Invest in the commercial gym equipment you need to grow your vision and ambition, without the burden of major upfront costs.
Suitable for fitness start-ups, growing gyms looking to invest in new locations, as well as franchises, hire purchase and business leasing are great options for companies looking to take the next step in the fitness market.
What business finance options are available?
Leasing is an affordable option for gyms looking to tailor payments to suit their cash flow, as rental payments can often be specified at the start of the lease. With a finance lease agreement, the finance company will buy the equipment you need and hire it to you over a specified period.
The equipment will remain the property of the finance company, however you can choose to use it as if it were your own asset. A further benefit for your company accounts is that lease rentals can be 100% tax deductible against profits. You only pay VAT on the rental, therefore if your company is VAT registered you may be able to reclaim a proportion of the VAT, this may help with cash flow.
As with all leasing agreements you will not own the equipment and will need to extend your lease to keep the equipment or invest in a new equipment lease.
However, as gym equipment is classified as a depreciating asset this is a great option for gyms who need to budget and invest elsewhere to grow their membership base (or even open another gym!).
If you do want to own your gym equipment but wish to spread the cost over a period of time, hire purchase agreements give you the option to obtain ownership of the asset at the end of the agreement for a final ownership fee.
With hire purchase, one of the additional benefits is that you may become the equipment owner earlier than agreed as you can settle the remainder of the finance early if this suits you financially*.
For further information on the benefits of buying your commercial gym equipment through leasing or hire purchase, please contact our experienced sales team.
*subject to terms