Within the health care field, there is a whole lot that will depend on the equipment that any facility has to help take of all of their patients. In order to offer quality patient care, it is crucial that all facilities have the chance at getting the financing that they need to obtain the medical equipment that is required to get the job done. When you find yourself looking for equipment for your practice, the chances are good that you are not able to pay with cash. Because physical therapy equipment, lasers, MRI machines and more are not going to be cheap, you need to have a line on various financing options.
Know Your Financing Options For Medical Equipment
The great news is that no matter the size of your practice you do have options available to you where you can get the equipment that you need. Such options will usually include dealer finance, bank finance, medical equipment loans, or medical equipment leases. Dealer Financing - Depending on where you look, you may be able to get dealer financing that is cheap. However, in order to be able to qualify for the lowest rates, it will be helpful if you have great credit and you have a practice that has been established and running for a fair amount of time. Prior to signing up with any particular dealer to get financing, it is always going to be best that you shop around to a few different suppliers to see if you can get a lower rate.
Bank Financing - If you are unable to find a dealer that offers low interest rates, you can look to your bank. Some of the rates through a bank could be as low as 6%, if you are lucky. Whenever you finance through a bank, your application is going to be looked over with a fine-toothed comb. If you happen to have great personal credit, a good amount of time in business and decent revenue, you could see an application approval.
Medical Equipment Loans - While the rates fall into a huge range, if you are unable to find a dealer or a bank, this is going to be your next logical step for financing your medical equipment. Of course an established business with good credit could get a low interest rate that is as low as 5%. If you are offered a much higher rate, you may want to look into a different lender to get you the financing that you need for your equipment.
Medical Equipment Leases - If you decide that a lease might be your best option, it is important that you read into all of the fine print and learn whether or not you are able to get into a lease to own scenario. A lot of medical facilities will go with a lease option, simply because they are able to upgrade to newer equipment as needed. With an established practice that has great credit, these can be low lease payments that will be well worth it for the bottom line.
No matter what, you always want to be able to shop around for the lowest possible rates when it comes to all of your medical equipment. Your practice is only going to be able to thrive if you have the right pieces to give you the answers that your patients need in a timely manner. Shopping around for the financing that you need for professional medical equipment will help to give you the right price that you can afford and the added peace of mind that you have a set up that you can be proud of.