Lloyds Bank survey shows one in five have taken out a loan, while a quarter of those have used the money to buy a bike or car

With cycling still booming in the UK, a survey by Lloyds Bank has discovered that more people are getting into debt to buy a bike.

Cyclists young and old want to mimic their idols, which often means shelling out a lot of cash for a new ride, with ever-more expensive products hitting the market.

A survey of 3,000 people by Lloyds discovered that one in five had a personal loan and more than a quarter of these used the money to buy a car or bike.

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The bank suggests that the rising trend for expensive bicycles could be the reason behind the numbers, as well as an increasing number of people cycling to work, according to MailOnline.

Sam Clark, from Lloyds Bank, told MailOnline: “The number of commuters travelling by bike is fast increasing.

“With different options and flexibility available for consumers to finance a bike, [loans] could continue to be more attractive to commuters in the future.”

The study revealed that people in the North, Midlands and Yorkshire were most likely to take out a loan for a bike, while separate figures from Privilege insurance show that six per cent of the almost 100,000 bikes stolen each year are worth more than £1,000.

  • David Chadderton

    I don’t believe in statistics, either. Only have confidence in things I can hit with a hammer.

  • Chris

    When companies offer interest free payments over two years, you would be a fool to pay cash for a nice new bike. It’s the DFS sofa principle, they don’t even offer a cash price and they won’t discount for cash.

  • Gordon Morris

    This is a bit disingenuous. 25% of people say they took out a loan to buy a car OR a bike. So a quarter of people getting personal loans took out one to get a vehicle of some sort.

    What proportion of the 25% spent that money on a bike, rather than a car?

    I don’t doubt that some people are taking out loans to get a bike, heck, Graham Weigh and Ribble et al have offered repayment schemes for bikes since time immemorial. But suggesting that a quarter of personal loans are to pay for expensive bikes is just silly.

  • Antony Bell

    I am with you bro, cotton t-shirt and cheap cycling shorts, hybrid bike and I am off out and about. I dont do it to look cool, I do it cos I enjoy it and it keeps me fit!
    Bangkok rider!

  • Armani Ingatestone

    Rightly spoken

  • David Chadderton

    I am firmly in the, ‘I don’t want to try and look like a professional racer’, category of recreational and occasional club track racing, cyclist. I don’t want to look like an advertising hoarding. No company pays me to ride. No one gives me the same make and model of bike as professional teams. I don’t see any point in spending tens of thousands on professional team bikes and clothing, just to go training at half their speed. I don’t see any point in loading up an all carbon fibre bike with a spare bike tyre, puncture repair set, front and rear lights, mudguards (in the UK), cameras, phone, house keys, a few tools, and computers, and ruin the point of having carbon fibre rather than aluminium. No team car follows me to pick up my pro race bike and give me a new one when it’s gear change battery goes flat and I throw the bike into a ditch.
    I am starting the ‘Inexpensive Bike and Unbranded Clothing’ IBUC, cycling movement. Oh, I’ve always been in it. Anyone else game to join in?