Electric Scooter Financing – A Detailed Guide

Many people seek higher-quality scooters that often cost over $1000, making electric scooter financing a popular choice, but there are important considerations to keep in mind.

Let’s dive into the workings of the financing companies and find the deal that suits you best.

Check out the table below with financing info, payment plans, and interest rates – it will help you figure out the best deal for your new scooter and make things easier on your wallet.

Financing companyMerchantsPayment plansInterest rateTime to get approvedCredit check
AffirmVoromotors, FFR, EWheels, Apollo ScootersMonthly (3, 6, 12)0% – 15%InstantlyYes
KatapultVoromotors, REV RidesWeekly, bi-weekly, semi-monthly0%InstantlyNo
KlarnaPureElectric, GeekBuying,REV Rides, VoromotorsPay in 3, Slice it (up to 12 or 24)0% – 14.99%InstantlyYes
PayPalMost merchantsMonthly (6)0% – 29.99%InstantlyYes
PayBrightApollo, UrbanMachina, VoromotorsMonthly (3, 6, 12, 18, 24, 36)0% – 25%InstantlyYes

Can I get an electric scooter on finance?

You can get an electric scooter on finance as it is usually very easy.

The simplest way is through the online store selling the scooter, as they often partner with a financing company. This method, known as buy now pay later or point of installment loan, allows for a quick online process.

Another option is a personal loan, but it involves a more detailed procedure.

How does financing an electric scooter work?

Top electric scooter sellers partner with third-party financing companies, making the financing process straightforward and often fair.

In North America, Affirm is a common option, while Klarna is prevalent in Europe.

However, these international companies may not cover financing outside the Western world, requiring alternative loan options in those regions.

Electric scooter financing with Affirm

logo for Affirm

The best online scooter brands in the US like Voromotors, FluidFreeRide, and EWheels, will offer financing options through Affirm. It’s an early and fast-growing buy-now-pay-later company.

To choose Affirm at checkout, create an account and get approval, usually instantly.

With a calculated annual percentage rate (APR) based on your credit score, they offer upfront costs and interest rates for 3, 6, or 12-month plans. Good credit may lead to no interest, and Affirm doesn’t charge late fees or require a credit card.

When financing popular electric scooters in North America through Affirm, assuming full approval and no down payment, here’s what to expect.

Electric scooterOriginal priceInterest rateN. monthly paymentsMonthly paymentTotal interestPrice with interest
EMove Cruiser$14990%3$466.33$0$1499
EMove Cruiser$149910%3$549.63$149.9$1648
EMove Cruiser$149910%6$274.82$149.9$1648
EMove Cruiser$149915%3$574.62$224.85$1723
EMove Cruiser$149915%6$287.3$224.85$1723
EMove Cruiser$149915%12$143.65$224.85$1723
EMove Touring$89910%3$309.66$30.96$929
EMove Touring$89910%6$152.33$15.23$914
EMove Touring$89915%3$299.81$23.08$922
EMove Touring$89915%6$153.57$23.03$939
EMove Touring$89915%12$75.85$11.37$910
Kaabo Wolf Warrior$34990%3$832$0$2495
Kaabo Wolf Warrior$349910%3$1205$120.5$3601
Kaabo Wolf Warrior$349910%6$592.88$59.28$3558
Kaabo Wolf Warrior$349915%3$1224$183.6$3682
Kaabo Wolf Warrior$349915%6$597.74$89.66$3588
Kaabo Wolf Warrior$349915%12$295.17$44.27$3543
Inokim OXO$259910%3$881.14$44.42$2643
Inokim OXO$259910%6$446.15$77.90$2676
Inokim OXO$259915%3$888.57$66.71$2665
Inokim OXO$259915%6$452.71$117.26$2716
Inokim OXO$259915%12$234.85$219.20$2818
Mercane Widewheel Pro$139910%3$481.77$481.77$1880
Mercane Widewheel Pro$139910%6$237.05$237.05$1636
Mercane Widewheel Pro$139915%3$489.65$358.35$1757
Mercane Widewheel Pro$139915%6$238.9$35.83$1434
Mercane Widewheel Pro$139915%12$118.04$177.06$1576
Nami Burn$499910%3$1721.87$172.18$5171
Nami Burn$499910%6$847.05$84.70$5083
Nami Burn$499915%3$1749.65$262.44$5261
Nami Burn$499915%6$853.99$128.09$5127
Turbowheel Lightning$219010%3$754.33$75.43$2265
Turbowheel Lightning$219010%6$371.08$37.10$2227
Turbowheel Lightning$219015%3$766.5$114.97$2304
Turbowheel Lightning$219015%6$374.12$56.11$2246
Turbowheel Lightning$219015%12$184.78$277.17$2467
Weped FF$517110%3$1781.12$178.11$5349
Weped FF$517110%6$876.29$87.62$5258
Weped FF$517115%3$1809.85$271.47$5442
Weped FF$517115%6$883.37$132.50$5303
Weped FF$517115%12$436.30$654.45$5825

Electric scooter lease-to-own with Katapult

logo for Katapult

Katapult customers engage in a lease-to-own contract, allowing them to lease a product with an option to own it. After receiving the product, you can opt for the Early Purchase Option or continue lease payments weekly, bi-weekly, or semi-monthly, with the first payment at checkout.

Katapult considers the product’s cash price, customer’s location, maximum lease term, and sales tax rate. Credit history may not be checked, making it appealing for those with bad credit, and approval is speedy for loans up to $3500, covering most scooter purchases.

