Guide to Medical Equipment Financing

Medical Equipment is one of the easier sectors to achieve financing for. Banks, Credit Unions and leasing companies have a lot of faith in the industry and therefore allow greater lines of credit to be infused into the medical equipment industry. This guide will give you a general outline in what is needed to get your medical equipment loan.

The first thing you should do is find your equipment. If you are reading this guide you may already have a specific piece of equipment in mind. Medical suppliers are all over the country and shouldn’t be too hard to find. A simple search on Google should net you a good pool of potential suppliers. Once you have a good list, try and check out their website and make sure they are selling what you are looking for. A lot of medical suppliers online will publish an equipment list. If not, call them and verify that they have what you are looking for and make sure you ask if it is new or used. You don’t want to drive all the way down there to find out it’s a used MRI when you needed a new one. Another good thing to do is research the company you are buying from. This can be done by simply typing in “fraud [company name]” into Google. You can also look them up on ripoff report, complaints board and the Better Business Bureau. Now that you have your equipment, let’s look at your loan options.

The next step is to secure financing for your equipment. The first option is to check your dealer or supplier’s sources. They should have a list of finance companies to choose from. It’s sometimes better to have your finance arranged before you go to the suppliers as you can get a better price and selection as you are not locked into one vendor. The next option is to go online and search for medical equipment finance companies. This should pull up about 10 finance companies and banks. Most of these finance companies will be able to give you a rough estimate and turnaround time for a full approval but always stick with a reputable company. Most finance companies and banks will have you fill out an application and provide them a specification sheet. If you have a good credit score and have been in business more than two years you will have no problems. For newer practices and weaker credits, you might have to supply additional information like bank statements, cash flow projections and a business plan. It’s all about presentation and a belief in the success of your business. Finance has never stopped a determined business plan.