Cycle Schemes & Finance Options

FINANCE OPTIONS - OFFERED BY V12 RETAIL FINANCE.

V12 FINANCE EXPLAINED        

  • 0% finance over 12 & 24 months now available on all currents and full price bikes over £400. 
  • Low cost 4.9% APR finance over 12 or 24 months available on reduced bikes over £400.
CREDIT VALUE MIN DEPOSIT 0% 12 MONTHS 0% 24 MONTHS 4.9% APR 12 MONTHS  4.9% APR 24 MONTHS
FULL PRICE / CURRENT MODELS £400 - £8,000 10% YES YES YES YES
REDUCED BIKES £400 - £8,000 10% NO  NO YES 

YES

 

EXAMPLES OF BOTH BELOW:

 

How to apply:  In Store
To apply in store all you need is a photographic ID i.e. Driver's License/Passport to show our member of staff and a Debit or Credit Card. A Member of our sales team will be more than happy to show you our range and run through the options of bikes, we also will then run through the finance set up with you.

Finance terms & conditions
Finance options are available over 12 or 24 months and are subject to status. Applicants are required to be at least 18 years old, employed and a UK resident for the last 3 years to qualify. Stock is allocated once application is completed and deposit is received. Applicants must allow for a brief credit check in store.

Pre-check Criteria:

  • Is 18 or older.
  • Is, or their parent is, in permanent paid employment (over 16 hours per week), retired (receiving a pension), in receipt of a disability benefit or self-employed. 
  • Has been resident in the UK for the last 3 years and will continue their residency in the UK.
  • Has a debit or credit card in their name and registered to their address.
  • Has a Bank or Building Society current account available (needed to set up the Direct Debit instruction).

NOTE:- We do not allow finance to students or the unemployed. Declined Applicants should allow for a 3 month cooling off period before re-proposing. 

 *Finance Options are available subject to the Retailers discretion. 

CYCLE SCHEME OPTIONS

Cycle Scheme's are a very good way to buy/purchase bikes & bicycle equipment ! With big savings across products you may not usually purchase and health/fitness benefits you'd be silly to pass up the option - You do have to check with your place of work which third party company is doing your paper work as their are a few variants but non the less they all work in a close manor.

Check out the CycleScheme Example & write up below on how their scheme works!

What is Cycle Scheme? 

Petrol prices are rising again, the cost of living is spiralling upwards and we're all tightening our belts in a contracting economy. But if you live in the UK, there's one tax break that's still worth pursuing: the Cycle to Work scheme, which can save you between 16% - 40% off the cost of a bike. 

In essence, your employer buys a bike for you to ride to work, you 'hire' it through salary sacrifice (which is where you save, by not paying tax and National Insurance on the monthly fees) and at the end of the 'hire' period you buy the bike from your employer. 

Over 400,000 people have already bought a bike on the scheme, which was introduced as a tax exemption in 1999 by the government to 'promote healthier journeys to work and reduce environmental pollution'. The scheme has achieved that in spades, with a recent report claiming it saves the entire CO2 output of a city the size of Hereford each year. 

Because it was set up to promote work journeys rather than cycling in general, your employer technically remains the owner of the bike. Everyone knows that in practice the employee is 'buying' the bike, but that isn't legally the case until the salary sacrifice ends and the employer 'sells' the now heavily depreciated equipment to the employee. 

How it Works...

Save at least 25% on a new bike for work!

"Tax is complicated; the cycle to work scheme is not. You choose a bike, hire it for an agreed length of time, then snap it up for a fraction of its original value. It's like a year-round sale, with interest free credit available in over 2,000 retailers nationwide.We’ve worked hard to provide a transparent and easy to understand process. There are just four steps to go through to get a bike for work through Cyclescheme." - Cycle Scheme
Check out the four easy steps to getting your new bike on a scheme...

1. Choose a Package

What bike and equipment do you want? Consider your commute. How far is it? What route will you take?Be honest with yourself. What are your priorities? What accessories might you need? These are all questions you should ask yourself as you prepare to revolutionise your commute! Firstly, decide on the package that suits you:

Remember, if you’re visiting a retailer they can give you expert one-to-one advice; if you shop online, do your research, check reviews and make sure you get your bike sizing correct. 

2. Submit your Application

This couldn’t be easier. If your employer is signed up with Cyclescheme, they’ll have a unique employer code to use when you apply via cyclescheme.co.uk. If your employer isn’t signed up, they can join for free in just a few clicks here. On the application page, you’ll be guided through a simple form that asks for your work details, contact information, and the value of the Cyclescheme Certificate you’re applying for. When you submit the form, your employer will receive a copy of your Hire Agreement.

3. Get your Package

With your application approved and paid for by your employer, it’s time to exchange your Cyclescheme Certificate for your Cyclescheme package. Contact your retailer and arrange a time to pop in and pick up your equipment. If you shopped online, your package can be delivered to an address that suits you, or you can opt for the click-and-collect service that some retailers offer. Your salary sacrifice and Hire Agreement now kicks in. You’ll pay a set amount from your salary each month in exchange for the hire of your Cyclescheme package from your employer. The deduction is made from your gross salary, so you make income tax and national insurance savings of 32% if you're a standard rate tax payer, or 42% if you're a higher rate tax payer.

4. Transfer Ownership

When the Hire Agreement and salary sacrifice ends, you can keep your Cyclescheme Package by making a final payment for just a small amount.  For a Cyclescheme package under £500, you'll pay 3% of the original value; for a package over £500, it's 7% – so a maximum of £70 on a £1,000 package. The bike remains ‘hired’ until the Cyclescheme package is 4 years old, but with no more monthly payments. Ownership can then officially be transferred to you at no extra cost. This method of transferring ownership is why you save a minimum of 25% rather than a minimum of 32%. Many Cyclescheme participants will save more. For a personalised savings figure, visit our calculator and enter your details.

 

For more information on either Finance Options or Cycle Scheme routes to purchase - please contact us !