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Financing for Gym Equipment
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Welcome to the Used Gym Equipment financing page! Used Gym Equipment.com is the #1 online gym store for businesses, and has been helping people live happier, healthier lives for over 20 years now thanks to our commitment to getting the best deals on the highest quality commercial gym and workout equipment. Having helped thousands of clients improve their fitness facilities and build better gyms for so long, we understand the financial challenges that can arise from undertaking such a project. That’s why we created our One Stop Leasing Program. The One Stop Leasing Program is an invaluable tool our team of experts developed to better help customers find the lowest finance rates that they’re looking for. And when you pair that up with our already highly discounted remanufactured gym equipment, it means our clients can also leverage their businesses and save the most amount of money possible. Used Gym Equipment.com can make the process as simple as possible by providing you with the most appropriate financing options for your gym equipment purchases, leaving you with more time and resources to put into other areas of your gym. We can also help you by providing a parts and labor warranty that lasts the duration of your lease agreement, meaning your machines will always be serviced and ready to be used by customers for their workout and fitness routines. Your only obligation to the equipment is your monthly lease payment. Here are a few more frequently asked questions that pop up from customers about our financing program:
What types of gym financing options do you offer (monthly payments, lease-to-own, etc.)
At Used Gym Equipment.com, we offer commercial equipment financing primarily through leasing. Currently, the most popular option among the majority of our clients is the lease to own option (also known as the $1 buy-out option). Terms normally range from 12 months to 60 months, with 90 day deferred payment plans available as well (OAC). For gym owners who are just starting out, we offer up to $100,000 to get you set up, with the possibility for more depending on financials. If your gym has been operating for over 2 years, we can finance any amount that your credit qualifies for. We also have special programs in place for non-profits, schools – even farms and government entities.
Are those options available to gyms worldwide or do policies change from country to country?
Financing with Used Gym Equipment.com is available to gyms in the continental US. We also have financing available in Canada from $30,000 to $50,000, but be aware that the credit criteria varies a little from the US to Canada. This same amount is also available to residents of Hawaii and Alaska. We apologize, but at this time, we can not offer financing in any other foreign country. At this time, we instead urge our international customers to check their home countries for local sources of used fitness and gym equipment.
Are you affiliated with any bank-based loan options?
Yes, Used Gym Equipment.com does work with traditional banks loans as well. Most traditional banks require collateral for traditional loans (usually in the form of real estate equity) and/or 3 years plus in business with strong financials. We can also offer SBA loans for small businesses. Just know that loans through traditional banks, on average, take much longer than lease financing – often anywhere from 3 to 6 months from the time you fill out the application to loan approval and funding. The programs are also not very popular, with many customers citing the rates especially as not being much better. The popularity and favorability some customers have with a lease stems from the tax breaks available. Leasing is expensed, and is recognized as a rental for accounting purposes. By expensing the payoff of the equipment, the gym owner is lowering their tax burden more aggressively than a traditional loan payback. At the same time, leasing helps you avoid obsolescence, with upgrade options available that keep you stocked on the most up to date equipment. Be aware also that a lease doesn’t affect the revolving debt on your credit report, whereas many traditional loans would, which would in turn lower your credit score and future availability to capital. With leasing, you still have 100% of your credit available to you. You can also customize your lease to better fit your particular situation with offers such as seasonal payments.
What forms of payment do you accept?
Most leases require up to 2 advanced payments (first and last). Many times we can offer less (one payment upfront or none at all).
The most common form of paying a lease is ACH, online, by check through the mail or credit cards. These options will also depend on the terms of the approval.
Create your own tax break with your gym equipment financing
Many business owners who buy equipment for their business – including computers, machinery, and other goods such as fitness equipment – generally like to deduct the cost of said equipment within a single tax year, instead of spreading it out with minimum payments over a number of years. This is known as a Section 179 deduction in the tax code. Section 179 states that any business that spends less than $2,000,000 per year on qualified equipment is allowed to then write-off up to $500,000 in 2014. These rules are designed especially with small companies in mind, with the $500,000 deduction phasing out as soon as a business purchases more than $2,000,000 in one year; remember, companies can’t write off more than their taxable income. We have often said that our Number 1 priority here at Used Gym Equipment.com is to help our clients achieve better success with their gyms and fitness centers. Offering affordable and honest finance options to each and every one of our customers is a very important part of that success. Having served thousands of businesses and individual customers across the country, we feel very confident in saying that we have just the right solutions to win over your business and insure the future success of your gym. If you’re ready to get started with our One Stop Leasing Program, then please fill out the form above to begin your financing application process.