Medical Equipment Financing
Helping medical business owners find equipment financing services that are right for them.
Medical Equipment Financing Services
The healthcare industry is rapidly innovating to provide technology that meets the needs of patients and healthcare professionals. The right medical equipment financing company can offer the boost you need to stay competitive and offer patients high levels of care.
Charter Capital has been in the medical equipment financing industry since 1977. We’ve worked with thousands of clients to identify and obtain the smartest financing solutions. Experience has taught us that each business is truly unique, which influences how we work with you to finance the medical equipment you need.
We can finance just about any type of medical device or software from $10,000 to $1,000,000. We can structure level payments, seasonal payments, skip payments, or balloon payments.
Here are some examples of what we’ve helped small businesses finance in the past:
- hospital beds
- machinery
- wheelchairs
- patient lifts
- recliners
- waiting room furniture
- IT and technology equipment
- rehabilitation products
- diagnostic equipment
Our objectives are simple — to earn your trust by sharing our extensive small business equipment financing knowledge and simplifying borrowing to help grow your business. We’re here to assist in any way possible, even if you’re on a tight budget. Chat with us today for a detailed breakdown of the payment options for financing medical equipment.
We understand that borrowing can be very complex, confusing, and intimidating, especially if you are not familiar with the subtleties and potential pitfalls of commercial borrowing. However, financing medical equipment does not have to be a stressful process. Let Charter Capital guide you to the right loan with the right terms and right conditions for your company.
Some of our customers...
- Are interested in the lowest rate.
- Are interested in a specific tax treatment.
- Want to avoid breaching existing lending covenants.
- Are interested in the longest term.
- Are interested in getting reimbursed for equipment they have already paid for.
- Want seasonal or other cyclical structures.
- Want to finance software.
- Want us to us to give the seller a deposit before the equipment is shipped.
All of our customers want a fair deal at a fair price and no surprises.
Laboratory Equipment Financing
Obtaining new and up-to-date laboratory equipment is necessary to stay on medical innovation’s cutting edge. However, this new lab equipment often comes at a steep price. If your organization can’t afford the upfront cost of new lab equipment, there are laboratory equipment financing options that can ease this burden.
Charter Capital can help you gain laboratory equipment financing to obtain necessary equipment such as:
- Fume hoods
- Incubators
- Blood gas analyzers
- Inoculating turntables
- Histology equipment
- Urinalysis analyzers
- Spectrophotometers
- Microscopes
Your laboratory equipment financing expenses may qualify for a Section 179 tax deduction. This deduction is ideal for small and medium-sized businesses, as it allows a 100% tax deduction of equipment financing up to a specific dollar amount. You can peruse the official Section 179 qualified financing guidelines to discover whether your small business can take advantage of this benefit.
Our objectives are to earn your business and trust by sharing our extensive medical equipment financing knowledge and simplifying borrowing to help grow your business. We’re here to assist in any way possible. Contact us today, and we’d be happy to share all the available options.
Getting Medical Equipment Financing With Bad Credit
Having a credit score lower than 650 signals to a medical equipment financing company that lending to your business could come with high risk. Having bad credit does not completely bar you from getting the financing you need. Though certain companies will finance medical equipment purchases even if you have bad credit, getting approved for a loan will be more difficult.
Here are three useful tips as you seek medical equipment financing with bad credit:
Get your documents in order. If you have bad credit, displaying your medical practice’s profitability is a way to show lenders that lending to you is not as risky as they believe. Gather financial information about your company, including your current cash flow, to demonstrate your business’s health. A steady cash inflow assuages lenders’ fears that you won’t be able to meet monthly payment terms.
You should also prepare a comprehensive business plan to share with lenders. Some lenders will look at your business plan as a roadmap to your future success. They need to be able to identify your business model and have a clear understanding of your medical business.
Exhaust other options. Is there another way to obtain the machine or technology you need that does not involve taking out a loan? Is there a pressing need for the equipment, or is there time to wait while you build your credit score? Take the time to research and consider exactly what you need for your business. These nine pieces of advice on equipment loans from business leaders across multiple industries offer great insights.
Sometimes, the need for medical equipment financing is a pressing one. Having up-to-date medical equipment keeps your practice competitive. Additionally, smooth-running equipment improves the patient experience. If a bad credit score keeps you from obtaining medical equipment financing, read on for a helpful piece of advice.
Work with an experienced financial broker. Many businesses with bad credit feel trapped with limited options for medical equipment financing. They do not want to enter into a deal with exorbitant interest rates and unfair terms. But they see no other place to go for the financing they need.
The solution is to work with a trustworthy financial broker. These skilled professionals can widen your horizons by connecting you with financing options that you didn’t even know were available to you. At Charter Capital, we represent you to the commercial finance industry.
We have relationships with thousands of lenders from across the country to find the ideal match for your medical equipment financing needs. To work with a company backed by decades of experience, contact Charter Capital today.
Frequently Asked Questions
What is medical equipment financing?
Medical equipment financing refers to the various financial solutions and services available to healthcare providers to acquire, lease, or upgrade medical equipment. This can range from diagnostic tools and surgical instruments to larger pieces of equipment like MRI machines.
Why would a healthcare provider need financing for medical equipment?
Medical equipment can be expensive. Financing allows healthcare providers to obtain necessary equipment without a large upfront cost, enabling them to offer advanced care, maintain cash flow, and spread the cost over time.
What types of medical equipment can be financed?
Almost any type of medical equipment can be financed, including but not limited to diagnostic machines, surgical tools, dental equipment, laboratory devices, and even software related to patient care.
What are the different financing options available?
The most common financing options include equipment loans, equipment leasing, and equipment lines of credit. The right option depends on the provider’s financial situation, equipment type, and intended usage period.
What are the benefits of leasing vs. purchasing medical equipment?
Leasing often requires a lower upfront cost and provides flexibility in terms of equipment upgrades. On the other hand, purchasing allows full ownership and potential tax benefits and might be cost-effective in the long run.
What factors are considered when determining eligibility for medical equipment financing?
Factors include the healthcare provider’s credit score, business history, profitability, and the total amount requested. The specific equipment type and its expected lifespan may also play a role.
Can new healthcare practices obtain financing?
Yes, many financing companies offer solutions for new healthcare practices. However, they might face stricter terms or require a higher down payment due to the perceived higher risk.
Are there tax benefits associated with medical equipment financing?
Often, yes. Depending on the region and specific financing method, healthcare providers might benefit from tax deductions on interest payments, leasing costs, or depreciation. Consult with a tax advisor for detailed information.
How does equipment financing affect a healthcare provider’s credit?
Just like other forms of credit, timely payments can positively impact a credit score, while late or missed payments can have a negative impact. It’s essential to understand the terms and ensure consistent payment.
Can I finance used medical equipment?
Yes, many financial institutions and lenders offer financing options for used or refurbished medical equipment, though the terms might vary compared to new equipment financing.