How to Lease Fitness Equipment
If you own a company that sells fitness equipment, you might want to consider leasing the fitness equipment as well. New gyms, gyms looking to expand and non-profit organizations often have interest in leasing fitness equipment. Because there is such a demand, it might be smart to expand into leasing. No matter what you lease, there are steps to ensure that the leasing program runs smoothly.
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Instructions
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Select which equipment you will be leasing, and figure out where you will get the equipment. If you already purchase your equipment from a few businesses, you might choose to purchase your equipment from them. If you are starting a new business, figure out what fitness equipment you need, then find a supplier.
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Gather all your necessary paperwork and information. Before you can lease fitness equipment, you must get approved. You will need to fill out a leasing application that will ask you questions such as, "How long has your company been in business?" You will also be asked for your banking information and general contact information.
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Apply to able to lease your fitness equipment. Some leasing applications are online, but other companies might require you to fill out paperwork. If you have completed the previous step, the applying process should not take more than 10 minutes. Typically, you will get feedback about your application about two days after you apply.
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Figure out your leasing plan. If you were approved to lease fitness equipment, decide how long your leases should be. Most companies offer 24-, 36- and 48-month leases. The longer a company chooses to lease your equipment, the smaller the monthly payments should be.
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Figure out a buyout option. Most leasing companies offer buyout plans. This means at the end of the leasing term, the business that leased your equipment has the option of buying the equipment. There are three main options that businesses use for buyout plans. The client can either purchase the fitness equipment for the fair market value, 10 percent of the advertised cost or at a "dollar buyout." A dollar buyout is when the equipment is offered for only one dollar.
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Tips & Warnings
If you do not get approved by one company, apply to another company.
