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Statistics say that 202,000+ dentists were active in the United States when last checked in 2023. Dentistry is an important industry in North America and Europe, given the delicate connection between your oral health and general well-being. That’s why dental health practitioners focus so much on acquiring the best tech tools for clients.
Dental equipment financing helps them afford these hefty purchases. No wonder that the dental equipment market will cross $12 billion by the end of this decade!
After all, dentists generally spend $100k a year on purchasing this equipment. Financing lets them focus on other aspects of running a successful clinic instead of spending all their funds on acquiring a few machines.
| Lender | Highlights |
|---|---|
| Swoop Funding | As usual, Swoop Funding gives you access to financing options for quality dental health equipment. You get competitive interest rates, flexible terms, quick access to the much-needed funds, and a fast approval process. |
| Mountain West Small Business Finance | With Mountain West Small Business Finance, you get fixed-rate loans with down payments as low as 10%. |
| Madison Capital | You get fixed-rate financing with minimal upfront costs. Also, monthly payments are very low. |
| The First National Bank in Sioux Falls | The application process is pretty easy, and you get approval hassle-free, too. |
| Charter Capital | Whether your dental equipment/software costs $10k or a million bucks, Charter Capital can fund this purchase. |
| American Bank & Trust | You get affordable, fixed-rate loans to purchase medical items and make your dental practice more tech-advanced. |
| iCapital Funding | With a good credit score, you can get up to $2 million in funding with this lender. |
| Bank of Ann Arbor | With a 100% digital process, this lender streamlines the process of validating and approving your dental equipment financing request. |
| Burkhart Dental Supply | You can get up to $300k in financing with any penalties after 12 months. |
| First American Equipment Finance | This lender, i.e., FAEF, has helped 2,500 dental practices throughout the United States buy advanced medical equipment. |
Types of Dental Equipment Available
To start, let’s look into who can use dental equipment financing. You may need this option if you happen to be:
- Dentists who are new in this field and starting their practice just now
- Established dentists looking to expand their practice by acquiring new items
- Dentists looking to buy existing practices and realizing that they have to invest in more advanced equipment
- Specialists who offer tailored services in need of expensive equipment, such as imaging machines or surgical tools
- Dental practices facing cash flow issues and looking to acquire necessary dental tools without depleting available funds
You can acquire the following pieces of equipment with these financing options:
- X-ray machines
- Dental chairs
- Sterilization equipment
- Laser dentistry tools
- Cone beam CT scanners
- Intraoral scanners
- CAD/CAM systems
- 3D printers
- Dental implant systems
Moreover, you can also check out other varieties offered by different lenders (by checking the lenders’ websites mentioned below).
Top 10 Best Dental Loans in the US
If you’re looking to make dental equipment purchases, here are some options to consider:
1. Swoop Funding
As usual, Swoop Funding gives you access to financing options for quality dental health equipment. You get competitive interest rates, flexible terms, quick access to the much-needed funds, and a fast approval process.
2. Mountain West Small Business Finance
With Mountain West Small Business Finance, you get fixed-rate loans with down payments as low as 10%. They offer fully amortized 10-year or 20-year loans – from CNC machines to X-ray equipment.
3. Madison Capital
This lender offers dental equipment and vehicle financing options. You get fixed-rate financing with minimal upfront costs. Also, monthly payments are very low.
4. The First National Bank in Sioux Falls
This lender, called the First National Bank in Sioux Falls or FNBSF, doesn’t require any down payment when you’re financing dental equipment with them. The application process is pretty easy, and you get approval hassle-free, too.
5. Charter Capital
Whether your dental equipment/software costs $10k or a million bucks, Charter Capital can fund this purchase. From beds to machinery – this lender will finance all sorts of health purchases, not just the dental ones.
6. American Bank & Trust
This lender specializes in the commercial leasing of different equipment types, especially dental equipment. You get affordable, fixed-rate loans to purchase medical items and make your dental practice more tech-advanced.
7. iCapital Funding
Whether you want to purchase real estate to start your dental practice or buy equipment for treating patients, iCapital Funding will provide the necessary funding. With a good credit score, you can get up to $2 million in funding with this lender.
8. Bank of Ann Arbor
With a 100% digital process, this lender streamlines the process of validating and approving your dental equipment financing request. Your financed asset will have to go through a brief vetting process; however, you need good credit to get financing from the Bank of Ann Arbor.
