Thinking about buying a treadmill but worried about the cost? You’re not alone. High-quality treadmills can range anywhere from $500 to over $5,000, depending on the brand and features.
While expensive, having a treadmill at home starts to sound like a smart investment when comparing it against gym memberships, commuting costs, and the time it takes to get to a fitness center.
To help pay for the full cost upfront, you can break the purchase down into smaller, more manageable payments by financing your treadmill. This allows you to access high-quality treadmills without straining your current budget.
Let’s dive into the different financing options available in Canada and what you need to consider before choosing one.
Key Points
- Treadmills can cost as low as $500 to more than $5,000 depending on the brand model, features and whether you’re buying it used or new.
- You can use many different financing options, including retailer financing, credit card financing, personal loans and buy now pay later services.
Can You Finance A Treadmill In Canada?
Yes, you can finance a treadmill in Canada via retailer financing, a personal loan, a credit card and buy now pay later (BNPL) services. However, if you’re buying a used treadmill, your options may be limited.
Treadmill Financing Options Available in Canada
There are multiple ways to finance a treadmill purchase, from retailer financing to personal loans. Here are the most common options:
Retailer Financing
Many fitness equipment stores and online retailers that sell treadmills offer financing plans directly through their website or in-store. They generally work with third-party lenders like Fairstone to offer financing options at checkout.
Best Buy, The Treadmill Factory, and Peloton often have retailer financing options.
Features
- Low or zero interest rates: Retailer financing often has a zero interest rate for a period of 6-18 months. After the promotional period, you’ll be charged interest.
- Flexible payment terms: These retailers usually have several terms from 3 months to 24 months. So you can choose an option that best fits your budget.
- Quick approval process: Application for the financing is usually done at checkout. The terms of the loan will vary depending on your financial health.
Credit Card Financing
If you have a credit card with a high enough limit, you can charge your treadmill purchase to your card. However, given the high interest cost, we would advise against using a credit card unless you have the capacity to completely pay off when it comes due, otherwise the interest costs will continue to compound!
Features
- High interest rates. Be mindful of interest rates—unless you have a 0% APR promo, standard credit card rates can be quite high (typically 19.99% or 24.99%).
- Installment payment options. If you need more time, you can use your credit card’s installment payment feature (if available) to spread the payments over a few months.
Personal Loans
Taking out a personal loan from a bank or online lender is another way to finance a treadmill. A personal loan allows you to spread your payments over multiple months or years, allowing you to fit your payments into your budget.
Features
- Interest rate. Personal loan interest rates are generally lower than a credit card and provide more time to pay off your debts.
- Longer Process. Compared to retailer financing and credit cards (if you already have one), personal loans can take longer to process. With a personal loan, you’ll need to get approved before buying the treadmill if you don’t have the funds upfront. Depending on who you apply with this can take up to a day or more.
Learn more: Best Personal Loans In Canada
Buy Now, Pay Later (BNPL) Services
When it comes to convenience, BNPL platforms like Affirm and Afterpay allow you to pay for a treadmill in installments at checkout. While these BNPL services offer zero percent interest on their short term plans, the first payment is due right away at checkout.
Features
- Zero interest: Some plans offer zero interest, while others charge financing fees depending on your credit score and the repayment period.
- No credit checks: Credit checks are generally not required when you opt for the short-term zero-interest payment plan.
Learn more: The Real Cost Of A Buy Now Pay Later (BNPL) Service
Factors to Consider When Financing a Treadmill
Before committing to a financing plan, keep these factors in mind:
- Interest Rates: If a financing plan offers 0% interest for a promo period, make sure you can pay it off before the interest kicks in.
- Payment Terms: How long will you be making payments? Some plans last 6 months, while others extend up to 24 or even 36 months. Make sure the payment plan fits your budget.
- Credit Score Requirements: Some financing options, like personal loans, require a good credit score for approval. That said, you can get a loan with bad credit, though your lender will likely charge you a high interest rate.
Benefits of Treadmill Financing
- Affordability. Instead of forking out hundreds or even thousands of dollars upfront, you can spread the cost of your treadmill over multiple months or even years.
- Flexibility. Most treadmill financing options have a variety of options to fit your budget.
- Promotional Offers – Some retailers offer 0% interest for a set period, helping you save money.
Risks and Considerations
- High-Interest Rates: If you miss a payment or don’t pay off the balance in time, interest rates can skyrocket.
- Debt Accumulation: Adding another monthly payment to your budget can be challenging if unexpected expenses arise.
- Late Fees: Missing payments can result in late fees and harm your credit score.
Steps To Apply For Treadmill Financing
1. Evaluate Your Budget
Determine how much you can afford to pay monthly by reviewing your income, existing expenses, and financial goals. This will help you avoid overextending yourself and ensure you can keep up with payments without sacrificing other essentials.
2. Compare Financing Offers
Research different options such as retailer financing plans, Buy Now, Pay Later (BNPL) services, and personal loans from banks or online lenders. Pay attention to interest rates, repayment terms, fees, and any promotional offers to find the most cost-effective solution for your needs.
3. Check Your Credit Score
Some financing plans, especially those with lower interest rates, may require a good credit score to qualify. You can check your credit score for free through Canada’s credit bureaus, your bank, or third-party services like the Loans Canada Compare Hub to understand your eligibility and potential terms.
4. Apply for Financing
Once you’ve chosen a financing option, complete the application process with the retailer or lender. Be prepared to provide personal information, employment details, and possibly proof of income or credit history, depending on the provider’s requirements.
5. Finalize the Purchase
After receiving approval, review the loan agreement or payment plan carefully before signing. Once finalized, you can place your treadmill order and begin your scheduled payments according to the agreed terms.
Alternatives to Financing a Treadmill
- Save Up Instead: If possible, put money aside each month and buy the treadmill outright.
- Buy Used or Refurbished: You can often find second-hand or refurbished treadmills at a fraction of the price.
- Run Outside: If the weather permits, running outdoors is always a free alternative!
Bottom Line–Health is Wealth
Treadmill financing is a great way to afford high-quality fitness equipment without the burden of paying upfront. However, it’s important to read the fine print and choose a financing option that works best for your financial situation. If done responsibly, financing can help you invest in your health while keeping your budget in check.
