Gym Equipment Financing: Compare Your Best Options

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Here are 6 gym equipment financing options

Lender	NerdWallet Rating▼	Max loan amount▼	Min. credit score▼	Next steps
National Funding - Equipment Financing See Your Loan Options with Fundera by NerdWallet	4.2/5 Best for Startups	$150,000	600	See Your Loan Options with Fundera by NerdWallet

JR Capital Equipment Financing See Your Loan Options with Fundera by NerdWallet	4.1/5 Best for No down payment	$10,000,000	620	See Your Loan Options with Fundera by NerdWallet

Triton Capital - Equipment financing See Your Loan Options with Fundera by NerdWallet	4.1/5 Best for Bad credit	$250,000	575	See Your Loan Options with Fundera by NerdWallet

Balboa Capital - Equipment Financing Read Review	Best for Fast financing	$500,000	620	Read Review

SBA 7(a) loan See Your Loan Options with Fundera by NerdWallet	Best for Large loans	$5,000,000	650	See Your Loan Options with Fundera by NerdWallet

U.S. Bank Equipment Financing	Best for Established businesses	$1,000,000	Undisclosed

Here are 6 gym equipment financing options

Best for Startups

National Funding

Max Amount

$150,000

Min. Credit Score

600

See Your Loan Options

Best for No down payment

JR Capital

Max Amount

$10,000,000

Min. Credit Score

620

See Your Loan Options

Best for Bad credit

Triton Capital

Max Amount

$250,000

Min. Credit Score

575

See Your Loan Options

Best for Fast financing

Balboa Capital

Max Amount

$500,000

Min. Credit Score

620

Read Review

Best for Large loans

U.S. Small Business Administration

Max Amount

$5,000,000

Min. Credit Score

650

See Your Loan Options

Best for Established businesses

U.S. Bank

Max Amount

$1,000,000

Min. Credit Score

Undisclosed

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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, the gym equipment you purchase serves as collateral on the loan. As a result, the value and projected useful life of the equipment will play a role in the terms you receive. Your rates and terms will also vary based on factors such as your credit score, length of time in business, annual revenue and down payment amount.

How to finance gym equipment

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 usually offer the lowest interest rates and most competitive repayment terms. To qualify, however, you’ll need to meet strict requirements. Bank of America, for example, requires you to have at least two years in business and a minimum annual revenue of $250,000 to get an equipment loan. You’ll also likely need a strong credit history.

SBA loans

U.S. Small Business Administration (SBA) loans also 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 and 504 loan can be used to finance gym equipment. Like business bank loans, however, SBA loans have fairly strict qualification requirements. You’ll likely need good credit, strong finances and multiple years in business to get funded.

» MORE: How to use an SBA loan for equipment purchases

Online loans

Online lenders that offer dedicated equipment financing can be a good option for fast access to funds. For startup businesses and borrowers with bad credit, these loans are more accessible than bank and SBA loans. However, compared to bank and SBA loans, gym equipment financing from an online lender will typically have higher interest rates and shorter repayment terms.

Vendor financing

Some gym equipment vendors offer their own financing options. These vendors may use a third-party platform like ShopPay or PayPal Credit, or they may work with financing partners to provide loans. Because you’re working with the vendor directly, you may see more flexible qualification requirements and expedited application processing.

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 in addition to equipment financing. With an equipment lease, you make regular payments for a set period, but don’t own the equipment at the end of the term.

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 generally have loan terms of three to 18 months and are easier to qualify for than a conventional bank loan.
Business lines of credit. Lenders can also offer business lines of credit, where they extend you a predetermined amount of cash that you can use when you need it.
Microloans. These loans offer funding of up to $50,000 and typically can be used for a variety of purposes, including equipment purchases. Microloans are issued by nonprofit and community organizations that often focus their lending efforts on traditionally underserved businesses.

Frequently asked questions

Whether you should buy or lease depends on your specific business situation. Buying equipment is a long-term investment and provides your business with an asset. Leasing, on the other hand, is cheaper and can help new gym owners get started. Leasing also comes with lower maintenance costs and the ability to update to new equipment every few years.

Some lenders can finance gym equipment for borrowers with a credit score as low as 575. To qualify for the best rates and terms, however, it’s helpful to have a credit score in the mid-600s or higher.

Gym equipment costs can vary widely based on the size of the gym and the type of equipment you need to purchase. According to the gym software company Gymdesk, a good estimate for equipment costs is $25 per square foot of your gym. So, if your gym were 3,500 square feet, your equipment costs would be about $87,500.

Last updated on July 11, 2024

Methodology

NerdWallet’s review process evaluates and rates small-business loan products from traditional banks and online lenders. We collect over 30 data points on each lender using company websites and public documents. We may also go through a lender’s initial application flow and reach out to company representatives. NerdWallet writers and editors conduct a full fact-check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer small-business friendly features, including:

- Transparency of rates and terms. - Flexible payment options. - Fast funding times. - Accessible customer service. - Reporting of payments to business credit bureaus. - Responsible lending practices.

We weigh these factors based on our assessment of which are the most important to small-business owners and how meaningfully they impact borrowers’ experiences.

NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodology for small-business loans and our editorial guidelines.

Wondering if you qualify?

It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.

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Gym Equipment Financing: Compare Your Best Options

Why trust NerdWallet

How much do you need?

Here are 6 gym equipment financing options

Here are 6 gym equipment financing options

National Funding - Equipment Financing

JR Capital Equipment Financing

Triton Capital - Equipment financing

Balboa Capital - Equipment Financing

SBA 7(a) loan

U.S. Bank Equipment Financing

How Much Do You Need?

What is gym equipment financing?

How to finance gym equipment

Bank loans

SBA loans

Online loans

Vendor financing

Pros and cons of gym equipment financing

Gym equipment financing vs. leasing

Alternative options for financing gym equipment

Frequently asked questions

Methodology

Wondering if you qualify?