Your Guide to Financing Gym Equipment

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Your Guide to Financing Gym Equipment
Your Guide to Financing Gym Equipment
Building a gym from the ground up or upgrading
your current equipment can be costly. With the
estimated cost of opening a gym ranging from
50,000 to 3.6 million, financing gym equipment
is often the smartest option. Learn how to secure
gym equipment financing and make your dream gym a
reality and set your business up for success.
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What is a Gym Equipment Loan?
A gym equipment loan is a type of financing that
lets you borrow funds to help you finance gym
equipment like treadmills, power racks, and more.
In exchange for the loan, you pay interest on
what you borrow throughout your repayment term.
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5 Ways to Finance Gym Equipment
Whether you re looking for loans for commercial
real estate or another business need, the process
doesn t have to be intimidating. There are loans
available for every type of business need, each
with its own set of pros and cons. Traditional
lenders are an excellent source for gathering
information to help you decide which type of loan
you need, but sometimes they aren t the best
route.
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1. Vendor Financing
You may be able to finance gym equipment directly
with the vendor. Some gym equipment vendors have
streamlined the buying process and allow you to
use Shop Pay with Affirm monthly payments or
PayPal credit at checkout. So if youre buying
cardio equipment or dumbbell sets from a specific
vendor, you can potentially finance the gym
equipment.
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2. Online Lenders
When it comes to eligibility, online lenders
might be one of the easier gym equipment finance
options to get. Some online lenders offer small
business owners specific equipment financing and
can work with you if you have fair credit. 
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3. Banks
Most major banks offer business equipment
financing. Depending on your needs and
eligibility, you may qualify for a higher gym
equipment loan amount to help with startup costs
and repayment options that fit your needs. 
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4. Small Business Administration
The Small Business Administration (SBA) can help
you finance workout equipment with one of its
loans. The SBA works with lenders to offer
funding between 500 and 5.5 millionan backs the
loans, making it less risky for the lender and
easier for the borrower. SBA loans that you can
use for fitness equipment financing include

• SBA 7(a) Loans
• SBA 504 Loans

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5. Business Line Of Credit
When you take out a loan, you borrow a set
amount. But if youre looking for more
flexibility, a business line of credit can give
you more options. Through a business line of
credit, you can draw upon what you need from a
specific credit limit and only pay back what you
actually borrow.
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Do Your Research Before Taking On Gym Financing
If you need to finance workout equipment to start
or maintain your gym, you have a range of options
to choose from. To find the right fit, review
your eligibility, compare interest rates and
repayment terms, and look at customer reviews.
From there, you can make an informed decision
about the type of gym financing you want.
Source Biz2Credit
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