Finimpact

Conclusion

No matter what type of medical business you own or operate, medical equipment financing can come in handy. You may use it to purchase the equipment you rely on every day to serve your patients. Even if you don’t have the best credit or a lot of capital at your disposal, you can still get approved for a medical equipment loan. Best of luck!

FAQ

How can a practice purchase medical equipment without spending a lot of money up front?
A medical equipment loan can allow you to purchase all types of medical equipment without a large upfront investment. Since the equipment itself serves as collateral, it’s easier to qualify for than other forms of financing.
Is medical equipment tax deductible?
Thanks to Section 179, you may take a tax deduction for your medical equipment. This rule can allow you to deduct up to $1,080,000. You might like to read how to write off equipment for small business to learn more. You should also consult your tax professional for more details.
How long does it take to get approved for medical equipment financing?
Approval times for medical equipment financing vary by lender. Online lenders are known for same-day or 24-hour approvals while banks and credit unions may take a few business days or weeks.

About the Author

Anna Baluch

Anna Baluch

Personal Finance Writer

Freelance copywriter who enjoys writing for large publications as well as startups, small to medium sized businesses.

More about me

Related Articles