Finimpact

Conclusion

When you open a gym, you need a lot of equipment all at once. Gym equipment financing can help you bear the burden of paying for all of this. If you want to secure the very best equipment financing, focus on building your business’s credit. Also, don’t be afraid to shop around before deciding on a final lender. Online lenders may offer gym owners better rates than a traditional bank or vice versa.

FAQ

How much money do you need to open a gym?
This mostly depends on where your gym is located and how large the gym is, but experts generally say anywhere between $10,000 - $50,000. If you have a large space with lots of equipment, this number can tick up quickly.
Do you need a license to open a gym?
How can you save money when buying gym equipment?

If you’re looking to get up and running quickly and want some easy ways to save on your equipment consider the following:

  • Lease equipment instead. 

  • Buy used equipment that’s still in good shape. 

  • Buy equipment in packages offered by various manufacturers. 

  • Stick with the most popular options like treadmills, weights, etc. before moving on to anything fancy. 

Can you finance gym equipment with no credit check?
There may be some lease options where you don’t need a credit check, but every financing option will require a run of your credit, even if it’s a soft pull. You’ll be hard-pressed to find a lender willing to loan you money without them fully understanding your financial ability to pay them back.
Is it possible to get gym equipment financing if I’m just starting my business?
Absolutely. Some lenders will want to see a few months in business but online lenders and those that offer SBA loans don’t have this same requirement.

About the Author

Christopher Murray

Christopher Murray

Personal Finance Expert

Christopher Murray is a professional personal finance and sustainability writer and editor who enjoys writing about everything from budgeting and saving to unique investing options like SRI and cryptocurrency.

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