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Bicycle Loans FAQs


Do I need to be a Virginia Credit Union member to get a bicycle loan?

Yes, you need to be a member of Virginia Credit Union. There are numerous ways that you can join. Check out here to see if you qualify for membership.

Can I get a bicycle loan as a student?

Yes, our bicycle loan amounts go as low as $100. We would be happy to help you with financing your bicycle.

Can I include the bicycle lock, lights and helmet in the loan?

Yes, Virginia Credit Union’s bicycle loan covers 100% of the bicycle and accessories.

What is the amount I can borrow and length of term?

Loan Terms:
$100 - $499.99 = up to 12 Months
$500 - $999.99 = up to 18 Months
$1,000 - $1,499.99 = up to 24 Months
$1,500 - $2,999.99 = up to 30 Months
$3,000 - $4,999.99 = up to 36 Months
$5,000 - $9,999.99 = up to 48 Months
$10,000 & Higher = up to 60 Months

How long do I have to pay it off?

When applying for the bicycle loan, you will pick your loan’s term length. You can select anywhere between 12-60 months based on the amount borrowed.

Can I pay it off early without penalty?

Yes, you can pay it off whenever you want to as there is no penalty to pay a bicycle loan off early.

What are the late payment fees?

The late fee is 5% of your monthly payment.

Can I purchase a used bicycle with this loan?

Yes, you can purchase a used bicycle with this loan. If you wrote a check or paid with cash, just let us know and we’ll be happy to work with you.

Why is there a difference between the rate on the website and the rate I received?

There are factors that affect the rate: your credit history, your payment method and the amount you’re financing. Rates also may have changed in the time between your research and your application was submitted.