However, be cautious, as Katapult’s leasing may entail a high interest rate, resulting in additional costs.

Let’s take a look at the EMove Cruiser at Voromotors as an example. With a price of $1499, the initial payment with Katapult is approximately $45, and if you pay off the lease in under 90 days, the scooter may cost a bit over $1500, which is reasonable.

However, the total annual cost, factoring in all lease payments, could reach $2845, more than double the original scooter price. If financing through Katapult, ensure you can pay it off in 90 days to avoid a significantly higher total cost.

Electric scooter financing with Klarna

logo for Klarna

Popular scooter merchants and stores in the EU and the UK like PureElectric and GeekBuying will offer financing options through Klarna. Getting financing through Klarna involves only selecting the option to pay with Klarna at checkout.

Like Affirm, Klarna offers point-of-sale loans, with a standout feature being mostly interest-free plans and profit derived from small late fees.

Two popular plans are Pay in 3, splitting payments into 4 parts every two weeks, and Slice it , allowing a 12 to 24 months for full payment.

Klarna also offers financing for 6 to 36 months, with interest rates varying between 0% and 29.99%.

Electric scooter financing with PayBright

logo for PayBright

Some of the most trusted scooter brands that operate in Canada, like Apollo and UrbanMachina, offer monthly payments through PayBright.

You simply select the option to pay with PayBright at checkout. The approval process is typically brief, and loans with interest rates ranging from 0% to 25% can extend up to 60 months for larger purchases.

Monthly fees of $1 to $4 apply, impacting your credit score, with a credit history check for approval. PayBright also provides interest-free installment plans, like Pay in 4, splitting payments into 4 equal bi-weekly parts withinn 60 days.

Although interest-free, late payments carry a $10 penalty, and missed payments incur a $30 penalty.

Electric scooter financing with PayPal

logo for PayPal

One of the simplest, most universal ways of getting financing for your scooter is through PayPal.

Most merchants accepting PayPal also offer monthly payments, applicable to many online stores today. Payments over $99 can be split into 6 monthly installments.

PayPal doesn’t charge interest for on-time payments, but late payments may incur a 23.99% APR or a late fee of up to $40. A credit score check is conducted, with approval likely if your score is above 700.

Electric scooter financing on Amazon with ShopABunda

Finally, a very useful company that you should be aware of if you’re thinking of getting financing for your scooter is ShopABunda.

ShopABunda is a unique financing option for Amazon purchases, particularly beneficial for buying electric scooters as Amazon lacks a native financing option. It simplifies the financing process, allowing for low monthly payments.

Is it hard to get electric scooter financing?

Getting financing for an electric scooter is often not very difficult. While electric scooters are not very cheap, they are also not too expensive in most cases, so the financing amounts are typically not too large.

However, it is possible to get denied financing, especially if your credit score is bad.

What credit score do you need to finance an electric scooter?

Though not inexpensive, the majority of electric scooters typically fall below $2000, eliminating the need for a minimum credit score in most financing cases. A higher credit score facilitates easier qualification, securing more favorable terms and lower interest rates, ultimately reducing the overall cost.

How can I finance an electric scooter with no credit?

Financing an electric scooter with no credit might be possible through a company that provides financing with little or no credit history checks, or doesn’t require an extensive credit history to approve the financing. The best option in this case might be a least-to-own program like Katapult.

Getting a loan for buying an electric scooter

In addition to online financing platforms, traditional financial institutions also offer loans for purchasing electric scooters. Terms vary by the lending entity, and the process may be more involved. However, exploring this option is worthwhile if you can secure lower interest rates or more favorable terms.

How long does it take to get approved for an electric scooter loan?

Electric scooter loans typically get approved within hours to a day, though some exceptions exist for more complex situations and applications (Affirm may take up to a week, PayBright up to a month).

Once approved, the merchant receives payment within several days.

What is the interest rate for an electric scooter loan?

Your electric scooter financing interest rate depends on the merchant, financing company, and most crucially, your credit score.

Those with a good credit score opting for a shorter payment period may secure a 0% interest rate with certain merchants and financing companies. Conversely, individuals with bad credit may face interest rates reaching 30% or more.

Can you put a down payment on an electric scooter?

Many financing companies allow down payments for electric scooters. Choosing a larger down payment is financially wise when financing, reducing overall interest payments. Some individuals choose to wait, saving money to pay in cash or make a substantial down payment, minimizing interest costs later on.

Do merchants prefer financing?

Some merchants may benefit more when you finance your scooter instead of paying upfront, as they may receive a share of the interest paid to the financing company. This is often observed in brick-and-mortar shops and dealers, especially those offering traditional financing.

I suggest inquiring about the scooter’s price from retail stores before revealing your payment plan, as some may steer you toward financing through their partners even if it’s unnecessary.

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Matt standing next to his Xiaomi M365 Pro electric scooter and holding an electric scooter helmet
I am Matt Trajkovski, the owner and main editor of EScooterNerds. I love electric scooters, and electric vehicles in general, and I’ve been involved in the industry for more than 10 years. I enjoy testing, reviewing, and research on various electric scooter models and brands, following our proprietary rigorous editorial and testing process developed here at EScooterNerds, looking for great value and performance, both through data and experience. All of the content published on this blog goes through a rigorous review and editorial process, and our product reviews not only include the hands-on experience of our own team members, but the experience of our audience members as well. My goal is to provide you with the best information about electric scooters possible. You can see all of my posts in my articles archive.
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