Dental equipment Finance
Spread the cost of dental practice equipment such as chairs, IT and scanners
Dental Equipment Finance
Spread the cost of dental practice equipment such as chairs, IT and scanners
Funding Amount
£10k-£1m
Loan Term
3-8 Years
Time to Funds
As Little as 7 Days
Interest Rate
From 2%
Asset finance for your dental practice
Dental epuipment and technology is constantly advancing, so it’s important to coninually invest in your practice. With asset finance you can invest in the latest dental tech, equipment and IT without having to pay cash up front. It’s a great way to get hold of the equipment you need to grow.
Asset finance for your dental practice
Dental epuipment and technology is constantly advancing, so it’s important to coninually invest in your practice. With asset finance you can invest in the latest dental tech, equipment and IT without having to pay cash up front. It’s a great way to get hold of the equipment you need to grow.
What is dental equipment finance?
Asset finance provides you with a means to buy the assets you need without impacting heavily on your cashflow. For dentists, you’ll be able to fund the purchase of dental chairs, specialist equipment and IT. There are various products within asset finance, but typically you’ll pay for an asset in monthly installments over its useful life.
How does dental equipment finance work?
Asset finance can work in a few different ways, depending on the specific product. Hire purchase works by allowing you to spread the cost of buying an asset over a set amount of time – normally 3-8 years depending on how long the equipment usually lasts for. Once you’ve paid the lender in full, the asset becomes your property.
Recently completed dental equipment finance
- 50,000
- Dentist chair
- 2.68% fixed
- 60 month term
- 55,000
- Intraoral scanner
- 2.62% fixed
- 60 month term
- £25,000
- Intraoral scanner
- 3.14% fixed
- 12 month term
Hire purchase for dental equipment
The concept of hire purchase is familiar to most of us. It involves paying for an asset over time, in predetermined instalments. Interest rates are agreed in advance, and the buyer has the advantage of knowing exactly how much will be paid and when. Under a hire purchase agreement, the asset appears on the company balance sheet and is owned by the business. Of course, this also means the business bears associated costs such as depreciation, repairs and maintenance.
Leasing dental equipment
With leasing the finance company buys the asset outright and leases it to the customer at a set monthly rate. Some lease deals include service and maintenance, meaning there are no unexpected extra costs. Leasing can be an elegant solution for dentists that want to retain a degree of flexibility and not have the worry of mainenance and repairs.
Finance leasing
A third option falls somewhere between hire purchase and conventional leasing. Here, the lease agreement is more long-term than the usual three or five year lease deals that you might expect. The lease is over all, or most of, the asset’s useful life, and over this time, the company will pay the full value of the asset. However, as it remains the property of the finance company, it does not appear on the balance sheet. This brings potential tax benefits, so the option of finance leasing is one that businesses should definitely discuss with their accountants or tax advisors.
Refinancing assets
The above types of asset finance are all ways of raising money in order to procure essential business assets. There is, however, another form of asset finance that can be used to release capital that is tied up in assets that it already owns. This is known as asset refinancing or sale and leaseback. The equipment you already own is sold to the finance provider, giving you a lump sum of cash. You then lease the equipment by making monthly repayments.
How much can I borrow?
Use our calculator to work out how much you may be able to borrow
Choosing the right type of asset finance
Asset finance encompasses a wider range of tools than most people realise. Choosing the right form of finance for your practice depends on several factors, including how long you will need the asset, whether your needs are likely to change and the potential tax implications of owning or leasing the asset. Discuss all the options with both a professional finance provider and your own accountant to ensure you make the choice that will be right for you and your practice.
Need advice on asset finance?
Talk to one of our Healthcare Finance Specialists. We’re on hand to take you through the options available.