Medical Equipment Financing - No Credit Check
Navigate the complexities of medical equipment financing to enhance patient care and operational efficiency.
Get Pre-Approved for Medical Equipment Financing
Apply now for Medical Equipment Financing and get pre-approved in minutes.
FREQUENTLY ASKED QUESTIONS
Easy Medical Equipment Financing Options - No Credit Check
How does leasing differ from purchasing medical equipment through financing?
Leasing gives you access to equipment for a set period with lower monthly payments, often with options to upgrade or buy at the end. Financing through a loan, on the other hand, involves borrowing a fixed amount to purchase equipment outright, resulting in eventual ownership. Leasing can be better for rapidly changing technology, while loans suit long-term investments. Each route has benefits depending on your practice’s financial goals and how long you plan to use the equipment. Consider your budget and timeline before choosing.
What types of medical equipment can be financed?
Medical equipment financing can be used for a wide range of items, including imaging machines, diagnostic tools, surgical devices, and patient monitoring systems. Practices can also finance lab equipment, dental chairs, mobility devices, and specialized exam tables. Even office technology like billing software or EHR systems may qualify. Both new and certified pre-owned equipment are generally acceptable, depending on lender requirements. The goal is to make essential medical tools more accessible while preserving cash flow.
Are there financing options suitable for small or new medical practices?
Yes, many lenders offer financing options that cater to new or smaller medical practices. These lenders may focus more on your projected revenue, professional background, or the equipment’s potential to generate income. While traditional lenders often prioritize credit history and business age, alternative financing providers take a more flexible approach. Some will work with startups if a solid business plan is presented. It's helpful to be prepared with supporting documents to strengthen your application.
What are the typical interest rates and repayment terms for medical equipment loans?
Interest rates vary based on creditworthiness, loan type, and lender criteria, but typically fall between 6% and 30%. Your rate may also be influenced by the equipment’s cost, your time in business, and your annual revenue. Loan terms often range from 1 to 7 years, giving practices the option to spread out payments. Some lenders offer fixed rates for predictability, while others may provide variable terms. It’s important to shop around and compare offers.
Can I finance used or refurbished medical equipment?
Yes, many financing providers allow for the purchase of used or refurbished medical equipment. Lenders will usually require details about the equipment’s condition, age, and current market value. This option is often more affordable and ideal for startups or practices looking to stretch their budget. However, the terms might be slightly different than for new equipment. Be sure to check if warranties or certifications are included with the purchase.
What documentation is required when applying for medical equipment financing?
To apply for medical equipment financing, most lenders will request standard business documentation. This usually includes your business license, financial statements, recent tax returns, and bank statements. You may also need to provide equipment quotes, proof of ownership structure, and personal or business credit history. Some lenders might request additional forms if the loan amount is high or if your practice is newly established. Having your paperwork in order can help streamline the process and speed up approval.
Are there tax benefits associated with financing medical equipment?
Yes, Section 179 of the IRS tax code allows eligible businesses to deduct the full purchase price of qualifying equipment financed during the tax year. This deduction can significantly reduce your tax liability, making financing a smart financial strategy. To qualify, the equipment must be in use before the end of the tax year. Consult with a tax advisor to ensure compliance and maximize your deductions. These benefits can help offset the cost of financing over time.
How quickly can I access funds or equipment after approval?
Approval timelines can vary, but some lenders issue decisions within 24 to 48 hours. Once approved, funds are typically disbursed quickly, allowing you to purchase and deploy the equipment right away. Delays usually occur if documents are missing or incomplete. Being organized with your paperwork can make the process faster. Many healthcare providers secure equipment within days of applying.
What should I look for when choosing a financing partner?
Start by comparing interest rates, repayment terms, and the lender’s experience with medical industry financing. Look for lenders that understand the healthcare space and offer support tailored to your operational needs. Transparency and customer service are also key—make sure all fees are disclosed upfront. Some lenders specialize in helping providers scale quickly or accommodate seasonal cash flow. It's also worth checking online reviews and testimonials.
Can I include software, tech upgrades, or support services in my financing?
Many lenders allow financing to go beyond just physical equipment. You may be able to include software, maintenance packages, training fees, or tech integrations as part of your funding. This is especially helpful for digital record systems, diagnostic tools, or platforms that require frequent updates. Bundling these costs into one monthly payment simplifies your finances. Just confirm with your lender what add-ons are allowed before finalizing the loan.
HOW IT WORKS
Medical Equipment Financing Application to Approval
Learn how the Medical Equipment Financing process works—from submitting your application to getting approved and funded.
Apply Online in Minutes
Complete a simple online application with basic business details.
Medical Equipment Financing Approved Quickly
Receive a funding decision within hours, with no lengthy paperwork.
Receive Funds in 48 Hours
Once approved, access up to $750,000 in your account in as little as 48 hours.
Repay Flexibly
Choose custom repayment terms (6-24 months) that work for your business.
Start Your Medical Equipment Financing Application Today!
Start your Medical Equipment Financing application today and move closer to getting the funds your business needs. Get fast approval, flexible terms, and support for all credit types.
Quick & Easy Approval!
Disclaimer: Funding amounts, approval times, and terms are subject to eligibility and lender review. Ingot Capital does not guarantee loan approval. Loan terms may vary based on creditworthiness, business financials, and other factors. Additional terms and conditions may apply.