How to Know if Financing Home Fitness Equipment Is Right for Your Budget

At some point in your fitness journey, you’ll reach a crossroads.

Continue on with your bands, ankle weights, and fitness tapes
Or commit to building your very own fitness studio in the comfort of your home

There’s no denying that designing a home gym has a ton of benefits. Convenience, privacy, and personalization just to name a few. But 24/7 access to personal fitness equipment comes at a price. And often, a price that will have you asking yourself, “how should I pay for this?”.

If you have the money in the bank, the decision to purchase the equipment outright might seem like a no-brainer. But an option that many forget to consider? Financing their fitness equipment. Even if you can afford the investment, financing might make sense more sense for your cashflow and cash expenditures.

In this article, we’ll cover:

  • What financing is and how it works for Fitness Town equipment
  • 6-steps you can take to determine if financing is the best choice for your budget

What is Financing, and How Does It Work?

Financing is a way of paying for something (in our case, fitness equipment) in smaller portions over time, instead of all at once. When you opt to finance your purchase, it usually involves borrowing money from a bank, credit union, or another lender.

At Fitness Town, we use Affirm for all our fitness equipment financing. Affirm is a leading installment payment platform that offers Buy Now, Pay Later (BNPL) options to Fitness Town Customers. You can make payments over a 6-18 month period with favourable annual percentage rates (APR), depending on your credit score. (0% APR is available on purchases between $300-$15,000!)

Let’s take a look at what your monthly payment breakdown would look like for some of our most popular home gym equipment pieces:

WaterRower – Natural Rowing Machine (S4 Monitor)

Purchase Price  Payment Period  APR  Monthly InstallmentInterest PaidTotal Amount Paid
$1,5496 Months0%$258.17$0.00$1,549.00
$1,54912 Months20%$143.49$172.89$1,721.89
$1,54918 Months36%$112.63$478.26$2,027.26

Keiser M3i Indoor Bike + MConnect Display

Purchase Price  Payment Period  APR  Monthly InstallmentInterest PaidTotal Amount Paid
$2,8976 Months0%$482.83$0.00$2,897.00
$2,89712 Months20%$268.36$323.35$3,220.35
$2,89718 Months36%$210.64$894.47$3,791.47


LifeSpan Fitness TR5500iM Folding Treadmill

Purchase Price  Payment Period  APR  Monthly InstallmentInterest PaidTotal Amount Paid
$3,2976 Months0%$549.50$0.00$3,297.00
$3,29712 Months20%$305.42$367.99$3,664.99
$3,29718 Months36%$239.72$1,017.97$4,314.97

Hoist Mi6 Functional Trainer

Purchase Price  Payment Period  APR  Monthly InstallmentInterest PaidTotal Amount Paid
$3,7976 Months0%$632.83$0.00$3,797.00
$3,79712 Months20%$351.73$423.80$4,220.80
$3,79718 Months36%$276.07$1,1172.35$4,969.35


As you can see, financing pricey fitness equipment breaks it down into much more manageable chunks. Even if you can afford the upfront cost, it might make sense for your monthly budget to explore financing options – especially if you can get that sweet 0%. 

Check out the calculator available on the Affirm site to explore your own equipment monthly breakdowns and learn more about the Affirm payment platform.

How to Determine if Financing is Right for Your Home Gym

Here are a few questions to ask yourself that will help you decide if financing is right for you: 

1. What is my budget?

Look at your current debt-to-income ratio. If you choose to finance, make sure you can afford to sprinkle in the cost of the equipment with your other monthly expenses. If you pay upfront, you’ll want a hefty nest egg you can shell out on a full-on fitness studio. 

2. How much will my fitness equipment cost?

Look into the different pieces of fitness equipment you’ll need to outfit your home gym and create a breakdown of how much each piece will cost. This will vary depending on how you like to exercise. Strength or cardio? Cycling or running? 

If you’re not sure what equipment you’ll need, you can schedule a no-pressure consultation with one of our Fitness Town experts.

3. What are my long-term fitness goals?

Consider if financing your fitness equipment will help you budget for any big upcoming expenses or long-term life goals. For example, if you’ve been planning:

  • To renovate your kitchen
  • Take your whole family on a Disney Trip
  • Or finally upgrade your ‘99 Corolla

Then financing your home gym would allow you to allocate your funds toward these other large life expenses, instead of the upfront cost of your equipment. 


4. What is my credit score?

Your credit score will have a big impact on your financing eligibility and the interest rates you qualify for. A good credit score might help you qualify for 0% interest over 6 months, making financing the cost of your equipment an easy decision. But a low credit score could mean a higher APR, making financing more expensive in the long run and pushing you towards paying upfront. 

The best part about Affirm? You can check your credit score for free (and without affecting it) directly on their site.  

5. What is the total cost of financing?

Affirm doesn’t charge any fees, ever. No late fees, no prepayment fees, no annual fees, and no fees to open or close your account. So your total cost of financing will only be the cost of your equipment + any interest (depending on your APR). 

Use a loan calculator, like the one on Affirm’s site, to determine the total cost of financing equipment. 

6.  Does financing work with my monthly budget?

Consider your recurring monthly expenses, like rent, utilities, and car payments. Is there room to take on the monthly cost of financing equipment? 

Remember, a shorter financing term will mean higher monthly payments, but less interest paid over time. While a longer term means there will be a lower monthly cost but the total interest paid will be higher.

After going through the checklist, it’s time to make an informed decision. If all signs point to yes – great credit, low monthly expenses, and the equipment will help you achieve long-term health goals – then financing is an excellent choice for building your home gym. 

Final Thoughts

Financing fitness equipment removes a big barrier to entry into the world of home gym ownership. Opting for monthly installments offers you the financial flexibility to buy high-quality pieces you might not have otherwise considered. 

At the end of the day, building a personalized fitness studio is an investment in yourself, your health, and your environment. Whether you choose to finance your home gym equipment or pay upfront, the most important thing is prioritizing your health and making exercise a regular part of your routine.

If you still have questions about financing fitness equipment, or which pieces are best suited for your home gym, get in touch with the team. Our team of experts is always here to help guide you through your fitness journey.

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