Gym Equipment Financing: Compare Your Best Options
You can use gym equipment financing to buy fitness equipment and pay for it over time.
Gym equipment financing allows you to purchase new or used fitness equipment for your business, including treadmills, ellipticals, stationary bikes and weight machines. You can get one of these small-business loans
Why trust NerdWallet
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Gym Equipment Financing: Compare Your Best Options
| Loan | NerdWallet rating | Best For | Max loan amount | Min. credit score | Next steps |
|---|---|---|---|---|---|
 National Funding - Equipment financing with Fundera by NerdWallet | Best for startups | $150,000 | 600 | with Fundera by NerdWallet | |
| Pros
Cons
| |||||
 SBA 7(a) loan with Fundera by NerdWallet | Best for large loans | $5,000,000 | 650 | with Fundera by NerdWallet | |
| Pros
Cons
| |||||
 Triton Capital - Equipment financing with Fundera by NerdWallet | Best for bad credit | $250,000 | 580 | with Fundera by NerdWallet | |
| Pros
Cons
| |||||
 JR Capital - Equipment financing | Best for long-term financing | $10,000,000 | 620 | ||
| Pros
Cons
| |||||
 Balboa Capital - Equipment financing | Best for fast financing | $500,000 | 620 | ||
| Pros
Cons
| |||||
 U.S. Bank - Equipment financing | Best for established businesses | $1,000,000 | Undisclosed | ||
| Pros
Cons
| |||||
Gym Equipment Financing: Compare Your Best Options
Max loan amount
$150,000
Min. credit score
600
Min. annual revenue
$250,000
See Your Loan Optionswith Fundera by NerdWallet
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
National Funding - Equipment financing
Best for startups
Max loan amount
$150,000
Min. credit score
600
Min. annual revenue
$250,000
with Fundera by NerdWallet
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
Max loan amount
$5,000,000
Min. credit score
650
Min. annual revenue
Undisclosed
with Fundera by NerdWallet
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Collateral is typically required.
- Longer processing times than online lenders.
SBA 7(a) loan
Best for large loans
Max loan amount
$5,000,000
Min. credit score
650
Min. annual revenue
Undisclosed
with Fundera by NerdWallet
Pros
- Large borrowing maximums.
- Interest rates are capped.
- Long repayment terms available.
Cons
- Collateral is typically required.
- Longer processing times than online lenders.
Max loan amount
$250,000
Min. credit score
580
Min. annual revenue
$150,000
with Fundera by NerdWallet
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Charges an origination fee.
Triton Capital - Equipment financing
Best for bad credit
Max loan amount
$250,000
Min. credit score
580
Min. annual revenue
$150,000
with Fundera by NerdWallet
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Charges an origination fee.
Pros
- Funding available within 48 hours.
- Competitive rates and repayment terms.
- Flexible payment options available, including deferment options for certain industries.
- No down payment required.
- Can be used to build business credit.
Cons
- Must have good credit to qualify for no prepayment penalties.
- Charges an origination fee.
JR Capital - Equipment financing
Best for long-term financing
Max loan amount
$10,000,000
Min. credit score
620
Min. annual revenue
Undisclosed
Pros
- Funding available within 48 hours.
- Competitive rates and repayment terms.
- Flexible payment options available, including deferment options for certain industries.
- No down payment required.
- Can be used to build business credit.
Cons
- Must have good credit to qualify for no prepayment penalties.
- Charges an origination fee.
Pros
- Multiple financing options available.
- Fast funding and simple application process.
- Accepts borrowers with fair credit.
Cons
- Lack of pricing information on website.
Balboa Capital - Equipment financing
Best for fast financing
Max loan amount
$500,000
Min. credit score
620
Min. annual revenue
$100,000
Pros
- Multiple financing options available.
- Fast funding and simple application process.
- Accepts borrowers with fair credit.
Cons
- Lack of pricing information on website.
Max loan amount
$1,000,000
Min. credit score
Undisclosed
Min. annual revenue
Undisclosed
Pros
- Offers up to 25% in additional financing to cover soft costs, such as installation, taxes and freight.
