What financing plans do you offer?
Peloton has partnered with Affirm to offer interest-free payment plans when purchasing a Peloton hardware package. With Affirm, you can spread your payments over 12, 24, 39 or 43 months depending on whether you choose the Bike or Bike+.
Am I eligible?
To be eligible for Affirm credit products you must be at least 18 years old.
All applications are subject to Affirm’s credit assessment and approval. Checking your eligibility for financing with Affirm will show up on your credit report, but will not impact your credit score. However, other lenders will be able to view this enquiry on your credit report, and it may have an impact on their decision. See help.au.affirm.com for more details.
Is my Membership included in my monthly payments?
No. The All-Access Membership ($59/mo) required to access Peloton classes is not included in your monthly payments to Affirm. The All-Access Membership is billed separately by Peloton on a monthly basis and is charged to the payment method you select at checkout.
Who is Affirm?
Affirm is a financial services technology company that gives shoppers the flexibility to buy now and make simple monthly payments for their purchases. Unlike payment options that may have compounding interest and unexpected costs, Affirm customers know upfront exactly what they’ll pay - with no hidden fees and no surprises.
How do I place an order using finance with Affirm?
Purchasing with Affirm is simple. Add the package you wish to purchase to your basket and proceed to checkout as normal. Then select the “Pay Over Time” payment method. This will start your application with Affirm. You will then be asked to provide some basic details so Affirm can check your eligibility for the loan product. If you’re approved, your payment plan will be created, and your order with Peloton will be placed. It’s a short application process where you will be briefly routed to Affirm’s website to apply and determine your eligibility for financing. After completing the Affirm experience, you will be automatically be rerouted to Peloton’s website.
What details do I need to provide when I make my purchase?
You will need to provide your name, home address, date of birth, email address, mobile number, as well as some income and identity information. Please ensure that the information that you are providing is accurate and that each field in the checkout contains the right information (i.e., street address in the address field). Your details will be processed subject to Affirm’s terms and conditions and privacy notice which is available during the sign up process - please take time to read through.
Please note that Affirm assesses all applications individually. The result of a previous credit application with Affirm does not guarantee the same result during subsequent applications.
How much will I pay each month?
Your monthly payment will depend on the length of the plan you select, as well as the items you purchase using Affirm. Payment plans for the original Peloton Bike start from as low as AU$68 per month over 39 months (total price AU$2,645). The following table sets out a sample of the payment schedules available for our most popular packages when purchased on a 12, 24, 39 or 43-month plan.
If I purchase with a financing plan, will I pay more?
Affirm’s interest-free loan offers mean that you won’t pay more. Your monthly payments with Affirm will be collected from your Debit card or bank account via Direct Debit. Please ensure that the payment instrument you select can cover the repayment on your monthly due date.
What if I am late paying or miss a payment?
Your monthly payment must reach Affirm by the payment due date. Affirm does not charge any fees for late payments but since repayment history is taken into account on future loan applications, Affirm does encourage you to make your payments as soon as you are able. If you are having trouble making your payments, please get in touch with customer service via Affirm’s customer service page.
Can I purchase accessories with the financing plan when I buy Peloton hardware?
You can bundle your hardware and accessory purchases on an Affirm payment plan. Your monthly payments will be adjusted accordingly.
I have been asked to go to Affirm’s website. Is that correct?
If you have selected Affirm, Affirm will send you an email confirming your purchase details. The email will contain a link to Affirm’s online portal. It is essential that you provide accurate information during checkout to ensure that you can receive Affirm’s communications. Your details will be processed subject to Affirm’s terms and conditions and privacy notice which is available during the sign up process - please take time to read through.
If I apply for financing, will this affect my credit score?
Checking your eligibility for financing with Affirm will show up on your credit report, but will not impact your credit score. However, other lenders will be able to view this enquiry on your credit report, and it may have an impact on their decision. For any questions relating to the credit check process, visit help.au.affirm.com
I have a referral code, can I still use it if I pay with a financing plan?
Yes, simply add the Peloton hardware and accessories to your basket and enter your referral code at checkout. Your subtotal will be reduced by the amount, and your monthly payments will be adjusted accordingly.
I want to set up automatic monthly payments, how can I do this?
When you apply for financing with Affirm, you have the option to set up automatic monthly payments. You can choose to set up automatic payments with your Debit Card or your bank account via Direct Debit. Once autopay is set up, Affirm will automatically draw your monthly payments on the due date.
I purchased with a financing plan and I would like to return my order. How long will it take until I receive my refund?
Peloton’s normal terms and conditions apply to your order when you purchase with Affirm. Once Peloton issues your refund, it may take up to 21 days additional time for Affirm to credit your account. The refund is then applied to the loan and if you have already paid some of the principal of the loan, Affirm will refund that to the linked payment instrument. For example, if a purchase is $2000, and you have already paid $500 through direct debit, $1500 will be applied to the loan and $500 will be refunded via direct debit.
Can I take advantage of the 30 Day Home Trial if I use Affirm financing?
Yes, all of Peloton’s Members in Australia are eligible to return their Peloton hardware (and accessories if purchased together) up to 30 days after the date of delivery. See the home trial terms and conditions here. During your 30 Day Home Trial, the first payment due on your Affirm payment plan may become due and you will be responsible for making the timely payment. Provided you meet the terms and conditions, if you contact Peloton on or before the 30th day, you will receive a full refund for your order and any All-Access Membership subscription payments made, and your payment plan with Affirm will be closed.
I can see there’s an option to Prequalify with Affirm. What does this mean?
A pre-qualification is an estimate of the dollar amount that Affirm may be able to lend to you. It is solely an estimate and does not guarantee approval. You will still need to complete Affirm’s credit assessment and application process to receive your final loan terms.
What information does Peloton share with Affirm?
Peloton shares your order information and shipping details related to your transaction with Affirm, such as name, address, email, and phone number as well as the details of what you ordered.
I have a complaint about Affirm, what can I do?
Affirm takes customer complaints seriously. If you encounter any issue with Affirm’s application process or payment plan, please don’t hesitate to visit our Help Centre at help.au.affirm.com to let us know about your dissatisfaction and we will work to resolve your issue.
How long will it take for my finance to be approved and the order to be finalised?
When you apply for Affirm at checkout, it will generally take up to 15 seconds to learn whether you’ve been approved. If you are approved, you'll see your loan options and can select which loan you would like to take up.
I still have questions about Affirm financing.
Please visit Affirm’s customer service page for a full set of FAQs.