Gym Equipment Rental Finance

If you are a personal trainer looking to set up a studio either at home or in commercial premises, and you are looking to borrow money to purchase your fitness equipment, your options are limited, especially in the current financial climate.

The main sources of finance include a personal loan; commercial finance such as leasing or hire purchase, or consumer finance such as GE Finance, HSBC or Flexirent. 

In the case of commercial finance, you will generally require two years financial records to prove your ability to repay the money (difficult if you are just starting your business), and secondly, you need to have some assets behind you. But even then, some of the major lenders will not lend on fitness equipment [1].

In the case of consumer finance, the criteria will include stability of residence and stability in employment, so if you are starting out in a new business, it is unlikely that you will qualify unless you have a partner that will take the finance out in their name.

The solution is the rental finance option that has been made available to Customers of Calibre Fitness.
[1] Lending criteria varies between lenders.
RENTAL WITH AN OPTION TO PURCHASE.
Rental with an option to purchase is a new finance option in the fitness industry, that enables personal trainers to obtain finance for the purchase of gym equipment to get started in their own business.

The main requirement for the finance is for the applicant to have an Australian Business Number and a relatively clean credit history. There is no requirement for the applicant to provide a personal guarantee, the application form is only one page, and approval is generally within 24 - 48 hours. Other benefits of rental finance include:
 


  • No financials required;
  • Fully tax deductible weekly payments;
  • No directors guarantees or personal guarantees;
  • Not locked into a long term lease;
  • Option to purchase outright at  any time (customer receives a 75% rental rebate excl. gst)
  • 12 month contract with option to refinance or purchase outright; or continue to rent.