Personal Loans

Treadmill Financing Explained: Compare Your Options

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Staying healthy isn’t always easy. Turns out, it isn’t always cheap either. Even running, a notoriously low-cost workout, can put you out thousands just for the equipment.

Treadmills cost anywhere from $300 to $3,000 and more, according to data from Consumer Reports. The Peleton® Tread, a treadmill born from the company that makes those cool-but-expensive indoor bikes, costs a whopping $4,295.

Fortunately, there are plenty of no-interest financing options that you can take advantage of ー if you’re approved, that is. Read on to learn more about treadmill financing.

Take advantage of treadmill company financing

A no-hassle treadmill financing option is to go through the treadmill seller itself. Many of the biggest national brands, like Bowflex® and NordicTrack® offer deferred interest financing by partnering with a lender to provide a loan or a bank by way of store credit card. So as long as you make your payments on time, you won’t pay a dime in interest, just the cost of the equipment itself and taxes.

If you don’t make payments on time, you could pay late fees and even be charged deferred interest from the date of purchase. You should only utilize financing options if you’re able to make your payments when they’re due.

The table below compares financing options for some of the most popular treadmill brands.

Treadmill brands with special financing
Brand Financing details
Bowflex Bowflex offers two financing options through a Synchrony Bank Bowflex credit card®:

  • No interest if paid in full within 18 months
  • For purchases $1,699 or more, pay 0% APR for 36 months if you sign up with equal monthly payments
Horizon Fitness® Horizon Fitness offers special financing through GreenSky® subject to credit approval. For each $1,000 financed, you’ll pay on the following schedule:

  • 6-month plan: 6 payments of $167
  • 12-month plan: 12 payments of $84
  • 18-month plan: 18 payments of $56
NordicTrack Through TD Bank, NordicTrack offers two special financing options:

  • No interest if paid in full within 18 months. Minimum payment required
  • 0.00% APR for equal payments split over 12 ,36, or 39 months
Peloton® You can buy the Peloton Tread with Affirm® financing, a point-of-sale lender, with the following terms:

  • Monthly payments starting at $111 for 39 months, equaling $4,295 total, excluding tax
  • No money down and rates range from 10.00% – 30.00% APR, depending on creditworthiness
ProForm® Through TD Bank, ProForm offers two special financing options:

  • No interest if paid in full within 18 months. Minimum payment required
  • 0.00% APR for equal payments split over 12 or 36 months
All financing options are dependent upon credit approval.

Buy a treadmill at a big-box retailer

The above retailer treadmill financing options are highly competitive if you can repay your balance in full during the financing period. However, you do have more deferred-interest financing options.

Many big-box stores that sell treadmills offer special financing for items above a certain price point. This proves especially useful if the store has an exclusive sale that’s not active through the treadmill company itself. For example, Dick’s Sporting Goods® sometimes sends out coupons for a certain dollar amount or percentage off your entire purchase.

Another plus to these financing options is the unique store rewards you can reap. On Amazon, you can get 3% to 5% cash back if you buy a treadmill and you use your Amazon credit card®. But in many cases, you’ll have to choose between special financing and other deals.

See more treadmills with financing available at these retailers:

Stores with special financing that sell treadmills
Store Financing details
Amazon Using your Synchrony Bank Amazon Prime Store Card, you may be eligible for these financing options:

  • No interest if paid in full within 6, 12 or 24 months. Minimum payment required.
  • 0.00% APR for equal payments split over 6, 12 or 24 months
Dick’s Sporting Goods Using your ScoreRewards credit card® (offered through Synchrony Bank), you may qualify for the following:

  • 12 months of special financing on in-store purchases of $399 or more
Home Depot® Open or utilize a Citibank Home Depot Consumer Credit Card to take advantage of these financing options:

  • 6 Months Every Day Financing on Purchases of $299 or More
  • Get up to 24 months of special financing during special promotions
Sears Using your Citibank Sears or Shop Your Way credit card®, get 12 months of special financing on fitness equipment purchases of $299 or more
All financing options are dependent upon credit approval.

Other ways to finance your treadmill purchase

Put it on a rewards credit card

Rewards credit card users who can pay their statement balance in full by the end of the month can benefit by charging a treadmill purchase. That’s because you’ll earn rewards like travel miles or cash back.

But buyer beware: If you can’t pay off your balance before interest charges kick in, you’ll pay big time. According to CompareCards, a LendingTree subsidiary, the average APR for all new credit card offers is 20.60%. It wouldn’t be wise to accrue interest on a purchase when so many no-interest special financing options are available and offer you more time to repay your debt.

You should only use this option if you don’t expect to pay interest. There are really only three scenarios in which this is possible:

  1. You plan to pay off the entire purchase by the time your statement comes in a month.
  2. You’re within an introductory 0% APR period with a current credit card and can repay your balance in full before it ends.
  3. You plan on opening a rewards credit card with a 0% introductory APR period and have a plan for repayment.

Unless you fall into one of the camps above, it’s best to put down the plastic when it comes time to pay for your treadmill.

Take out a personal loan

With so many ways to finance a treadmill interest-free options at your disposal, a personal loan won’t likely be a good first choice. The primary reason is that you’ll end up paying interest, while many store financing plans don’t charge interest if you can handle the short repayment timeline. To determine if this option is right for you, see the table below:

Personal loan quick facts
How it works A traditional personal loan is unsecured, meaning that you don’t put up collateral (like your car or home). Because of this, lenders rely heavily on your credit, and interest rates tend to be higher than with other types of loans.
APR Personal loan interest rates vary widely, depending on your credit score and the lender. The average APR for personal loans taken in Q1 2019 was 33.38%. While borrowers with credit scores of 720 or higher saw interest rates averaging 7.27%, subprime borrowers saw rates around 85.92%.
Borrowing limit $1,000 to $50,000 or more
Fees Origination fees, which are 1%-8% of the loan, and prepayment penalties. Not all lenders charge loan origination fees.
Credit check Most lenders allow you to check potential terms with a soft credit check. Hard credit check required when you formally apply.

Shop around for a sale to pay in cash

Don’t buy a treadmill that’s out of your budget just because you can finance it. Few people have room in their budget for a $4,000+ Peloton treadmill, and that’s OK. It’s not for everyone, but there are plenty of more economical alternatives.

Some treadmills are significantly cheaper, even as low as $200, so do your research when buying a treadmill. You can go to some sporting goods stores, like Dick’s Sporting Goods, and compare treadmills in person. You might even buy used.

When you find a treadmill you like within your budget, plan to set some savings aside each month until you have the funds to buy it outright. Let’s say you want to buy a treadmill for $750. You could put aside $250 per month for three months, or $150 per month for five months.

Budgeting for a big purchase means that you don’t risk getting into debt you can’t repay.

Specials are current as of date of publishing.


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