Gym Equipment Financing: Compare Your Best Options
You can use gym equipment financing to buy fitness equipment and pay for it over time.
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Randa Kriss
Senior Writer & Content Strategist | Small business, business banking, business loans
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Randa Kriss is a senior writer and NerdWallet authority on small business. She has nearly a decade of experience in digital content. Prior to joining NerdWallet in 2020, Randa worked as a writer at Fundera, covering a wide variety of small-business topics and specializing in the lending and banking spaces. Her work has been featured by The Washington Post, The Associated Press and Nasdaq, among others. Randa earned a bachelor's degree in English and Spanish at Iona University (formerly Iona College).
Lisa Anthony is a former NerdWallet writer covering small-business. Before Nerdwallet, she had more than 20 years of experience in banking and finance.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
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Lisa Anthony is a former NerdWallet writer covering small-business. Before Nerdwallet, she had more than 20 years of experience in banking and finance.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
NerdWallet's content is fact-checked for accuracy, timeliness, and relevance by humans. It undergoes a thorough review process involving writers and editors to ensure the information is as clear and complete as possible. Learn more by checking our Editorial Guidelines.
Content was accurate at the time of publication.
250+ small-business products reviewed and rated by our team of experts.
80+ years of combined experience covering small business and personal finance.
50+ categories of the best business loan selections.
NerdWallet's small-business loans content, including ratings, recommendations and reviews, is overseen by a team of writers and editors who specialize in business lending. Their work has appeared in The Associated Press, The Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity to ensure accuracy and fairness in our coverage.
You're our first priority.
Every time.
We believe everyone should be able to make financial decisions with confidence. While we don’t cover every company or financial product on the market, we work hard to share a wide range of offers and objective editorial perspectives.
So how do we make money? Our partners compensate us for advertisements that appear on our site or when you click to or take an action on their website. This compensation helps us provide tools and services - like free credit score access and monitoring. With the exception of mortgage, home equity and other home-lending products or services, partner compensation is one of several factors that may affect which products we highlight and where they appear on our site. Other factors include your credit profile, product availability and proprietary website methodologies.
However, these factors do not influence our editors’ opinions or ratings, which are based on independent research and analysis. Our partners cannot pay us to guarantee favorable reviews. Here is a list of our partners.
Select your business type to get personalized loan recommendations:
NerdWallet's small-business loans content, including ratings, recommendations and reviews, is overseen by a team of writers and editors who specialize in business lending. Their work has appeared in The Associated Press, The Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity to ensure accuracy and fairness in our coverage.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates responsible lending practices, cost, impact on business credit score, transparency and customer experience.
Offers loans to startups and borrowers with bad fair 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.
Can't be used to build business credit.
Charges an origination fee.
National Funding stands out as an online equipment financing option for startups and borrowers with bad credit — provided they have strong revenue. This lender offers equipment loans or leases for new and used equipment, and unlike some equipment lenders, doesn’t require a down payment. Funding can be available in as little as 24 hours.
SBA 7(a) loans stand out as an affordable option for businesses that can’t qualify for bank financing, but still have good credit and finances. 7(a) loans offer low interest rates, long repayment terms and large funding amounts. These loans can also be used for a variety of purposes, including working capital, business expansions or purchasing equipment and supplies.
For-profit U.S. business.
Unable to access credit on reasonable terms from nongovernment sources.
Financial qualifications determined by individual lender.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates responsible lending practices, cost, impact on business credit score, transparency and customer experience.
Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
Charges an origination fee.
Requires higher annual revenue than other online lenders.
Triton Capital stands out as an online equipment lender for borrowers with lower credit scores. Triton Capital can finance new or used equipment in a variety of industries. The lender offers competitive interest rates, long repayment terms and flexible payment options. You may be able to get approved and receive funding in as fast as one business day.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates responsible lending practices, cost, impact on business credit score, transparency and customer experience.
