Fitness equipment can set you back a pretty penny, especially if you're the purchasing agent for a commercial fitness center. If you're not financially prepared to pay down the full amount of a fitness equipment purchase, you may want to look into fitness equipment leasing. For commercial equipment, lease terms will usually range from three to five years, with an option to change out the old equipment for new equipment after the terms of the original lease. You might want to consider leasing equipment if you don't have the upfront payment, you want to get on a regular equipment replacement schedule and you are willing to pay interest on your purchases.
Step 1
Determine the type, quantity and variety of exercise equipment you need.
Step 2
Shop around equipment vendors to get estimates for total equipment costs and whether each vendor offers the same equipment on lease or lease-to-own agreements.
Step 3
Ask what interest rate the lease agreement offers, and all the terms of the lease. Some lease agreements include regular service calls and maintenance, and they might require that you follow a regular maintenance schedule. This is also the time to determine whether a continuation of a lease would include equipment replacement -- replacing the older equipment with newer models.
Step 4
Compare the rates and services of the different potential vendors. If you have a particular vendor whose equipment you prefer, but another vendor offers a better interest rate or leasing package, ask your preferred vendor if they will match the better price or service contract.
Step 5
Sign on the dotted line and start your exercise equipment lease agreement.
Tips and Warnings
- Leasing equipment and financing equipment are two different things. When you lease equipment, it doesn't belong to you -- you're just using it until the agreement runs out. If you don't like the feeling of "throwing money away" on equipment you don't get to keep, consider a lease-to-own option that allows you to purchase the equipment at the end of the lease agreement.
References
- Fitness Equipment Leasing Network: Welcome to your Official Fitness Equipment Leasing Network!
- Denis Bruntmyer; maintenance and operation coordinator; Kroc Center, Salem, Oregon
- Amy Loomis; sports and fitness coordinator; Kroc Center, Salem, Oregon
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