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Gym Equipment Financing and Leasing: Best 6 Options

To stand out in the competitive gym industry, you’ve got to have both low prices and the latest equipment. You need new treadmills to attract customers, but you need customers to pay for the equipment. A gym equipment loan helps you get the capital you need.

Gym Equipment Financing
Susan Guillory
Written by:Susan Guillory
Business Coach and Content Writer

Reviewed by: Sarah Brooks, Personal Finance Writer and Editor

Fact Checked by: Dr. JeFreda R. Brown, Financial Expert


Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses, or reviews expressed in this article are those of the author’s alone, and have not been approved or endorsed by any partner.

The gym industry is an ever-changing one. It seems like every year, a new trendy workout or piece of equipment pops up, and as a gym owner, you want to stay relevant. That means constantly investing in your business and having the latest, greatest equipment.

Gym equipment, unfortunately, doesn’t come cheap. Sure, you can buy used equipment, but then you run the risk of faulty operation. You want the best equipment out there, and a small business loan can help.

Gym Equipment Financing and Leasing: Best 6 Options

There are many options when it comes to gym equipment financing, and it can be hard to know which is the best for you. How much should you borrow? Who is easy to work with? What’s a good interest rate, and how can you get one?

In this review, our team of expert reviewers has thoroughly analyzed and evaluated the top lenders in the industry. We will share our findings and provide a rating methodology you can use to select the best option for your needs..


Gym Equipment Financing and Leasing: Best Options Overview

Let’s kick things off by looking at some of the online lenders who offer financing you can use to purchase gym equipment like treadmills, bikes, weight machines, and even computers.

Best Overall
Lendzi logo

Lendzi - Best for Gyms with High Revenue

Factor Rate
Starting at 1.10
Loan Amounts
Up to $4 million
Min. Annual Revenue
Key Features
  • Borrow up to $4 million in working capital
  • Min. credit score: at least 500
  • Min. time in business: 6 months
  • Equipment financing up to $2 million
  • Business line of credit up to $250,000
  • See your options without hurting your credit
  • Flexible terms: 3 to 15 months
  • Excellent customer reviews on independent review sites
  • Get funding in as little as 24 hours
Pros & Cons
  • Bad credit accepted
  • Fast funding times
  • High borrowing amounts
  • Excellent customer reviews
  • High annual revenue requirements
  • Must be in business at least six months

Lendzi is one of the best lenders out there due to their competitive rates, low credit score requirements, and excellent customer satisfaction ratings. The company was founded in 2020 with a mission to help borrowers with high revenue and low credit scores achieve the funding they need. 


Main Features

Lendzi is a direct lender and a lending marketplace, which increases your chances of being approved for gym equipment financing. Gym equipment financing loans are up to $2 million and terms range from 12 to 84 months. Rates are some of the lowest we’ve seen, starting at just 3.49%. This is because your equipment acts as collateral against the loan. To qualify, you need to have a minimum credit score of 550, be in business for at least six months, and have $180,000 or more in annual revenue. To apply, simply fill out Lendzi’s online application. This takes just a few minutes and will not impact your credit score. Once submitted, a representative will reach out to you and review your loan options. This helps put your mind at ease and allows you to ask any questions you may have.  

If you have high revenue and need new gym equipment for your gym business, look no further than Lendzi. Lendzi specializes in providing small business loans to those with high revenue or who have been denied elsewhere. Rates are competitive, customer service is top-notch, and funds can be in your account in as little as 24 hours from loan approval.
Low Rates

National Funding - Best For Leasing Gym Equipment

Factor Rate
Starting at 1.10
Loan Amounts
Up to $500K
Min. Annual Revenue
Key Features
  • Min. Time in Business: 6 months
  • Min. Credit Score 600
  • Borrow up to $500,000 in working capital
  • Equipment financing up to $150,000
  • Factor rate From 1.10
  • Fast funding
  • Early payment discounts
  • Equipment financing repayment 2-5 years
  • Working capital repayment 4 months - 2 years
Pros & Cons
  • Equipment leasing is an option
  • Lowest payment guarantee
  • Easy to qualify
  • No down payment required
  • Leases are capped at $150k
  • Payments are daily or weekly

When it comes to gym equipment, sometimes leasing is the best option. A lease allows you to borrow the equipment for a set period of time, and then replace it when newer models are released. With National Funding, you can choose to lease your equipment or purchase it, so no matter the path you choose, there’s a way to get what you need.


