Financing Dental Equipment for Your Practice

dental equipment loans helps a patient

If you’re the owner of a dental practice, you know obtaining the right equipment is a critical component to the success of your business.

X-ray machines, dental chairs, and milling machines are only a few of the high-cost items you rely on to provide care for your patients.

While this technology and equipment is necessary, the price point can disrupt cash flow and be burdensome for many doctors. Fortunately, dental equipment financing can help. Whether you are a new doctor just starting your practice or you’ve been established for many years, financing your dental equipment could help put your business in a better position to succeed. With the help of Ben Collier, Senior Vice President of Private Banking at SouthState Bank, we’ve put together a quick overview on what you need to know about financing equipment for your dental practice.

How new dental equipment can help you grow your business

You will need reliable equipment – that is an inevitable aspect to the success of your practice. As technology is constantly progressing, it can be challenging to keep up with the innovation of equipment in the dental industry. However, top-of-the-line tools and technology can help keep your practice relevant and competitive in the marketplace. You can provide your patients with the most efficient treatment, a broader range of services, and facilitate streamlined operations on the administration front.

Dental Equipment Financing

Icon for Dental Equipment Financing
Icon for Dental Equipment Financing

Equipment financing can be used to cover a variety of equipment costs, such as:

  • 3D Imaging Machines
  • Patient Chairs
  • Surgical Lights
  • X-ray Machines
  • Computer Software
Regardless of if you’re expanding to a new location, acquiring an existing practice with outdated equipment, or upgrading your existing machines, financing can help you secure the equipment and technology you need without disrupting your cash flow.

How do I qualify and apply for equipment financing?

Most practice owners can qualify for a dental equipment loan, but the interest rates and terms you receive will vary depending on the type of equipment, your business financials, credit score, and the lender you finance through. Interest rates for equipment financing typically range from 5 to 30 percent, depending on the lender.

While it may be quicker to finance through an equipment company or online lender, the interest rate will almost certainly be higher. Bank loans might require more time to get financing, but they are still relatively quick and can save you thousands of dollars in interest fees. SouthState requires minimal information to apply for the loan and you can usually finance 100% of the cost of the equipment.

Choosing between leasing or purchasing equipment

Financing dental equipment comes in the form of two options: leases and loans. Both options have their advantages, and the ‘best’ solution is largely dependent on your business goals. Leasing dental equipment means you pay a monthly fee to rent your equipment over a set period of time, where a loan would provide you an up-front lump sum of money to purchase the equipment.

Leasing is less of a commitment and costs less up-front, but buying equipment can save you money long-term and add value to your practice. Additionally, purchasing equipment might provide tax benefits that leasing does not.

Why you should consider dental equipment financing with SouthState

Developing a relationship with an experienced, knowledgeable banker is a partnership your practice will benefit from throughout the life of your business. When an expansion or acquisition opportunity arises, you need a trusted partner to guide you when you need it most, offering best-in-class service every step of the way. We do the research and structure a loan best fit for your unique needs, so you can focus on what matters most: your patients.

If you qualify, the terms are flexible and up to 10 years, with competitive interest rates. The application process is generally quick, requiring minimal information, and funds can be delivered in less than two weeks. Our bankers are dedicated to helping you navigate the equipment financing process and will work to find the solution best fit for you and your practice.

About Ben Collier

Ben Collier, Manager of Private Banking at SouthState Bank Ben Collier joined South State in 2016 as a Private Banker. In 2017 he was promoted to Manager of Private Banking in NC. In 2018, he also accepted additional responsibilities as Raleigh Market President. He has 21 years of experience in banking and has focused on the financial needs of the Healthcare Industry for the last 15 years.

  • This content is general in nature and provided for informational use only. Content may be used in connection with the advertising and marketing of products and services offered by SouthState Bank, N.A. and its subsidiaries and affiliates. This is not to be considered legal, tax, accounting, financial or investment advice. You should seek individualized advice from personal financial, legal, tax and/or other professionals, as appropriate depending on the specific facts of your situation. We do not make any warranties as to the completeness or accuracy of this information and have no liability for your use of this information.

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