Skip to Main Content
Advertiser Disclosure

Financing Gym Equipment: What To Know

There are many ways to finance gym equipment; learn which is best for you.

Author
By Sarah Li-Cain
Sarah Li-Cain

LinkedIn

Written by

Sarah Li-Cain

Writer

Sarah Li-Cain is a personal finance journalist with more six years of experience. Her work has been featured by CNN, Bankrate, USA TODAY Blueprint, Business Insider, CNBC Select, and Forbes.

Edited by Jared Hughes
Jared Hughes

LinkedIn

Written by

Jared Hughes

Editor

Jared Hughes has over eight years of experience in personal finance. He has provided insight to Fox Business, New York Post, and NewsBreak.

Reviewed by Meredith Mangan
Meredith Mangan

LinkedIn

Written by

Meredith Mangan

Senior editor, Credible

Meredith Mangan is a senior editor at Credible and expert on personal loans.

Updated October 22, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

Featured

Gym equipment can be expensive, but it can also be a worthwhile investment if you plan to use it regularly to help improve your health. For those who can’t afford to purchase equipment outright, there are several financing options available, such as a personal loan, credit card, or “buy now, pay later” services.

Compare Rates Now

Financing options for gym equipment

If you’re financing your own personal home gym or just want to run on the treadmill, you have several options available.

Personal loans

Personal loans can be used for almost any purpose, including fitness equipment. You can get them from banks, credit unions, or an online lender. Most lenders offer amounts from $600 to over $100,000 and repayment terms between one and seven years. Personal loans tend to have lower interest rates than credit cards, with the average rate for a 24-month loan at 12.33%, according to the Federal Reserve.

If you have bad credit, you can still get a personal loan with a bad-credit lender, but you’ll most likely get a higher annual percentage rate (APR), which means more interest paid over the life of the loan, as the APR accounts for the interest rate plus any upfront fees.

tip Icon

Tip

Consider enlisting a cosigner with better credit to help land you a lower APR, but know that they will be responsible for making payments if you don’t. Not all lenders accept cosigners, so keep that in mind as you compare options.

Advertiser Disclosure

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms

Credit cards

Depending on factors such as your credit limit, you could put your equipment purchase on an existing credit card and pay it off over time. While this can be one of the most convenient options, credit card APRs can be quite high compared to other types of loans. For example, the Federal Reserve data cited earlier puts the average interest rate on a credit card at 21.86%.

If you have very good credit, you may be able to qualify for a 0% introductory APR card — many offer periods that span from 12 to 18 months or longer. For example, Capital One offers a credit card with a 0% APR promotional period of 15 months, with a 19.99% to 29.99% variable rate after that ends. As long as you can pay it off during that time frame, you won’t have to worry about interest charges.

tip Icon

Important

Make sure to read the fine print to see when the promotional period ends, and what may happen if you fail to make on-time payments.

Personal Line of Credit

Similar to a credit card, a personal line of credit is a form of revolving credit that you can draw from as needed. Available from online lenders, some banks, and credit unions, you’ll usually need a credit score of 670 or higher to get the lowest APR. Lines of credit are typically unsecured, which means they don’t require collateral to secure the financing. Interest rates are variable, with loan amounts usually ranging up to $50,000.

When you open a line of credit, you can draw from the line up to your credit limit until the end of the draw period (unless it’s continuous). During the draw period, you’ll typically need to make monthly payments on any interest charges. Lines of credit don’t have grace periods like credit cards, so interest is immediately charged on new purchases.

Once the draw period ends, you can’t access your line of credit. You’ll enter the repayment period and make monthly payments on what you borrowed plus interest until you pay off the line of credit.

For example, Citizens Pay and Peloton offer a flexible line of credit for its exercise bikes with $0 down and 0% APR for 12 months. Further repayment terms of 24 to 43 months are available with APRs at 4.99%.

