What is it?
You hire the gym equipment from the financier for a set period of time, for example 12 months. You then have the option to purchase the equipment at the end of the rental term or, if your business isn’t growing as planned, you can simply walk away.
Allows you to try equipment before you buy
Worth considering for new businesses – if your business isn’t working out, you’re not locked into any long-term contract
Fixed interest rates and fixed rental payments
Your rental payments can be claimed as tax deductions
Your rental payments are “off balance sheet”