Whether starting a clinic from the ground up or upgrading your private medical practice, staying competitive means staying equipped. But even basic diagnostic machines or dental chairs can cost tens of thousands of dollars, and advanced imaging systems go far beyond that. Most healthcare providers don’t have that kind of liquid capital.
Instead of putting all your cash reserves toward the purchase, you can work with a medical equipment lending company to secure your supplies. They design equipment financing for doctors, pharmacists, vets, and dentists so you can quickly access the necessary equipment and spread out your payments to align with your revenue.
You need to choose the right lender to get the most out of a medical equipment loan. At a minimum, look for a lender who moves quickly, provides the necessary capital, offers competitive terms, and supports you during the financing process. However, you unlock greater borrowing power when you partner with a top medical equipment lending company that understands and tailors the terms to medical business cycles.
Not sure where to start? Consider these top providers to secure competitive equipment financing and reliable business loans for medical professionals.
CIT: A Division of First Citizens Bank
CIT is an experienced traditional lender that has long supported medical and healthcare businesses. They offer equipment loan solutions for larger investments and detailed financial planning for complete support. You can secure up to $500,000 with fixed monthly payments and competitive interest rates.1 CIT is a valuable resource if you’re purchasing a larger system like digital radiography or lab equipment.
As a traditional lender, the loan program is stricter and slower than fintech options. They help you gather the necessary paperwork to make the process simple.1 They can fund equipment upgrades for your practice if you have consistent cash flow and credit history.
Cardiff
If you need quick and flexible equipment financing, look to Cardiff. As one of the best same-day business loan providers, they use streamlined applications that evaluate your real-time financial health, notify you about approval in minutes, and send you capital as fast as same day.1 With Cardiff, you won’t be waiting on funds to repair your ultrasound system.
And they don’t sacrifice personalization for speed. Cardiff offers customized financing options for medical business owners, like equipment leasing3 for technology you’ll need to upgrade frequently, revenue-based financing for practices with limited credit history, and equipment lines of credit for clinics to finance constant supply needs.2 They also assign a dedicated loan advisor with experience lending in private healthcare as support.1
If you want speed, customization, transparency, and commitment to long-term success, look to Cardiff for your medical business financing.
National Funding
National Funding is known for providing small-to-medium enterprises (SMEs) funding for various needs. Its medical equipment financing arm caters to clinics with six months of business history, good credit scores, and machinery needs up to $150,000.4You can generally secure funds within a few business days.
If you’re looking for flexible or low monthly payments, consider National Funding. They offer a variety of payment plans with terms between 12 and 120 months, depending on the equipment.4 National Funding is ideal for established clinics that need flexibility and SME lending experience.
TimePayment
If you’re looking for a fintech lender that leverages technology to get your equipment, TimePayment is one to consider. They can approve transactions under $25,000 in seconds, fund equipment hours after installation, connect you to customer support, and provide other financial tools to maximize your revenue through their advanced lending platform.5
TimePayment extends medical equipment financing to clinics at all stages, including startups. They design their approval process for businesses with prime or challenged credit profiles. You can secure $500 to $500,000 for healthcare equipment purchases, repay the loan over 24 to 60 months in fixed monthly payments, and incur minimal upfront fees.6
While their rates vary, TimePayment is a strong option for dental, vision, and general health practices that want fast approvals and exceptional digital access.
Equipment LeaseCo
Equipment LeaseCo is popular with medical businesses, such as ambulatory surgical centers, outpatient labs, and specialty clinics, that want the latest gear without committing to full ownership. You can use one of their six lease structures to access the latest equipment, preserve working capital, and upgrade or purchase the gear at the end of the agreement.7
Look to Equipment LeaseCo for specialized or complicated equipment purchases. They could be a good option if you have a low credit score, need $100 million to furnish a new dental office, or want a sales lease-back option on your own diagnostic tools.7 With its sole focus on equipment financing, Equipment LeaseCo has funding options for every scenario.
How to Choose a Medical Equipment Lender
Before you sign on the dotted line, consider the following needs.
Speed of Approval and Funding
You may have plenty of time to upgrade your equipment, or you might be rushing to replace broken gear. Fintech lenders like Cardiff, National Funding, or TimePayment offer fast funding solutions when you don’t have time for lengthy underwriting processes.
Funding Options
Equipment financing is a broad term that includes loans, leases, credit lines, and revenue-based funding. However, not all medical equipment financing companies offer the same variety or kind of products. To get what you need, either research which funding option you want to pursue or find a lender offering more than one type of healthcare equipment financing.
Repayment Flexibility
Billing cycles in medical businesses can sometimes clash with repayment schedules designed for other industries. The right lender will customize the loan terms to your needs. Look for equipment loan providers who offer deferred payments or revenue-based financing that align with insurance reimbursements.
Total Cost of Financing
The actual cost of capital may be more than your interest rate. Factor in origination fees, prepayment penalties, documentation fees, end-of-lease costs, filing fees, and any required deposits. A top lender will limit the number of fees you pay and clearly outline all the costs associated with your equipment financing.
Technology Access
If you’re busy running a clinic, a streamlined digital application and transparent dashboard make applying for and monitoring your equipment financing from your computer or smartphone easy. Online lenders such as Equipment LeaseCo, Cardiff, TimePayment, and National Funding use technology to simplify your finances.
Customer Support
Nothing is guaranteed and sudden changes can affect your equipment loan. When the unexpected happens, you need to access expert advice easily and quickly. CIT, Cardiff, and National Funding all provide dedicated loan advisors for your loan or lease duration. Look for lenders who prioritize ongoing customer support.
Industry Expertise
A lender who knows the healthcare field can tailor its underwriting and customer support to the nuances of medical billing, equipment lifespans, and regulatory compliance. To find experienced lenders, look for equipment loan providers with positive reviews from other medical businesses.
Equip Your Practice for Growth
Whether you’re a solo practitioner or part of a multi-provider group, delivering excellent care starts with reliable, modern equipment. Getting that equipment depends on capital. Partnering with the right medical equipment lending company can provide the needed funds and gear without compromising your financial stability.
Take the time to explore the different medical equipment loan providers. Compare the terms to your needs and partner with the medical business lender who will keep your practice moving forward.
1https://www.cit.com/business/industries/see-all-industries/medical-equipment-leasing-and-financing
2https://cardiff.co/
3https://cardiff.co/business-loans/products/equipment-leasing/
4https://www.nationalfunding.com/equipment-leasing/
5https://timepayment.com/about/
6https://timepayment.com/buyers/
7https://equipment-leaseco.ueniweb.com/services/financing-solutions/equipment-leases-150322009