikes with a FreeWheel bicycle loan.

What is Transport Mutual Credit Union’s FreeWheel Bicycle Loan?

The increasing attraction of riding bikes to perform, as effectively as involving the whole family members in 2-wheel fun at the weekend, is behind the push to get more people into the saddle for less. Sydney-primarily based Transport Mutual Credit Union has launched a truly special scheme to encourage a wholesome active way of life. It is a FreeWheel Bicycle Loan where you spend no interest and no charges. No joke, it really is completely cost-free, apart from paying back the principle borrowed.

Transport Mutual has financed thousands of automobiles with their low-price loans over the years and now they acknowledge there is an environmental cost attached to motoring. Financing bike purchase for no further price to the consumer is a best match for Transport Mutual’s values and social duty.

With the purchase rates of bikes ranging from $ 25 to $ 1,000 – a lot more, if you want to hit the velodrome – Transport Mutual gives you the chance to spread your repayments out more than 2 years and not pay a single additional cent in fees or interest. You cannot get a significantly much better deal than that.

Consider about minimizing your commuting expense, as you zip into the workplace on the ever-expanding ne2rk of bicycle lanes. Then there is the weekend recreational entertaining to be had by the weekend warrior. This loan opens up a complete new globe of 2-wheeled possibilities.

Standout attributes of FreeWheel Bicycle Loan

Some standout characteristics of the FreeWheel Bicycle Loan incorporate:

Initial for Australia. There is other bicycle finance in Australia but with a catch – a quick period of interest-free of charge, following which interest kicks in, a requirement to take out a credit card and ongoing monthly charges.

Cost-effective. Transport Mutual’s FreeWheel Bicycle Loan is entirely free of interest and charges.

Swift approval. Simply because there are no catches, the loan application is a really rapid approach and buyers get conditional approval within a day.

Upscale to a much better bike. Due to the fact you can pay the loan off over 2 years, if you wish you can take the chance to acquire a far better top quality bike that enhances your enjoyment of riding.

Bike shops on board. The FreeWheel product has been eagerly embraced by Bicycle NSW, bicycle retailer and bicycle user groups.

CANSTAR’s verdict …

Whilst it is a reasonably niche item and supply, the Transport Mutual Credit Union FreeWheel Bicycle Loan has a definite wow factor. Although some retail outlets across various solution categories supply their personal interest cost-free customer credit packages when goods are purchased, the FreeWheel Bicycle Loan does not tie buyers into purchasing a particular solution from a distinct retailer.

With the majority of Australians needing a tiny more exercising, we also felt that it was a terrific instance of community engagement.

A freewheeling bicycle loan