See More: Personal Loan vs. Personal Line of Credit: How to Choose

Buy now, pay later services

Buy now, pay later, or BNPL, is a type of finance option that offers you flexibility in paying for purchases over time, including gym equipment. Participating retailers offer this directly on their websites — you can look for them through BNPL websites.

For example, Affirm offers payment plans that range from 3 to 12 months (though shorter or longer terms may be available on certain purchases), with an option for interest-free plans if you pay every two weeks for six weeks. You can set up autopay to help ensure you make your payments, and so you can qualify for further loans from Affirm.

You typically won’t need to go through a hard credit check or pay any additional fees. However, if you want other payment options or miss a payment, then there may be other costs involved.

Pros and cons of financing gym equipment

Here are benefits and drawbacks to consider.

Pros

  • Variety of options to choose from
  • Quick source of funds when needed
  • No or low down payments
  • Some options offer less stringent credit requirements and no interest if paid off within a certain time frame.

Cons

  • Interest costs can add up over time
  • If the equipment is likely to lose value quickly or won’t be used regularly, it may not be worth the cost of borrowing
  • Overall cost may be higher than purchasing equipment in full

How to apply for a personal loan for gym equipment

If you decide to finance your gym equipment with a personal loan, here are the steps to take.

  1. Compare lenders: You’ll want to research different lenders and compare different criteria important to you, such as loan amounts, eligibility requirements, and repayment terms, among other factors.
  2. Prequalify: With prequalification, the lender can give you an idea of the rate you may qualify for without any impact to your credit score. This can give you an idea of which lender may be best for you. Note that prequalification is not an offer of credit, however, and the final rate you receive may differ.
  3. Complete and submit the application: You may need to provide additional documentation, such as a W-2, pay stubs, and your Social Security number. The lender will also perform a hard credit inquiry when you formally apply, which will lower your score by a few points temporarily.
  4. Review and sign the loan agreement: Once you’ve been approved and you’ve reviewed your loan agreement, sign to accept the offer.
  5. Purchase your equipment: It can take up to the same or next business day to receive your funds. You can then purchase the gym equipment, and you’ll begin making payments toward the debt shortly after. Make sure to set up autopay with your lender, if possible, so there’s less chance you’ll miss a payment.

Compare Rates Now

Alternative gym equipment financing options

Here are some alternative options for financing gym equipment.

  • Use home equity to finance: You can use the equity in your home as a type of financing to purchase your gym equipment. With a home equity loan or HELOC, your home is secured as collateral. But if you default, you could face foreclosure.
  • Ask a family member or friend: If you have a family member or friend who is willing to lend you money for your gym equipment, it may be a better alternative to financing. This could especially be the case if your friend or family member will also benefit from the equipment. Make sure to cover expectations on repayment in writing — and stick to it — to preserve the relationship.

Financing gym equipment FAQ

Can you finance gym equipment?

Yes, it’s possible to finance gym equipment. Options include personal loans, lines of credit, credit cards, home-equity based financing, and buy now, pay later services.

What is the minimum credit score to finance gym equipment?

There isn’t a definitive credit score you need to have in order to finance gym equipment, but most lenders prefer a FICO score of 670 or higher. With a higher credit score, you may qualify for a lower APR on a personal loan, or a credit card with a 0% introductory APR. Many buy now, pay later services, on the other hand, don’t charge interest if you pay off the amount within a specified time frame, and tend to have more lenient credit requirements.

Should I take out a loan or lease for gym equipment?

Taking out a loan or leasing gym equipment should be a decision based on factors such as your financial situation and whether you want to own the equipment outright. If you finance, you will own it once the loan is paid off, whereas with a lease that is generally not the case.

Loan Amounts:

Meet the expert:
Sarah Li-Cain
Sarah Li-Cain

LinkedIn

Sarah Li-Cain is a personal finance journalist with more six years of experience. Her work has been featured by CNN, Bankrate, USA TODAY Blueprint, Business Insider, CNBC Select, and Forbes.