9. Burkhart Dental Supply
Located in Washington, this lender lets you purchase dental equipment flexibly. You can get up to $300k in financing with any penalties after 12 months. You can also submit your loan application via fax, phone, or email.
10. First American Equipment Finance
This lender, i.e., FAEF, has helped 2,500 dental practices throughout the United States buy advanced medical equipment. So, you should consider getting in touch with First American Equipment Finance after checking client reviews/testimonials.
Types of Dental Equipment Financing Options
Given that starting a new dental health business requires at least $25,000, you should consider these dental equipment financing options to ease your burden:
- Lines of Credit: A lender will give you access to a line of funds so you can draw as much money as you need to finance your equipment purchase
- Online Lenders: You can get quicker access to funds for equipment purchasing with more lenient requirements compared to traditional lenders (con: higher interest rates and quicker repayment expectations).
- Short-Term Loans: Designed for quicker financing, these loans also have shorter repayment periods (less than 12 months) and very high interest rates.
Dental Equipment Loans: Are You Eligible?
Did you know America is currently facing a nationwide shortage of over 10,800 dentists? That’s why many dental equipment financing solutions have popped up that allow dental health practitioners to enter the field and serve their community. Just as gym equipment loans and forestry equipment financing requires strict eligibility checks, you must also look into the following eligibility criteria to get in the good books of your would-be lenders:
Eligibility Criteria
- Check your credit score and keep it around 640 (some lenders are okay with a credit score as low as 575)
- Your dental clinic must be operational for the past 12 months to secure enough funding from prestigious lenders.
- You need a yearly revenue amount of around $100,000 (but different lenders have relaxed requirements in this regard, too)
- A professionally qualified dental health practitioner is a must to get ample funding from big-time lenders
- The dental equipment being financed serves as the collateral (as it does in other cases)
Application Process
- You have to start by determining the cost of the dental equipment consideration, even extra costs like installation or warranties
- Get your documents in order, especially your financial statements, personal/business tax returns, bank statements, etc.
- Choose a lender after doing your own research and going through the list provided by us above
- Complete the loan application and undergo the verification process
- Get approval in a few hours and understand the repayment schedule before saying “yes.”
Financing Dental Equipment: Pros and Cons
| Pros | Cons |
| You can own the latest equipment right away and start building equity | You’re responsible for equipment maintenance after acquiring it |
| Manage your cash flow smartly and allocate cash flow to other business areas | Dental equipment depreciates in value quickly and may affect the financial health of your business |
| Get flexible financing and choose a lender who best fits your business needs | Dental equipment financing comes with higher long-term costs |
| Use Section 179 deductions to make the tax season easier on your business | Based on your business history and credit score, you may not stand eligible to receive funding this way |
Choosing the Right Lender for Dental Equipment Financing
Here’s how you should look into which lender works for you:
- Compare interest rates offered by different businesses
- Look for lenders offering longer terms with lower monthly payments
- Focus on lenders with lenient qualification requirements (especially the ones that cater to dental health startups)
- Check the lender’s funding speed, especially if you need fast funding within the next 24 hours
- Make sure this lender doesn’t offer poor-quality dental equipment purchases, such as the notorious sleep apnea machines that had to be recalled
If you need help understanding which dental equipment financing option is better for you, we provide amazing reviews of different lenders and their services.
So, you should check our website and learn more about your loan/leasing options in the United States. Take your dental practice to new heights by purchasing or leasing the right dental health equipment to take good care of the oral well-being of your clients.
Dental Equipment Financing: FAQs
Q. Can I get dental equipment loans with bad credit?
- Yes, many lenders are comfortable working with borrowers with a bad credit history. That’s because the dental equipment being financed is collateral in this regard.
Q. How do interest rates work in this context?
- Interest rates for medical equipment financing can vary from 3% to 10%. It depends on stuff like lender policies and/or your creditworthiness.
Q. What should I consider before getting financed? You should consider your practice’s cash flow. Can your practice make monthly payments? What’s the total cost of borrowing, including interest and fees? What’s the potential ROI of acquiring new equipment? Ask these important questions.
Brandi is a financial writer and entrepreneur with decades of expertise covering U.S. business and financial topics. Her work has been featured on Consumer Affairs, ASBN Small Business Network, Koho and many other top financial publications.
