Leasing Your Gym Equipment
Leasing your gym equipment, at Gym Equipment we understand that setting up a gym is an expensive business. This is true whether you are setting up a commercial gym, a gym in your home or you are looking to establish a gym in your school, hospital or workplace. One option which can bring big financial benefits is to lease the equipment rather than purchase it outright.
What is Leasing?
Leasing gym equipment is where you do not 'buy' upfront the items you want. Instead you ‘lease’ from a leasing company by paying monthly payments towards its total cost. At the end of the lease agreement you can either keep the equipment or opt to hand it back and upgrade. It is a form of hire purchase arrangement but with tax benefits. Why not check out our new page that explains more about how to lease gym equipment.
When setting up a larger gym or studio, unless you have around £200,000 - £300,000 cash to invest upfront, it's one of the main ways to get your new venture off the ground.
What's The Benefit of Leasing?
- It allows you to have the most up to date modern gym equipment. This may not be essential if you are a school, hospital or hotel but if you are a commercial gym this is essential. People often select a gym based on the equipment it has so if you have older equipment you may lose out to another gym that is offering the latest new design.
- A lease agreement may also help you maintain your cash flow, essential for any business. Effectively you will have the latest equipment without having to worry about paying salaries, rent and other related business costs.
- Leasing can also be very tax efficient. Lease payments are classified as a business expense and so can be offset against profits.
- Costs can be easily spread so become very manageable. Our lease agreements allow you to spread payments over a period of time that really suits you.
- Leasing can also protect your other lines of credit. So bank overdrafts remain unaffected and can continue to be used alongside your leasing agreement.
- Payments are usually fixed over a set term so you know exactly what you need to pay and when, this all makes for easier financial planning There are no unexpected costs which could really throw a business into a crises. You can also choose fixed interest rates which protect against interest rate rises.
Who Does Gym Leasing?
At Gym equipment we work with a couple of established and trusted leasing partners who provide equipment asset finance. This is important, as you therefore have the security of knowing that you are in safe hands.
Our partners have many years experience of providing gym equipment lease agreements ranging from £1,000 to £5,000,000. They are a member of the Finance and Leasing Association and the National Association of Commercial Finance Brokers.
Please contact us for more details on 01494 952182.
What Happens at the End of the Leasing Agreement?
At the end of your leasing agreement you have two options. You can either simply keep the equipment by making a 'title' payment (usually one month's fees). We usually advise this as being a good way to keep strength equipment - which has a much longer life span due to no electronics and less moving parts. and, as most gym equipment, has a life of 5-10 years if you are a school, hospital or hotel this may be the best option.
If however you are a commercial gym or may want to make and your final payment and then take out another lease and upgrade the equipment to the latest model.
Why Lease through GymEquipment.co.uk?
At Gym Equipment we have a combined 45 years’ experience of the fitness industry. But more than that we have in our team personal trainers and a gym owner, so we really can say we know how you feel and understand the pressures on you.
In addition we offer full nationwide coverage across the UK. We have great product knowledge and can offer you knowledgeable advice on the products that would bring you the best commercial advantage.
And finally, we are big enough to cope with any size project yet small enough to say that the person you will speak to about your lease is the same person you will deal with throughout the process. This ensures that we get a great understanding of your business or organisation and ensure you get the bespoke deal that is right for you.
What Next?
Simply call us on 01494 952182 and speak to our friendly staff who will discuss your needs, whether leasing is right for you and if so, set the process of leasing your gym equipment in motion.
Alternatively, why not consider 0% Finance if you are looking at less than £15,000? See our 0% finance for gym equipment page to find out more.
