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What Home Gym Financing Options Are Available?

What Home Gym Financing Options Are Available?
Emily Greenhill Pierce
Emily Greenhill PierceUpdated October 12, 2022
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
A home gym can be a great investment for your health, especially if you’ll use it frequently. In a recent survey conducted by the National Association of Home Builders, 47% of homeowners said that having a designated gym space was a necessity, making it the most requested specialty room besides the home office. Creating a home workout space can be expensive, however. Fortunately, home gym financing can help. Options include personal loans, credit cards, and personal savings.It’s important to understand the costs of a home gym and the best ways to pay for it, so you can strengthen your muscles without straining your bank account.

Average Cost of a Home Gym 

Home gym equipment costs can add up. The average at-home gym is around $2,000, and the price can range from $300 up to $15,000 depending on the scope of the project and the equipment you include. Here is a breakdown of home gym equipment and remodeling costs:
  • Elliptical - $300 to $2,000
  • Treadmill - $400 to $1,500
  • Stationary bicycle - $115 to $2,500
  • Rowing machine - $600 to $1,200
  • Workout bench - $100 to $1000
  • Dumbbell set - $25 to $400
  • Barbell set - $50 to $800
  • Weight machines - $150 to $5,000
  • Flooring $790 to $3,800
  • Subflooring $430 to $2,900
  • Lighting $150 to $920
  • Electric Wiring $3 to $5 per square foot
  • Mirror Installation $160 to $460
  • TV Installation $160 to $360
  • HVAC/Ventilation $5,000 to $10,000
If you don’t have a finished basement or garage space for your gym, it can cost you thousands of extra dollars to construct one. Acquiring a personal loan for home improvement can help you cover the price of building a dedicated space for your home gym. 

Pros of Home Gym Financing 

Financing a home gym is one of the ways to use personal loans. You can also use a credit card to finance a home gym. Home gym financing has many advantages, including:
  • Consolidation of payment. Taking out one of the different types of personal loans from a bank or trusted lender, or using a credit card to finance your home gym, can mean one, fixed-rate monthly payment over time, instead of payment plans with multiple vendors for different amounts. 
  • No equipment leases. If you pay for a new or gently used treadmill upfront rather than leasing it, you could save money down the line. 
  • Finish your home gym faster. Borrowing a lump sum can help you to get your workout space completed sooner rather than later, which can eliminate gym membership fees. 

Cons of Home Gym Financing 

  • Paying interest. Credit cards and personal loans charge interest that can accumulate over time. 
  • Credit score consequences. Missed or late payments for a home gym financing loan can affect your credit rating.
  • Home improvement fraud. Unfortunately, there are home remodeling scams out there, including contractors and vendors that may take your money and never build your home gym. Always check references and read contracts carefully.
  • You never use the gym. You might think you’ll use the gym regularly when it’s in your own home. But your good exercise intentions may not pan out. Make sure that you’ll be able to follow through and work out in your gym before you start installing it.

Home Gym Financing Options

Creating a home gym may not be as expensive as other home renovations, especially when you consider what remodeling a house costs. However, most people don’t have the cash to pay for it upfront. That’s when financing can help. Here are ways you can finance a home gym. 

Personal Loan 

A personal loan is money lent to you by a bank, credit union, or online lender.  Once you’re approved, you get the money in a lump sum. You repay the loan, including interest, in monthly installments. Interest rates on personal loans can be lower than those on credit card rates. A lender may be able to work with you on a monthly repayment plan that makes sense for you.

Credit Card

If you have a credit card with a low annual percentage rate (APR), it could make sense to use it to finance your home gym expenditures. A good APR is generally anything below the national average rate of 16.65%. Another option is to apply for a new card with an initial promotional 0% APR. Just be aware that once the promotional period ends, the interest rate will increase to a variable rate that is typically determined by your creditworthiness. Whatever type of credit card you use, be sure to make your payments on time. Late or missed payments can  damage your credit rating

Personal Savings

If you have enough money in your bank account to finance your at-home gym, this may be your best option. You won’t owe anything, and you’ll save money on interest. However, it’s not a good idea to empty your bank account. If paying out-of-pocket leaves you with no emergency fund, it may be best to explore other options. 

Requirements for Financing a Home Gym

If you are thinking about applying for a personal loan or new credit card to finance your home gym, there are some requirements you’ll need to meet, including:

Credit Score 

When you apply for a personal loan to help finance your home gym, a bank or financial institution will look at your credit score. For a personal loan, a borrower typically needs a credit score of 610 to 640 in order to qualify. If you have a score of 690 or above, you may be eligible for a loan with a lower interest rate.To qualify for a new credit card, you generally need a credit score of 670 or higher. 

Down Payment

Most personal loans are unsecured, so you won’t have to put down collateral. Nor is down payment required for most credit cards. However, many contractors and vendors may require down payments before starting the job of building your home gym or delivering your gym equipment. 

Personal Loans With Lantern

By installing a home gym, you’ll be able to exercise on your own schedule, and you could end up saving thousands of dollars in gym membership fees over time. Home gyms can be expensive, but there are ways to finance your workout space, such as personal loans and credit cards. If you’re exploring personal loan options to finance your home gym, let Lantern do the heavy lifting. In just a few, quick steps, you can compare interest rates for personal loans all in one place to help choose the one that makes the most sense for you.Find and compare personal loan options with Lantern today.

Frequently Asked Questions

How can you finance a home gym?
What credit score do you need to finance a home gym?
Do you need a down payment to finance a home gym?
Photo credit: iStock/gorodenkoff

About the Author

Emily Greenhill Pierce

Emily Greenhill Pierce

Emily Greenhill Pierce has been a writer in the areas of finance, lifestyle, travel, and health for over 15 years, contributing online content to Lantern, Google, and Frommer’s Travel Guides. She holds degrees from Emerson College and Fairleigh Dickinson University, including an MFA in Creative Writing for Young Adults and Children. She has authored two middle grade books.
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