Main Features
With its equipment loans and leases, you can finance gym equipment up to $150,000. National Funding also offers small business loans, working capital loans, and short-term business loans. To qualify for equipment leasing or financing, you need a credit score of 575 or greater and you need to be in business for at least six months. You also need an equipment quote from a vendor. There are no published requirements for annual revenue, which is rare!

If you feel that leasing equipment is a better fit for your gym, National Funding offers flexible options, including leases on used equipment. This can save you money and let you stay on top of the latest trends in fitness.
SMB Compass

SMB Compass - Best for Fast Funding Times

Interest Rates
Starting at 7.99%
Loan Amounts
$10K - $10 million
Min. Monthly Revenue
Key Features
  • Loans up to $10 million
  • Min. credit score: can go as low as 550 for certain loans
  • Min. time in business: 1+ years in business, no startups
  • Funding times: 5 to 7 days for term loans and 24 - 48 hours for line of credit
  • Flexible terms: 2 – 10 years for term loans
  • Interest Rates: starting at 8.99% for term loans
  • Applying does not impact credit score
  • Nine loan products to choose from
Pros & Cons
  • Low, competitive rates
  • Large loan amounts
  • Loan terms up to 25 years
  • Excellent customer service
  • Poor credit not accepted
  • Not available in all states
  • Must be in business at least one year
  • High revenue requirements

SMB Compass offers nine different types of loans that can be used to purchase gym equipment, including equipment financing loans which are geared towards gym owners that have assets (ie gym equipment) to back up their loans. This typically gives borrowers a lower rate and better terms than compared to unsecured types of loans. To qualify for an equipment financing loan with SMB Compass, you’ll need to be in business at least one year, have a 600 credit score or higher, and have $20,000 per month in revenues. 


Main Features

SMB Compass offers gym equipment financing to borrowers. Their mission is to make loans more accessible to small business borrowers by providing cost-effective and flexible lending solutions. SMB Compass gym equipment financing loans range from $10,000 to $10 million with terms up to 25 years. Rates start at 7.99% for qualified borrowers. The lender has currently provided more than 1,200 U.S. businesses with more than $250 million in financing. To apply, simply fill out their easy online application. It takes just a few minutes and will not impact your credit score. If approved, funding can be dispersed within 24 hours.

SMB Compass has nine different loans to choose from to purchase gym equipment, including equipment financing loans. Customer service is excellent, so if you aren’t sure what product is best for you, make sure to have a representative guide you through the process. Funding times are fast once approved, typically happening within 24-48 hours of loan approval. Contact SMB Compass today to get started!
Backd business loans

Backd - Best for Large Loan Amounts

Factor Rate
Starting at 1.10
Loan Amounts
Up to $2 million
Min. Annual Revenue
Key Features
  • Borrow up to $2 million
  • Min. Credit Score: 640
  • Min. Time in Business: 2 years
  • Industry best factor rate for MCA - as low as 1.10
  • APR for the Line of credit product starts at 35%
  • Flexible repayment terms up to 16 months
  • Get funding in as little as 24 hours
  • Check your rate with a soft credit pull
Pros & Cons
  • Fast lending decision and funding times
  • No collateral required
  • Large loan amounts up to $2 million
  • Flexible payment options
  • Fees not disclosed on website
  • Startups will not qualify
  • Not all industries will qualify

Running a gym can be costly, especially if you need to renovate your gym, purchase all new equipment, or expand to another location. Backd can help with all of the above and more. Founded in 2018, their mission is to provide customized loans to fit the needs of each unique business. The company has since funded more than $1 billion to 10,000+ small businesses and counting.


Main Features
Backd offers gym owners two products: Working capital loans and business lines of credit. Working capital loans range from $10,000 to $2 million with terms up to 16 months. Payments are made daily, weekly, or semi-monthly. Business lines of credit range from $10,000 to $750,000 with unlimited terms. Neither option requires collateral. To qualify, you need to be in business for at least two years, have $300,000 in annual revenues, and 640 or higher FICO score.

