Get the Best Gear for Your Gym with Exercise Equipment Financing
Exercise equipment can be expensive, and it’s not always feasible if you pay the full cost upfront.
Exercise equipment financing is a great option for businesses looking to enhance their fitness offerings without breaking the bank.
At SMB Compass, we believe every business should have access to top-of-the-line exercise equipment without breaking the bank. Our financing solutions provide businesses like yours with the flexibility to purchase or lease fitness equipment, with payment options tailored to your needs.
Give your gym members the experience they deserve. Read more about exercise equipment financing and how it can help your business thrive.
Why Exercise Equipment Financing is the Smart Choice for Your Business
Gym equipment finance is a cost-effective way to get the necessary equipment to run a successful fitness center. It offers flexibility and helps maintain positive cash flow while keeping their equipment up-to-date.
Enjoy the following benefits with fitness equipment financing!
Cost-Effective Alternative
Gym equipment financing is a cost-effective alternative to purchasing exercise equipment outright. You can spread the cost of equipment over time, making it more manageable and reducing cash flow strain.
Upgrade Equipment Regularly
Fitness equipment can become outdated over time. Financing your equipment purchases allows you to upgrade your equipment regularly without spending a lot of money at once. You’re sure to keep up with the latest technology and trends in the fitness industry.
Increased Liquidity
Gym equipment loans let you conserve your cash reserves for rent, marketing, and other expenses. You’ll have the necessary funds needed to operate efficiently and grow.
Tax Benefits
You can enjoy tax benefits when you finance your gym equipment because equipment financing is tax-deductible, helping reduce the overall tax liability of the business.
Factors to Consider When Choosing the Best Fitness Equipment Financing
It’s best to choose gym equipment financing options that provide the necessary funding while being cost-effective and flexible enough to meet your needs. By considering the following factors, you can make an informed decision about which small business loan is best for you.
Total Loan Cost
Consider the total cost of the loan, including any associated fees and interest charges over the life of the loan.
Repayment Terms
It’s important to consider the repayment terms when looking for a loan because, for example, longer terms can result in lower monthly payments but may have higher overall costs.
Interest Rates
Interest rates can significantly affect the total cost of the loan, so make sure your business can afford the loan before applying for one.
Down Payments
Some loans may require a down payment. Talk to your lender about this and factor it into the overall cost of the financing.
Flexibility
Check if you’ll be able to upgrade the fitness equipment if needed or change the terms of your loan.
Ready to apply for Gym Equipment Financing?
Top Gym Equipment Finance Options for You
Equipment Financing
Loan Amounts: $25,000 to $5,000,000
Terms: 1 to 5 years
Rates: 5.25% to 24.99%
Speed: In as little as 24 hours
Equipment financing gives you the resources to purchase or lease fitness equipment, so you don’t have to pay for it upfront. You can use the money to buy office equipment, gym equipment, company vehicles, and other assets essential for the operation of the business.
There are two types of equipment financing: equipment leasing and equipment loans.
Equipment leasing involves renting equipment for a fixed period and paying a monthly fee. At the end of the lease term, you can choose to return the equipment, upgrade to a new one, or purchase it at a discounted price.
Equipment loans involve borrowing money from a lender to purchase exercise equipment outright. You typically repay the loan in fixed monthly payments over a fixed term.
SBA Loans
Loan Amounts: $100,000 to $5,000,000
Terms: 10 to 25 years
Rates: 5.25% to 7.75%
Speed: Typically around 30 days
The Small Business Administration (SBA) partially guarantees SBA loans to help small business owners qualify for bank-rate financing. They’re one of the most affordable options in the market, and you can use the money towards fitness equipment, payroll, marketing, and other business expenses. The repayment terms for SBA loans can go up to 10 years, with competitive interest rates as low as 7%.
However, SBA loans are not easy to qualify for. Borrowers need a strong credit history, a minimum annual revenue of $100,000, and at least two years in business to qualify. If you make the cut, it takes about a month to receive the funds.
Term Loans
Loan Amounts: $5,000 to $5,000,000
Terms: 1 to 5+ years
Rates: 5.25% to 20%
Speed: In as little as 24 to 48 hours
Business term loans give you a lump sum of money that should be repaid with interest over a fixed period. Small business owners often use term loans for one-time expenses, like equipment purchases, opening a new location, or making renovations. The terms vary depending on the lender, with some loans having shorter terms of just a few months while others may go on for several years.
Invoice Financing
Loan Amounts: $25,000 to $5,000,000
Terms: Revolving credit
Rates: 6% to 18%
Speed: In as little as 24 to 48 hours
Invoice financing allows you to sell outstanding invoices to a lender or financing company at a discount in exchange for upfront funding. You’ll receive cash advances on your invoices before they are paid by your customers, which improves cash flow. Lenders usually advance up to 80% to 90% of your total invoice value. Once your customers pay their invoices, you can repay your advance plus a fee of 1% to 5% of your monthly invoice value.
Business Lines of Credit
Loan Amounts: $10,000 to $5,000,000
Terms: Revolving
Rates: Starts at 5.75%
Speed: In as little as 24 hours
Business lines of credit are flexible financing options where lenders assign you a predetermined amount of capital to use as needed as long as you don’t exceed the credit limit. You don’t have to repay the entire credit limit assigned to you – only the amount you’ve withdrawn, plus interest. A business line of credit is revolving, so it works like a credit card. The credit limit goes back up, and you can use the line again once you’ve repaid the amount you’ve withdrawn.
This type of financing is ideal if you want to cover unforeseen expenses like fitness equipment repairs and replacements, emergency maintenance, and more.
Apply for Gym Equipment Financing Today!
Here’s how!
Fill out our online application form. It’s free, and it won’t affect your credit score.
After reviewing your application, we’ll reach out to you to discuss your fitness equipment financing options.
Receive loan offers from our partners and fund your fitness center.
Ready to apply for Gym Equipment Financing?