Top 10 Gym Equipment Financing & Loan Options (2024 Reviews)

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The fitness industry has recouped its pre-pandemic levels in the United States. With 31,000+ health clubs in America, more gyms are expected to open in the future. However, acquiring fitness equipment isn’t easy since these machines cost a fortune. That’s where fitness club equipment financing lenders come in! Gym equipment financing solutions allow gym owners to pay for equipment via manageable installments over a certain period.

So, gym owners gain access to the latest fitness gadgets and machines for their members. Adding the latest gym equipment is a surefire way for gym owners to attract and retain their customers.

Types of Gym Equipment Available

To start, let’s look into who can use gym equipment financing. You may need this option if you happen to be:

• A businessperson starting a new gym, especially in a locality lacking fitness clubs
• Existing gym operators getting rid of old equipment or upgrading their offerings
• Fitness entrepreneurs who wish to enter the market as vendors or suppliers
• Employers starting corporate wellness programs and establishing fitness facilities for their workers

You can acquire the following pieces of equipment with these financing options:

• Cardio Machines: Treadmills, stationary bikes, rowing machines, etc.
• Strength Training Equipment: Free weights, weight machines, resistance training systems, etc.
• Functional Exercise Equipment: Kettlebells, medicine balls, battle ropes, etc.
• Group Fitness Equipment: Yoga mats and exercise balls
• Fitness Accessories: Mats, bands, and other smaller items

Similarly, some gym owners require specialty equipment, such as power racks of Pilates reformers, and finances from credible lenders.

Top 10 Best Gym Loans in the US

Did you know that the fitness industry is worth more than $22 billion, with a global market share of over $104 billion? If you want to upgrade your gym facility or start a fitness center in your area, consider these financiers:

1.   Swoop Funding

Swoop Funding specializes in providing tailored financing solutions for gym equipment. You will get competitive rates and flexible terms. Moreover, this lender understands the unique needs of your fitness business.

2.   TracFitness

TracFitness offers you PayTomorrow integration so you can finance your gym equipment purchases flexibly. Their payment options range from 0 APR to no credit score requirements. Their payment plans offer financing up to $10k for a period of 2 years max.

3.   Iron Company

With PayTomorrow and TimePayment integration, this service lets you finance your fitness equipment purchases. Whether you’re creating a home gym for leisure time workouts or outfitting your corporate fitness center, Iron Company can be your trusted lender.

4.   Springville Partners

Springville Partner offers gym equipment financing services for businesses even if they have bad credit. However, your fitness center must have over $5,000 in gross deposits to qualify.

5.   QuickBridge

If you want gym equipment financing of up to $500k, QuickBridge can help you in this regard with their early payoff discounts, simple & fast approval procedures, and flexible loan term options. You get the money from this lender within a few days.

6.   360 Fitness Superstore

This lender comes to your aid when you’re purchasing new equipment or acquiring a new one. This lender offers 0% interest financing with approval in minutes. Their website claims they vet you on a phone call and offer you up to $250.

A 15-minute approval process seems to be 360 Fitness Superstore’s key selling point.

7.   Midwest Gym Supply

Midwest Gym Supply lets you finance a variety of gym-related items ranging from vault tables & boards and trampolines to landing mats and spring floors. You can get up to $75k via this financier. Also, the terms go from 24 to 60 months (depending on whether you are buying new/old equipment).

8.   REP Fitness

Another lender is REP Fitness, which only caters to US-based fitness facilities. They don’t charge you a late fee or judge your business based on its credit score. The repayment term can be 6 to 12 months.

9.   Gym Experts

You can also get in touch with Gym Experts to get up to $150k in equipment financing. The approval process takes less than 24 hours, and you get an approval notification the same day.

10.               SPIETH America

Lastly, this lender lets you finance your gym equipment purchases in the United States.

Types of Gym Equipment Financing Options

Normally, gyms and fitness centers have a profit margin of 10 to 15 percent. Given that 1 in 5 gyms permanently closed their doors in 2021 due to the effects of the pandemic, you can choose your equipment financing option based on your studio’s unique requirements. Some key financing options include the following:

• Equipment loans where the gym equipment, let’s say a treadmill, serves as collateral while you pay monthly instalments over a specified period
• Leasing is where you pay fixed installments for using the equipment over a fixed period with the option to ultimately purchase the equipment in the end
• Vendor financing, where fitness equipment manufacturer/supplier finances the purchase
• Buy Now Pay Later (BNPL) arrangements where the payment for the equipment is spread over several months with no interest charged against you

Gym Equipment Loans: Are You Eligible?

It matters a lot if you’re a well-established fitness facility owner looking for equipment upgrades or a beginner stepping into this oversaturated niche for the 1^st time. So, here’s how you can determine your eligibility for taking out a loan:

Eligibility Criteria

• You generally need a credit score of 600 (the more the merrier)
• Lenders prefer businesses that have been operational for 12 months at least
• Annual revenue of $250k at least can make you enter the qualifying round
• You require the following business documents:
  • Business license
  • Balance sheets
  • Income statements
  • Bank statements for recent months
  • Personal identification documents
• You shouldn’t have a history of recent bankruptcies or tax liens
• A personal guarantee must also be requested

Application Process

• Determine if that certain piece of gym equipment is necessary for your facility (unlike the Smith Machine or a Leg Extension Machine)
• Compile all the essential documents (such as the ones outlined above) to streamline your financing approval process
• Fill out the lender’s application form (usually done online nowadays and mostly available as one-page files)
• Wait for the representative to reach out to discuss your business needs and financing options available (among the ones quoted above)
• Get approval (can happen within 24 hours) and wait for the funding process to be finished in a week or more (as you receive money)

Financing Gym Equipment: Pros and Cons

Choosing the Right Lender for Gym Equipment Financing

Here’s how you should look into which lender works for you:

• Check what sort of interest rate or fee the lender is charging
• Look into the repayment schedules offered by the lender
• Consider the eligibility requirements provided by them
• Consider lenders known for fast approval and funding processes
• Don’t forget about the customer service that they offer
• Prefer working with lenders specializing in financing fitness machines
• Keep the tax implications of gym equipment financing in mind

If you need help understanding which gym equipment financing option is better for you, we provide amazing reviews of different lenders and their services.

So, you should get in touch with Sophisticated Investor to learn more about your loan/leasing options in the United States. Take your gym practice to new heights by purchasing or leasing the bodybuilding equipment you need to provide value to fitness enthusiasts.

Gym Equipment Financing: FAQs

Q. What is gym equipment financing?

1. It simply means that you’re acquiring gym equipment without any upfront costs. The equipment serves as collateral as you take out a loan and repay it over a fixed period (a few months, for instance).

Q. What types of financing options are available?

1. Some common financing options include equipment loans, leasing agreements, vendor financing, SBA loans, online loans, etc. You should choose a financing option based on your gym’s unique needs.

Q. How do I choose the right lender for fitness machine financing? Do consider factors like interest rates, repayment terms, customer service, speed of funding, customer service reputation, and other things when choosing a lender.