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 stands out as a specialized equipment financing lender that can fund equipment in a variety of industries. The lender offers competitive rates and repayment terms, as well as flexible payment options. JR Capital also has higher funding maximum than other online competitors and doesn’t require a down payment.
Minimum credit score: 620.
Minimum time in business: Typically 24 months, but can prioritize industry experience in some cases.
Balboa stands out for its robust equipment financing program. The lender’s flexible equipment loans can be used to finance new or used vehicles, supplies or machinery. Balboa works with equipment vendors in a wide range of industries across the U.S. and only requires soft collateral (items that are considered expendable) on applications up to $350,000. Startups or borrowers with fair credit may be able to qualify.
Offers up to 25% in additional financing to cover soft costs, such as installation, taxes and freight.
Cons
$375 origination fee required for expedited application (if you’re not an existing customer).
Expedited application only available on deals up to $250,000.
Interest rates and qualification requirements not disclosed online.
U.S. Bank stands out for its flexible equipment financing program. With this program, you can finance up to 125% of your equipment purchase, including soft costs such as installation, taxes and freight. U.S. Bank offers several repayment options and allows you to finance multiple pieces of equipment on one contract. Unlike some bank lenders, U.S. Bank doesn’t require a down payment on its equipment financing and doesn’t take out a UCC lien on your business assets.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates responsible lending practices, cost, impact on business credit score, transparency and customer experience.
Offers loans to startups and borrowers with bad fair 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.
Can't be used to build business credit.
Charges an origination fee.
National Funding stands out as an online equipment financing option for startups and borrowers with bad credit — provided they have strong revenue. This lender offers equipment loans or leases for new and used equipment, and unlike some equipment lenders, doesn’t require a down payment. Funding can be available in as little as 24 hours.
U.S. Small Business Administration: Best for large loans
SBA 7(a) loans can provide large amounts of gym equipment financing — potentially up to $5 million. These equipment loans have competitive rates and terms up to 10 years.
SBA 7(a) loans stand out as an affordable option for businesses that can’t qualify for bank financing, but still have good credit and finances. 7(a) loans offer low interest rates, long repayment terms and large funding amounts. These loans can also be used for a variety of purposes, including working capital, business expansions or purchasing equipment and supplies.
For-profit U.S. business.
Unable to access credit on reasonable terms from nongovernment sources.
Financial qualifications determined by individual lender.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates responsible lending practices, cost, impact on business credit score, transparency and customer experience.
Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
Charges an origination fee.
Requires higher annual revenue than other online lenders.
Triton Capital stands out as an online equipment lender for borrowers with lower credit scores. Triton Capital can finance new or used equipment in a variety of industries. The lender offers competitive interest rates, long repayment terms and flexible payment options. You may be able to get approved and receive funding in as fast as one business day.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates responsible lending practices, cost, impact on business credit score, transparency and customer experience.
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 stands out as a specialized equipment financing lender that can fund equipment in a variety of industries. The lender offers competitive rates and repayment terms, as well as flexible payment options. JR Capital also has higher funding maximum than other online competitors and doesn’t require a down payment.
Minimum credit score: 620.
Minimum time in business: Typically 24 months, but can prioritize industry experience in some cases.
Balboa stands out for its robust equipment financing program. The lender’s flexible equipment loans can be used to finance new or used vehicles, supplies or machinery. Balboa works with equipment vendors in a wide range of industries across the U.S. and only requires soft collateral (items that are considered expendable) on applications up to $350,000. Startups or borrowers with fair credit may be able to qualify.
U.S. Bank offers equipment loans for companies with at least two years in business. You can qualify for up to 125% financing (including soft costs) and have the option to finance multiple pieces of equipment on one contract.
Offers up to 25% in additional financing to cover soft costs, such as installation, taxes and freight.
Cons
$375 origination fee required for expedited application (if you’re not an existing customer).
Expedited application only available on deals up to $250,000.
