Klarna is a finance service, founded in Sweden in 2005, that allows payment through monthly instalments, over periods of 6, 12, 24 or 36 months.

If you pay for your bike over six months, you don’t pay any interest, but for longer periods, interest is charged at 9.9 per cent. There’s a maximum purchase price of £10,000.

You can buy the new Canyon Ultimate road bike, for example, from £121.64 a month over 36 months, or a Canyon Spectral 29 CFR mountain bike for £206.50 a month, also over 36 months.

If you’re looking at a hybrid such as Canyon’s Commuter 5, you’d pay £36.79 a month over 36 months, or you could pay £191.50 a month over six months, interest-free.

To see what’s available and check the monthly cost using Klarna, find the bike you’re interested in and click ‘Financing With Klarna Instalments’ in the right-hand menu to compare terms in the pop-up box.

At checkout, Klarna will perform a credit check.

Once approved, the first instalment will be taken when your bike is shipped, with further payments at monthly intervals for the term of the loan. Klarna will notify you when each payment is due and when it is collected.

You can also pay the whole amount at any time. Canyon has a full Klarna FAQ on its website. BikeRadar also has a guide to buying a bike on finance.

Cyclescheme

Cyclescheme is a Cycle to Work scheme salary sacrifice initiative in the UK.

The benefit here is that you pay for your Canyon from your gross pre-tax salary, so you don’t pay any tax, National Insurance or interest fees.

At the end of the agreed term, you do need to decide whether to give the bike back or pay the ownership fee, though.

BikeRadar has more on buying a Canyon using Cyclescheme.

Splitit

Splitit is another instalment payment option, in this case linked to your Visa or Mastercard credit card. You can pay via Splitit in instalment periods between two and six months.

Splitit offers zero per cent interest and no credit checks, and there’s no minimum order value. Just select the payment method “Interest Free Instalments” at checkout.

The full amount due is held against your card, which needs to have a high enough credit limit for the entire transaction. The first monthly payment is debited when your Canyon ships and the amount held against your card will decrease each month until the full amount has been paid.

PayPal

Canyon accepts payment via PayPal and there’s no upper limit to the value of the transaction. The amount will be reserved against your PayPal account when you order, but only debited on dispatch by Canyon.

You do, however, need to ensure you have a high enough PayPal account limit and that the credit limit on the payment method linked to your PayPal account is sufficient for the planned transaction.

PayPal Pay in 3

Canyon

If your transaction value is between £30 and £2,000, you can spread the PayPal payment to Canyon over three months using PayPal Pay in 3.

It’s available to individual UK residents only and there’s no extra cost.

Credit card

You can pay in full for a Canyon bike with a Visa or Mastercard credit card, either online or by phone.

If you call up to pay, Canyon will email you a secure link to input your card details.

Prepayment

Finally, you can pre-pay for your new Canyon. Once you’ve placed your order, Canyon will reserve your bike and send you an invoice with its German bank details.

Then, once payment has been received, Canyon will arrange dispatch of your bike. There may be foreign transaction fees to pay to your bank.

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