The cycling brand distribution company have announced an arrangement with financing company I-ME Solutions this week whereby their clients can qualify for loans up to 24 months on new purchases.Positive Sports Solutions spokesman David Pieterse said there was a strong demand among their customers for an arrangement of this nature.
“When it comes to purchasing bicycles, not everybody can lay out all the money at once,” he said.“Through our contact with I-ME Solutions, we make it possible for any cyclist to access the finance to buy their dream bike.“This benefits a customer as he or she is then not liable to pay the initial full cost, but can do so on a monthly basis.”
Freddie Fourie, co-owner of the Roodepoort-based financing company, said the demand for bicycle finance led to them widening the offer to individuals.“We specialise in off-balance-sheet finance of industrial and factory equipment for businesses,” he said.“The I-ME Gear product was initially focused on bicycle finance to businesses, with various advantages to the business owner.“To name a few, it is off the balance sheet and so the client can claim the VAT on the premium and, in certain cases, the premium against taxable income.”
He said they then opened it up to individuals and now had a “very balanced split” between individual and business clients on the I-ME Gear product.“Our book grew very well and we were getting more and more requests from individuals wanting to make use of our services.” Fourie added that they used the same rates and processes for businesses and individuals.