Interest rates and qualification requirements not disclosed online.
U.S. Bank stands out for its flexible equipment financing program. With this program, you can finance up to 125% of your equipment purchase, including soft costs such as installation, taxes and freight. U.S. Bank offers several repayment options and allows you to finance multiple pieces of equipment on one contract. Unlike some bank lenders, U.S. Bank doesn’t require a down payment on its equipment financing and doesn’t take out a UCC lien on your business assets.
Minimum credit score: Undisclosed.
Minimum time in business: 36 months.
Minimum annual revenue: Undisclosed.
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 from both banks and online lenders. You may also be able to work directly with gym equipment vendors that offer their own financing options.
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Nerdy Tip
The information here focuses on financing gym equipment for commercial purposes. If you’re looking to finance personal fitness equipment, check out this article on how to pay for a home gym.
A closer look at the best gym equipment financing
National Funding
Our favorite feature: No UCC lien required
National Funding’s equipment financing does not require a UCC lien or collateral, which means you don’t have to worry about risking your business assets if you’re unable to make payments. Not having a lien on your business credit report can also help you down the road if you end up needing additional financing, especially if you’re a growing business. Like with most business loans, you will have to sign a personal guarantee which means you are still personally on the hook if you were to default.
Although National Funding only requires 24 months in business, its revenue requirements are $ annually, which can be high if you’re a startup. You’ll likely need to be a high-revenue, fast-growing business for National Funding to work for you.
SBA loans are government-guaranteed with valuable features for business owners who can qualify. For loan amounts over $350,000, interest rates are capped at 3% over the base rate. For loan amounts of $50,000 or less, the cap is 6.5% over the base rate.
SBA 7(a) loans can be notoriously slow to fund, so if you’re in need of fast funding, it’s best to look elsewhere. The whole process can take two to three months.
Triton Capital
Our favorite feature: Flexible payment options
With a Triton Capital loan, repayments can be made monthly, quarterly, annually, semi-annually or by season — which can be extremely beneficial for a gym that may experience fluctuation in client numbers.
We also like that Triton reports to all major business credit bureaus, which may help you build business credit and qualify for additional financing as you grow your business.
Though you may be able to qualify with a 575 credit score, you’ll still need a high annual revenue — a minimum of $250,000 — and at least 24 months in business to qualify.
JR Capital
Our favorite feature: Long repayment terms
JR Capital offers terms up to 84 months long — which is longer than you’ll typically find with online lenders. This can benefit gym owners financing large amounts of equipment by lowering monthly payments and preserving cash flow for daily operations.
With JR Capital, you have to qualify based on creditworthiness to avoid prepayment penalties. Especially with a longer term, it can be important to understand any potential penalties if you plan to pay your loan off early.
Balboa Capital
Our favorite feature: One-hour approval
Balboa Capital’s streamlined application and one-hour approval allows you to move quickly on gym equipment you may come across. Balboa can also fund within the same day as approval.
Streamlined applications may only be available in amounts below $500,000, so for larger equipment needs, you likely won’t be able to access same-day funding.
Even with 100% financing, tight cash flow can still put you in a bind when it comes to additional expenses that are necessary to put your new equipment to use. With U.S. Bank’s equipment financing, you can get extra funds on top of the total cost of equipment for things like installation, freight costs and taxes.
If your financing needs exceed $250,000, you won’t be able to apply with U.S. Bank online, which is something to be aware of when you’re planning for funding.
What is gym equipment financing?
Gym equipment financing is a loan that’s used to buy fitness equipment for your gym 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 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, 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 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.
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 with bank and SBA loans, gym equipment financing from an online lender typically comes with 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.
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 can typically 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 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 and type of the gym and the type of equipment you need to purchase. According to the gym software company Gymdesk, cardio equipment can cost between $20,000 and $75,000, strength training materials can cost between $15,000 and $50,000, and gym accessories can add another $2,000 to $10,000 to your final bill
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