Backd is best for gym owners looking for a large loan amount or for those that need their funds quickly. The application takes just a few minutes and a decision is given instantly. If you decide to move forward, funds can be dispersed within 24-48 hours of loan approval.

Bluevine - Best For an Easy Application

Interest rates
Starting at 6.2%
Loan Amounts
Up to $250K
Min. Annual Revenue
Key Features
  • Funding up to $250,000
  • Min. credit score: 625
  • Min. time in business: 6 months
  • Interest rates as low as 4.8%
  • Loan Repayment 6-12 months terms
  • Quick and simple application
Pros & Cons
  • Easy application
  • Line of credit option
  • No monthly or prepayment fees
  • Can have high monthly payment
  • Short repayment period
  • Not available in all states

Bluevine offers lines of credit up to $250,000 for qualified borrowers. The application takes just a few minutes and funds can be in your account within 24 hours from approval. In addition to their line of credit, Bluevine also offers business checking accounts, making them a one-stop shop for all your gym financing needs.


Main Features
With Bluevine’s line of credit, you can access $2,000 to $250,000 to purchase gym equipment. As you repay what you borrow, you can borrow more. Repayments must be made over six or 12 months from each draw. Interest rates start at just 4.8%. To be approved for the line of credit, your business must be U.S.-based and in operation for at least six months. You need a credit score of 625 or more and at least $10k in monthly revenue.

If you need access to capital quickly, a line of credit from Bluevine is a great option. With their fast application process and quick funding time, you’ll have the funds you need to purchase equipment or make necessary gym improvements anytime you please.

Credibly - Best for Different Finance Options

Interest Rate
Loan Amounts
Up $250K
Min. Annual Revenue
Key Features
  • Min. Credit Score: 550+
  • Min. Time in Business: 6 months
  • Borrow up to Up to $250,000 in term loans
  • Borrow up to $400,000 in working capital
  • Term loan rates range between 8-25%
  • Working capital factor rate starts at 1.09
  • Simple application process
  • As soon as same day funding
  • Open to high-risk industries
Pros & Cons
  • Wide variety of financing options
  • Fast loan funding
  • Flexible loan terms
  • Interest may be high for some
  • Daily or weekly payments
  • May include origination fees

While Credibly offers equipment financing, it also offers a full spectrum of other financing solutions, such as working capital loans, small business lines of credit, SBA loans, and long-term business loans. You can use the funds to buy equipment for your gym, as well as hire staff, invest in marketing, and even purchase commercial property.


Main Features

Credibly equipment financing loans range from $10,000 to $10 million and are backed by the equipment you purchase. Payments are monthly and terms typically are the working life of the equipment. In addition to equipment financing, Credibly offers working capital loans up to $400,000 and business lines of credit up to $250,000. If you don’t have great credit, you likely may qualify for financing with Credibly. You only need a personal credit score of 500, annual revenues of $50k or more, and a business history of six months or more. Personal credit scores and annual revenues will vary with loan type, though.

Equipment financing from Credibly is great because the equipment you’re buying acts as the collateral to secure the loan. This oftentimes allows you to qualify even if your credit is less-than-ideal or your annual business revenue is low. Offering eight loan products total, Credibly is certain to have a type of loan to meet your gym financing needs.
fora financial logo reviewed on


Min. Monthly Revenue
Min. Time in Business
6 months
Min. Credit Score
Key Features
  • Ideal for plenty of industries
  • Approval not solely credit based
  • Early payoff discounts
Pros & Cons
  • High loan amounts
  • Early payoff discounts
  • Low credit score requirements
  • Loan approval within 24 hours
  • Rates may be high
  • Short repayment period

Fora Financial offers small business loans and merchant cash advances up to $750,000, making them the top choice for gym owners that need access to a large amount of capital. You don’t need excellent credit to qualify, and Fora Financial also offers flexible payment plans and early payoff discounts with their products. 

Main Features

Fora Financial small business loans and merchant cash advances range from $5,000 to $750,000. Small business loans must be repaid within 15 months, and merchant cash advances have no set repayment terms.

To qualify, borrowers must have $12,000 or more in monthly gross sales and be in operation for at least six months. A minimum credit score of 500 is required. 

If you need to borrow a large amount of money, Fora Financial can help. Filling out an application takes just a few minutes and won’t affect your credit score, so this lender is worth applying for to see what type of gym financing you can get.

