Starting a new gym can be expensive, and equipment is one of the biggest costs. If you'd rather not make a big purchase, leasing gym equipment might be a good way to get the kit you need without putting a strain on your cashflow.Get finance for gym equipment
Starting a new gym can be expensive, and equipment is one of the biggest costs. If you'd rather not make a big purchase, leasing gym equipment might be a good way to get the kit you need without putting a strain on your cashflow.
There are two main types of gym equipment finance: equipment leasing and hire purchase. Leasing is essentially a long-term rental agreement, while hire purchase means buying something by paying in instalments.
Leasing tends to be more popular for gyms, because it means you can regularly upgrade the machines in your gym and you don't need to worry about maintenance and servicing, which is usually included.
Gym equipment like weights racks, treadmills, elipticals and rowing machines live a hard life, and are subjected to a lot of wear and tear — so many gyms choose to rent these items rather than tie up their own money in owning them.
More generally, many gyms look to use a business loan as a way to cover equipment costs and other expenses involved in setting up a new gym or expanding existing premises.
For example, our customer Max Jenkins used a flexible business loan for his new business Body Sculpt Conditioning — he wanted to purchase some equipment but also wanted some working capital available for other business expenses.
In this situation, a business loan might be a better option because it means you have some flexibility in terms of what you can use the finance for, rather than only using finance for gym equipment specifically.
Asset Lending & Property Team Lead
Vivek Seda is the Asset Based Lending & Property Team Lead at Funding Options. Vivek has been in the commercial finance industry for over five years, helping SMEs in the UK access over £40m of funding in that time. He also supports the business on working on corporate finance and structured transactions successfully funding Acquisitions and MBOs for businesses.
Disclaimer: Funding Options helps UK firms access business finance, working directly with businesses and their trusted advisors. We are a credit broker and do not provide loans ourselves. All finance and quotes are subject to status and income. Applicants must be aged 18 and over and terms and conditions apply. Guarantees and Indemnities may be required. Funding Options can introduce applicants to a number of providers based on the applicants' circumstances and creditworthiness. We are also able to make insurance introductions. Funding Options may receive a commission or finder’s fee for effecting such finance and insurance introductions.
*Eligibility criteria apply - see Tide website for full details.
Funding Options Ltd is incorporated and registered in England and Wales with company number 07739337 and registered office at 4th Floor The Featherstone Building, 66 City Road, London, EC1Y 2AL.
© Funding Options Ltd · Authorised and Regulated by the Financial Conduct Authority · Reference Number 727867