Point West Credit Union Offers Low-Cost Loans for Bikers

Friday, September 12, 2014

Üma Kleppinger, GoLocalPDX Contributor

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Photo credit: Courtesy Point West Credit Union

In the market for a new bike, but need some creative financing options? Point West Credit Union offers Portland's biking community a unique financing approach to help sustainable, healthy and inexpensive commute options.

Getting a loan for a new car is standard operating procedure - after all, who has got 25 grand in cash laying around to drop on a new car, however “green” it is.

But a loan for a bike? How perfectly Portland!

With a bike-fanatic CFO at the helm and many employees who commute and ride bikes, Point West saw an opportunity to provide a valuable service to the local cycling community.

“We know many people are choosing bicycles as their primary mode of transportation,” said Steve Pagenstecher, marketing and member-experience manager. “Bikes are more economical than cars, both in terms of purchase price and maintenance costs over the life of the bike.

"But for many getting a really nice commuter bike with all the year-round riding accessories is out of reach without creative financing.”

Over the summer the credit union sponsored a bike-themed photo contest. The credit union partnered with Portland Pedal Power to help get the word out. Entries were voted on by the public. Each vote was matched with a $1 donation to the Community Cycling Center's Create a Commuter Program.

The contest recently wrapped up with the winning photographer scoring a $250 VISA gift card, and Point West donated $1000 to the Community Cycling Center.

“We feel connected to the cycling community of Portland. We're part of that community…we have a strong bike culture within our organization. We wanted to be a part of its growth, by offering a low-cost loans only a nonprofit can provide.” said Pagenstecher.

Variable rate loan amounts for a new bike ranges from $750 (minimum) to $5,000 (maximum). To learn more about Point West Credit Union's flexible term bicycle loans, or to apply online, visit the website.

Üma Kleppinger is a Portland-based copy writer, author and advocate for full-contact anti-bummer living, by bike. She is a recovering sesquipedalian who writes about life in the saddle and outdoor adventure. She is also the author of BikeYoga, a yoga program for cyclists. When not writing, she can be found riding and racing her mountain bike throughout the Pacific Northwest.

Homepage photo credit: Sonny Abesamis on Flickr. CC license. Image cropped.