Main Features of The Best Gym Equipment Financing Options

National Funding4.1
SMB Compass4.5
Fora Financial4
  • Min. Credit Score - 550
  • Min. Time in Business - 6 months
  • Min. Annual Revenue - $180,000
  • Loan Amount - Up to $2 million
  • Interest Rate - Starting at 3.49%

How to Choose the Best Gym Equipment Financing Option

  • Loan features: We looked at loan amounts, loan terms, and a variety of different types of loans for your financing needs.
  • Application process: Does the lender do a hard or soft pull on your credit? Is the application short or cumbersome?
  • Interest rates and fees: Some lenders charge fees on top of interest rates, which can add up. The better your qualifications as a gym owner, the lower the interest rate you’ll qualify for.
  • Qualification process: Some lenders put more weight on your credit score, while others look at other factors like time in business and annual revenues.
  • Customer support: We look for lenders who are easy to contact if you have a question.
  • Online user reviews: We also look at what others had to say on independent review sites like Trustpilot.
  • Perks and bonuses: Some lenders offer other benefits, like early payment discounts. We also looked at payment flexibility, advertising transparency, and advanced technology.


How Much Does Gym Equipment Cost?

Not sure what you might need to pay for gym equipment? Here’s a quick guide to average costs for gym equipment.

Training Bench$180-$600
Dumbbell Set$200-$2,000
Barbell Set$2,000-$4,000
Weight Machine$1,200-$3,000
Rowing Machine$800-$1,800
Stationary Bike$400-$2,000

Depending on the size of your gym, you may need to purchase dozens of these items. And keep in mind, there may be a discrepancy in quality from the low end of these ranges to the high end. You want to buy or lease gym equipment that will be durable and keep your members safe over the long-haul.


How Much Money Do You Need to Open a Gym?

It’s important to get an idea of how much it costs to open a gym and make sure you can cover your expenses. These will not only include the cost for the equipment, but also costs for remodeling, commercial rent, payroll, marketing, supplies, and any business licenses you will need to get started.

Here’s what you need to consider:

  • Monthly rent ($5,000-$8,000/month): You can, of course, choose to purchase your space. If you choose to rent, though, expect to pay between $5,000 and $8,000 per month at a minimum.
  • Equipment ($10,000-$50,000): Equipment costs will vary depending on the types of equipment you buy and how much you need, but expect to spend $10,000 at the very least.
  • Permits and certifications ($2,000): Your state or local government may require you to have certain business permits, and you may also want fitness certifications if you offer personal training. These costs will vary, but expect to spend $2,000 or more.
  • Insurance ($12,000 per year): This includes workers compensation and liability insurance.
  • Miscellaneous (varies): Miscellaneous expenses for your gym may include office supplies, utility bills, marketing and advertising, taxes, payroll, and more.

In total, it may cost $50,000 or more to start a gym business and keep it operating.


Gym Equipment Leasing vs. Loans

  • Equipment loan, you are purchasing the equipment. Once you pay the loan in full, you own the equipment outright. You can keep it or sell it. Often, though, the equipment has depreciated in value and you won’t be able to sell it for more than a fraction of the cost you paid.
  • Equipment lease, you are paying to have the equipment for a specified period of time. Once that lease period is over, you give the equipment back to the company. You may also have the option to purchase the equipment at the end of the lease.


The Pros and Cons of Gym Equipment Financing

Before taking on gym equipment financing, understand the benefits and drawbacks of doing so.


  • Don’t need cash up front to get the equipment
  • Can pay for the equipment over months or years
  • Allows you to get the best equipment available
  • Helps you pay for other expenses that come with running your gym


  • You’ll pay interest and potential fees on top of the loan
  • Some loans may be difficult to qualify for
  • Some lenders limit how much you can borrow to purchase equipment


Alternative Gym Financing Options

If you don’t want to take out a gym equipment loan, or if you don’t qualify, there are alternative options for financing. They include:

Peer-to-peer lending

Peer-to-peer lending is similar to online lending, except there is no middleman. Rather than going through a small business loan company, you go directly to the individual lending the money. This can cut costs; but peer-to-peer lending still can be an expensive form of borrowing.