- No down payment or blanket lien required.
- Option to finance multiple pieces of equipment on one contract.
Cons
- Can only apply online for transactions under $250,000.
- Interest rates and qualification requirements not disclosed online.
U.S. Bank - Equipment financing
Best for established businesses
Max loan amount
$1,000,000
Min. credit score
Undisclosed
Min. annual revenue
Undisclosed
Pros
- Offers up to 25% in additional financing to cover soft costs, such as installation, taxes and freight.
- No down payment or blanket lien required.
- Option to finance multiple pieces of equipment on one contract.
Cons
- Can only apply online for transactions under $250,000.
- Interest rates and qualification requirements not disclosed online.
A closer look at the best gym equipment financing
National Funding
Our favorite feature: No UCC lien required
Why we like it
Keep in mind
SBA 7(a) Loan
Our favorite feature: Capped interest rates
Why we like it
Keep in mind
Triton Capital
Our favorite feature: Flexible payment options
Why we like it
Keep in mind
JR Capital
Our favorite feature: Long repayment terms
Why we like it
Keep in mind
Balboa Capital
Our favorite feature: One-hour approval
Why we like it
Keep in mind
» MORE: Best same-day business loans
U.S. Bank
Our favorite feature: Soft-cost financing
Why we like it
Keep in mind
What is gym equipment financing?
Gym equipment financing refers to a loan that’s used to buy fitness equipment for your business. You borrow the money you need from a lender and repay it, with interest, over a designated period of time.
As with other types of equipment financing down payment amount
How to finance equipment for your gym
There are several different ways you can finance gym equipment. The best option is typically the most affordable one that you can qualify for that meets your needs.
Bank loans
Gym equipment financing from a traditional bank will likely offer the lowest interest rates and most competitive repayment terms. To qualify, however, you’ll need to meet strict requirements. Bank of America
SBA loans
SBA loans provide competitive interest rates and long repayment terms. These loans are guaranteed by the SBA and issued by participating lenders, like banks and credit unions.
Both the SBA 7(a) loan 504 loan SBA loans
Online loans
Vendor financing
Some gym equipment vendors offer their own financing options. These vendors may use a third-party platform like ShopPay
Although vendor financing offers a streamlined experience, you should always compare a vendor’s options with those from other lenders in the marketplace to make sure you’re getting the best deal.
Pros and cons of gym equipment financing
Pros
Allows you to pay for expensive gym equipment over time.
Loans are self-collateralized; additional collateral, like business or personal assets, won’t necessarily be required.
No or low down payment options in some cases.
Eligibility requirements can be more flexible than with unsecured loans because equipment serves as collateral.
Cons
In the long run, because of interest, loans cost more than buying equipment outright.
Interest rates can be higher if your equipment is less valuable, you have a lower credit score or your gym is new.
Lenders can reclaim the gym equipment if you can’t pay your loan.
Gym equipment financing vs. leasing
Many lenders offer equipment leasing
Instead, you have a few options:
- Renew your lease.
- Buy the equipment at its fair market value, at a discount or another agreed upon price.
- Return the equipment to the lender.
- Upgrade to a new piece of equipment.
How quickly your gym equipment becomes outdated can help you decide whether a lease is a good option. For example, it may make sense to lease machines like treadmills, elliptical machines, stationary bikes and similar equipment whose technology and models advance rapidly. On the other hand, financing (i.e. a loan) may be a good option for equipment such as free weight sets, benches and barbells, which typically don’t become outdated quickly.
» MORE: Best equipment leasing companies
Alternative options for financing gym equipment
Perhaps neither gym equipment loans nor leasing are right for your needs. Here are some other options you might consider:
- Short-term loans. Offered by online lenders,
short-term loans - Business lines of credit. Lenders can also offer
business lines of credit
- Microloans. These loans offer funding of up to $50,000 and typically can be used for a variety of purposes, including equipment purchases.
Microloans
Frequently asked questions
Should you buy or lease gym equipment?
What is the minimum credit score to finance gym equipment?
How much does it cost to buy all the equipment for a gym?