Dental Equipment Financing
The process of buying dental equipment for your office is probably about as much fun as it is for your patients to come visit you. The cost to purchase a new piece of dental equipment is typically high and odds are that your new piece of equipment will be obsolete shortly. These days, it seems as if financing your dental equipment is the way to go. And you may be right.
Benefits of Dental Equipment Financing
Here are a couple of quick considerations for why you may want to finance or lease your Dental Equipment:
- Preserve Cash
- Flexibility of Keeping or Returning Equipment
- Avoid the Pitfalls of Technical Obsolescence
- Tax Benefits
- Improves Debt Ratios
- Fixed Rate and Payment Options
- 100% Financing
As always, and especially today, cash is king. If you can manage to finance your largest assets and save your cash for other working capital needs, your practice will be able to stay ahead of the pack. The most important thing to keep in mind is that your dental equipment is an income producing asset, and it will pay for itself.
Types of Dental Equipment
Generally speaking, most dental equipment is considered to be good collateral. Larger pieces of equipment like the ones mentioned below can be financed anywhere from 1 to 5 years:
- Digital Imaging Equipment
- Dental Chairs
- Lab Equipment
- Film Processors
- X Ray Equipment
- Compressors
- Dental Cabinetry
- Furniture
Unless you know ahead of time that you will be keeping your equipment for certain, the best idea would be to choose a lease financing option that gives you the flexibility to keep or return the equipment at the end of term. This will allow you to avoid the pitfalls of technical obsolescence. And if you can afford the payments, it may also be a good idea to choose a shorter financing term in order to avoid committing your business to a long term lease or loan, only to find out that you would like to swap the equipment our for something new.
