Cycle Trader adds “Buy by payment” option for users financing bicycle purchases
Cycle Trader has announced a new buy-by-pay feature allowing consumers interested in motorcycle purchase financing to search for vehicles based on their preferred monthly payment range. The new search option expands Cycle Trader’s digital retail platform, which launched earlier this year with functionality allowing users to buy used motorcycles 100% online with cash.
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The Shop by Payment search feature – a first for motorcycle listing services – is designed to connect dealers to buyers faster, spend less time negotiating with prospects and generate more financing opportunities. This feature also gives cash consumers a glimpse of financing flexibility and affordable vehicles that might be out of their price range if they were to purchase in full with cash.
The new feature gives Cycle Trader users the ability to filter searches in the Price portion of the site’s search bar by “Cash” or “Payment”. So:
- Those who select “Cash” will be asked to enter their minimum and maximum purchase price as usual.
- Those who select “Payment” will be asked to indicate their preferred minimum and maximum monthly payments.
- Once a buyer selects their preferred payment methodThey will be presented with a dynamic monthly payment for each vehicle listed on the search results page as well as each vehicle’s detail page, making it easy to compare estimated monthly payments from bike to bike.
All Cycle Trader listings with a price are automatically eligible for the “Buy by Payment” feature. Monthly payment estimates shown in search results and vehicle detail pages are based on a standard loan term of 60 months and a fixed interest rate of 5.99% APR.
“Consistently, our market research indicates that buyers wanting to understand not only the cash asking price of new and used motorcycles for sale, but also what their monthly payments would be if they pursued financing their purchase online said Troy Snyder, vice president of digital retail for Trader Interactive, the parent company of Cycle Trader. “Shop by Payment provides this visibility in a way that has never been available before for buyers considering financing their motorcycle purchases, opens the door for cash buyers to explore financing options, and will help these consumers navigate faster through the purchase funnel with transparent monthly cost estimates.”
For more information send an e-mail [email protected] or call (853) 575-7277.