Personal loan

A personal loan is another alternative to traditional gym financing. To qualify for a personal loan, lenders will look at your personal credit history and your annual income. Loan amounts are typically less than business loans, but the requirements aren’t as strict.

Home equity loan

A home equity loan will come with the lowest interest rate compared to small business loans and personal loans. This is because your house is used as collateral. If you can’t pay back your loan, the lender can seek foreclosure.


Crowdfunding is getting online donations for your business from a large number of people. If 10,000 people contribute $5 each to your gym, for example, you’ll have $50,000. Popular crowdfunding websites include GoFundMe, Patreon, SeedInvest Technology, and Indiegogo.

Get a business partner

Another alternative to gym financing is seeking out a business partner. Your partner may be able to cover more of the costs upfront in exchange for more profits down the line. Or, if your partner has more solid credit, they may get a better rate on a loan or qualify for a larger amount. Having a business partner isn’t for everyone, so you’ll need to weigh the risks and benefits to see if it’s worth exploring.


Additional Gym Equipment Leasing Options

If you opt to lease your gym equipment, there are several companies that specialize in gym equipment leasing. Let’s look at a few:

Life Fitness

Life Fitness offers a wide range of gym equipment for cardio, strength training, group fitness, accessories, and more. Life Fitness offers both leasing and financing options.


Fitness equipment brand, Expert Fitness Supply, has partnered with leasing company Katapult to offer customers the option to lease or lease-to-buy equipment. You don’t need good credit to qualify, and even if you have a bankruptcy on your record, you can still apply. Expert Fitness Supply offers products like saunas, ellipticals, treadmills, exercise bikes, free weights, and more.


ELEASE offers both leases and financing for gym equipment, including free weights, exercise benches, aerobic equipment, Nautilus equipment, universal gyms, mats, and training equipment. ELEASE offers financing from $10,000 up to $5 million, and can customize your payment schedule to make large payments during high-revenue periods and smaller ones when revenues aren’t as high.


The Bottom Line

Gym equipment financing can help you start or grow your gym business faster than bootstrapping those costs. Having the capital available to buy the latest technology and equipment can help you stay competitive in what can be a crowded market.

Whether you lease equipment or buy it outright, using a gym equipment loan can help you get the financing you need to start and operate your gym business.


*The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.

Frequently Asked Questions(FAQ)

Should you buy or lease gym equipment?

Both buying and leasing gym equipment have pros and cons. Buying lets you own the equipment outright, though the value will depreciate over time. Leasing may be more affordable and allow you to change out equipment as it ages, though you will not own the equipment.

How much money do you need to open a gym?

Costs will vary depending on how big your space is and local real estate costs, but you can expect to have startup costs of around $50,000 at a minimum. You may want to start small and upgrade as your profits increase.

Do I need a license to open a gym?

Many state and local governments have requirements for new businesses to have certain permits and licenses. Check with your Secretary of State and your city’s business licensing department to see if there are requirements for gym businesses in your area.

Is it possible to qualify for gym equipment financing with bad credit?

Yes, you can qualify for equipment financing with poor credit. Because the equipment acts as collateral for the loan, and therefore lowers the lender’s risk, you may be able to qualify for financing with bad credit. Keep in mind, though, that you will pay higher rates than if your credit was good to excellent.

Susan Guillory

Written by: Susan Guillory

Professional Intuitive Business Coach and Content Writer

Susan Guillory is an intuitive business coach and content magic maker. She’s written several business books and has been published on sites including Forbes, AllBusiness, and SoFi. She writes about business and personal credit, financial strategies, loans, and credit cards.

More about me
Sarah Brooks

Reviewed by: Sarah Brooks

Personal Finance Writer and Editor

Sarah Brooks is a personal finance writer and editor with more than 10 years of experience. She specializes in personal and business loans, mortgages, auto loans, and credit cards.

More about me
Dr. JeFreda R. Brown

Dr. JeFreda R. Brown

DBA, CFEI and a highly respected expert in personal and business finance

Dr. JeFreda R. Brown is more than a financial consultant: she’s an avid teacher and subject matter expert who helps people—individuals and groups in a business setting—master the skills they need to achieve lasting financial wellbeing. As Founder and CEO of Xaris Financial Enterprises, it is her passion and life goal...

More about me

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