Did you know Core’s Full-Solution Approach includes Competitive Financing?
Whether you are looking to open your first facility or refresh one of your multiple locations, you will have many decisions to consider in the process: your business model, target member audience, programming, equipment mix, and ultimately how you will fund your equipment investment.
At Core Health & Fitness, we pride ourselves in taking our customers from concept to installation to industry leading support, all the while getting to know your individual goals. This includes our competitive financing options. We work with each customer to develop financial solutions that fit your individual needs to help you maximize your fitness equipment investment.
Financing vs. Buying:
When it comes to business purchases conserving as much cash as possible is critical. Financing or leasing offers a way for you to leverage your business’s cash flow to pay for essential equipment while offering the ability to take advantage of significant tax benefits.
When financing, you’ll use 3rd party’s funds to pay for the capital improvement your business needs with little to no money out of pocket. The repayment plan allows you to obtain much more equipment today than if you paid cash because payments are stretched out over a 3 to 5-year repayment period. Thereby making a large purchase much more affordable.
In addition to conserving cash, obtaining more capital improvements and equipment today versus down the road, can allow you to take advantage of Section 179 which allows for Accelerated Depreciation. This means you won’t have to wait years to fully depreciate and write down your equipment purchase. Instead, you’ll be able to take full depreciation in the same year as the financed equipment purchase. This can be a huge tax savings that thousands of business owners across all different industries take advantage of on an annual basis.
Alternatively, buying is a finite action. When paying cash for equipment, a buyer should be aware of the quality, reputation, and “need vs. want” based on the cost of the product or service.
It’s no secret that it takes cash to run a business and there are not many lenders who offer pure working capital/cash loans at reasonable rates. These loans often come with an interest rate of 40-99%. Meanwhile, equipment financing rates are often in the single digit rate spectrum. Even if you have the cash to pay outright for the equipment, it is worth exploring the financing or leasing options available to you to see if it is more beneficial to your specific business needs.
Here are some questions to consider:
• How is my purchase going to impact my business?
• Can I afford my purchase?
• What are the consequences if I DON’T make this purchase?
• Will financing help build my business credit?
• What credit criteria do I need to be considered for financing?
Core provides competitive and creative financing options globally* for customers at all levels; whether starting your first business or as an experienced operator with multiple locations. With our team’s extensive financing experience, paired with our vast network of lenders and programs, we can finance deals from $5K to $10MM+, making Core a lending leader in the industry.
“I have owned and operated fitness facilities for 18 years now and I’m in the process of opening my biggest project yet, a 45,000 square foot facility,” says Jeremy Goforth, Owner of Decatur Athletic Club in Alabama. “I have been very lucky to work with Core on my equipment financing needs for my facilities. As a customer, you can see and feel the passion they have as they guide me with any questions I have about the industry.”
“At Core, we’ve been able to provide a “one stop shop” to our customers so that they can grow with confidence in knowing funding is available,” says James Drake, Director of Global Customer Finance at Core Health & Fitness.
“With Core’s ability to provide competitive, industry-leading finance solutions, our customers can focus their efforts on what to buy instead of how to buy,” confirms Kevin Malanga, Vice President of Global Sales & Customer Finance at Core Health & Fitness.
Request a consultation with us today and we’ll work with you to develop the financial solutions that work best for your business.
*Funding capabilities, rates and terms vary based on Country/Territory/Province