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Financing Gym Equipment

Everyone has their own story about how they got into weight lifting. Some started early and some started late in life. Here is my story and the huge mistake that I made that nearly wrecked me financially. Hint: it involves the assistance of a cash loan service in Chicago. Live and learn.

I got interested in weight lifting when I was about 19 years old. I bought a cheap little weight bench and weight set and used it off and on for several years. I gained a little extra strength but not a whole lot because I lacked the desire to really commit myself. That all changed when I was 22 and decided that now is the time to get serious. The problem was that I was broke and needed some much better equipment than the 100 pound weight set that I was using.

Going Into Debt For Fitness

So, my next step, as a stupid kid was to go into debt for fitness. There were no good gyms around me so I needed to buy a professional setup. I decided on a a 300# Olympic Weight Set, a safety cage system and an adjustable incline/decline bench. In addition, I wanted some fixed weight dumbbells in weights ranging from 30 to 60 pounds. If you have priced fitness equipment, you know that this is an expensive list. About $1100 and I was broke. In comes the debt.

Youth comes with impatience and poor credit. For me, this meant that if I wanted to finance something like this, it was going to be from the subprime market. I managed to arrange an installment loan with an interest rate of 22%. Ouch, this is something that I would never do now but I was young and dumb.

It would end up taking me three years to pay off this equipment with a few missed payments and penalties. A huge financial mistakeĀ  but one that at least made me a devoted bodybuilder. After all, I went into major debt for it, I might as well use it and use it hard. Because of this, I did get and stay motivated so I guess the end result was good, even though I would never do it again.

A Better Loan Alternative

A much better choice would have been to do without until I could find the equipment that I need, used. It might have taken longer but I would have saved years of high interest payments. Live and learn I say again.

So, if you are thinking about financing weight equipment, think again. Interest rates are almost always high on these kinds of things because the loans are unsecured. In addition, you can save so much money buying the equipment used online. I probably could have gotten everything that I needed for 1/3 of the cost that I paid new.

One last thing. If you decide that you just have to finance your fitness, shop around. I had no idea how much rates varied from lender to lender and I could have gotten a much better deal, even with average credit.

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