How to Finance Exercise EquipmentPublished on 2nd November 2018 2018-11-02T17:37:20+00:00 - Last update on 1st April 2020 2020-04-01T12:55:58+00:00
Running a gym in your local area? In order for you to be a fully-functioning gymnasium, you first need to provide your clients with access to high-quality exercise equipment. Although this is a basic requirement of managing any gym, acquiring and maintaining this equipment can be expensive, easily pushing you into financial difficulty were you to use your own capital. However, a more cost-effective way of acquiring exercise equipment could be to apply for Gym Equipment Finance, giving you access to a variety of finance solutions. So if you’re looking to finance exercise equipment for your gym, here’s what you need to know.
Why should I finance exercise equipment?
Bringing high-quality exercise equipment into your gym can be an expensive undertaking, especially if you’re buying in bulk. In this situation, it’s tempting to use your own savings or ask friends and family for support. However, there’s is another way to overcome this obstacle without overburdening your finances. Gym Equipment Finance offers you access to a variety of Asset Finance solutions, enabling you to spread out the costs involved whilst either purchasing, borrowing or refinancing exercise equipment. As such, providing access to high-quality equipment to your gym members needn’t put undue strain on your business’ finances.
What Gym Equipment Finance products are available?
Making sure that your gym members have access to the highest quality exercise equipment isn’t easy but you don’t need to support the costs involved by yourself. Gym Equipment Finance grants you the ability to ease the strain placed on your business’ finances by allowing you to apply for either Hire Purchase, Leasing or Asset Refinance. However, each of these products works and supports your gym in different ways. So in order to make an informed decision that aligns with your goals, speaking with a qualified business finance professional could prove invaluable.
How do I apply for Gym Equipment Finance?
If you’re worried about purchasing equipment upfront and placing too much strain upon your finances, deciding to finance exercise equipment instead could be the way forward. However, as well as deciding on which finance solution is most appropriate for your gym, you also need to know how to apply and what’s required. So although this usually outlined by the supplier or lender, the 3 areas you need to focus on are:
- Security - Gym Equipment Finance solutions are all Secured products that (depending on the agreement) use the equipment that you’re either purchasing, leasing or refinancing as the collateral for the agreement. Yet although this helps to make Gym Equipment Finance accessible for a wide range of financial situations, the equipment will be removed/repossessed if you fail to make the relevant payments.
- Credit Rating - Although your credit rating won’t always be used against you when applying for Gym Equipment Finance, lenders and suppliers will usually request permission to access your credit profile all the same. This helps them to develop a more concise understanding of your financial situation and determine their rate of interest, based on the amount of risk involved. As such, they’ll incorporate into the checks whether you have past or recent CCJs, accelerated payment notices, unpaid debt (e.g. credit card debt) and your history of resolving debt on time.
- Documentation - Plus, you will also be required to provide a range of vital documents with your application which will help lenders and suppliers determine the affordability of the agreement. So although this should be outlined in the documents you’ll receive (as well as the correct format to submit them in) when making an enquiry, you will usually be asked for proof of identity, recent and past bank statements, profit and loss statements, annual turnover reports cashflow forecasts, collateral documentation and tax returns.
Looking to finance exercise equipment?
As well as maintaining a reliable revenue and staying on top of your financial obligations, you also need to make sure that your gym has access to the latest equipment on the market. However, supporting the costs involved yourself can be difficult, which is where applying for Gym Equipment Finance could prove invaluable. All you need to need to do is source a suitable finance agreement that can enable you to achieve your goals.
At Rangewell, we’re an Access to Finance specialist who’s mapped over 400 lenders to offer you a comprehensive overview of more than 23,000 business finance products. We work with many fitness businesses and understand your unique industry pain points and requirements. Our services are free to use and we’ll also guide you throughout the application process. So if you’re looking for a cost-effective way of bringing high-quality fitness equipment into your gym, apply for Gym Equipment Finance today or find out more with Rangewell.
Share this article
Discover your range of finance. Every type of finance for every type of business.
Our goal is very simple - to help businesses find the right type of finance as quickly, transparently and painlessly as possible.Find Funding