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Gym Equipment Financing: Compare Your Best Options

By Randa Kriss, Lisa A. Anthony
Last updated on July 11, 2024
Edited bySally Lauckner
✅Fact checked and reviewed
Gym equipment financing allows you to buy fitness equipment and pay for it over time.

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Gym equipment financing allows you to purchase new or used fitness equipment for your business, including treadmills, ellipticals, stationary bikes and weight machines, among others. You can get one of these from both banks and online lenders. You may also be able to work directly with gym equipment vendors that offer their own financing options.

🤓 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 much do you need?

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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.

Here are 6 gym equipment financing options

LenderNerdWallet Rating▼Max loan amount▼Min. credit score▼Next steps

National Funding - Equipment Financing

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4.2/5

Best for Startups

$150,000600

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JR Capital Equipment Financing

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4.1/5

Best for No down payment

$10,000,000620

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Triton Capital - Equipment financing

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4.1/5

Best for Bad credit

$250,000575

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Balboa Capital - Equipment Financing

Read Review

Best for Fast financing

$500,000620
Read Review

SBA 7(a) loan

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Best for Large loans

$5,000,000650

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U.S. Bank Equipment Financing

Best for Established businesses

$1,000,000Undisclosed

Here are 6 gym equipment financing options

Best for Startups

National Funding

Max Amount

$150,000

Min. Credit Score

600

Best for No down payment

JR Capital

Max Amount

$10,000,000

Min. Credit Score

620

Best for Bad credit

Triton Capital

Max Amount

$250,000

Min. Credit Score

575

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

Best for Established businesses

U.S. Bank

Max Amount

$1,000,000

Min. Credit Score

Undisclosed

I'M INTERESTED IN:

Our pick for

Startups

Startups with at least six months in business may be able to qualify for gym equipment financing from National Funding.

National Funding - Equipment Financing

4.2
NerdWallet rating 
Read Review

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Max Loan Amount
$150,000
Min. credit score
600
Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.
4.2
NerdWallet rating 

Max loan

$150,000

Min. Credit score

600

Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.
Read Review

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Our pick for

No down payment

JR Capital offers flexible gym equipment loans that don’t require a down payment.

JR Capital Equipment Financing

4.1
NerdWallet rating 

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Max Loan Amount
$10,000,000
Min. credit score
620
Est. APR
6.99-18.00%
JR Capital provides fast equipment loans and leases, specializing in trucks, trailers and heavy equipment.
4.1
NerdWallet rating 

Max loan

$10,000,000

Min. Credit score

620

Apr range

6.99-18.00%

JR Capital provides fast equipment loans and leases, specializing in trucks, trailers and heavy equipment.

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Our pick for

Bad credit

You may be able to access gym equipment financing from Triton Capital with a credit score of 575 or higher.

Triton Capital - Equipment financing

4.1
NerdWallet rating 

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Max Loan Amount
$250,000
Min. credit score
575
Est. APR
5.99-34.99%
Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.
4.1
NerdWallet rating 

Max loan

$250,000

Min. Credit score

575

Apr range

5.99-34.99%

Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.

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Our pick for

Fast financing

Balboa Capital offers fast fitness equipment financing. The lender can fund applications as quickly as the same day they’re approved.

Balboa Capital - Equipment Financing

Read Review
Max Loan Amount
$500,000
Min. credit score
620
Borrowers with fair credit may consider Balboa Capital to get fast funding, especially for equipment loans.

Max loan

$500,000

Min. Credit score

620

Borrowers with fair credit may consider Balboa Capital to get fast funding, especially for equipment loans.
Read Review

Our pick 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) loan

Read Review

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Max Loan Amount
$5,000,000
Min. credit score
650
Est. APR
11.50-15.00%
7(a) loans are issued by private lenders and backed by the SBA. They offer long repayment terms and low interest rates.
Lowest interest rate

Max loan

$5,000,000

Min. Credit score

650

Apr range

11.50-15.00%

7(a) loans are issued by private lenders and backed by the SBA. They offer long repayment terms and low interest rates.
Read Review

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Our pick for

Established businesses

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.

U.S. Bank Equipment Financing

Max Loan Amount
$1,000,000
Min. credit score
Undisclosed
U.S. Bank can provide up to 125% in equipment financing (including soft costs), with no down payment required.

Max loan

$1,000,000

Min. Credit score

Undisclosed

U.S. Bank can provide up to 125% in equipment financing (including soft costs), with no down payment required.

How Much Do You Need?

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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 , 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. , 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 and can be used to finance gym equipment. Like business bank loans, however, have fairly strict qualification requirements. You’ll likely need good credit, strong finances and multiple years in business to get funded.
» MORE:

Online loans

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 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 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:

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, 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 , 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. are issued by nonprofit and community organizations that often focus their lending efforts on traditionally underserved businesses.

Frequently asked questions

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 and our .

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.

See Your Loan Options