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Dental Equipment Financing: Compare Online Lenders

Online lenders can provide dental equipment financing for small-business owners.
Benjamin PimentelNovember 21, 2019
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Buying equipment for your dental practice can be like pulling teeth.
“It was overwhelming,” Chicago-based dentist Genaro Romo says. The challenge, he says, is not only deciding what kind of dental chair or X-ray system to buy but also figuring out how to pay for it all.
Setting up a basic workspace for a dental practice, including a dental chair, lighting and digital X-ray equipment, can cost up to $50,000, Romo says. “You also have to buy instruments and materials,” he adds. “There’s a lot more than the major equipment.”
Some dental equipment vendors offer lease-to-own and short-term financing options. Romo says he had a “reasonable” monthly payment through a lease-to-own deal for his digital imaging equipment.
If you don’t have stellar credit or you’re reluctant to go through the traditional — and typically lengthy — bank application process, online small-business loans are an option.

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Our pick for

Strong businesses

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SBA 7(a) loan

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Est. APR

5.50 - 8.00%

Min. Credit Score

650

7(a) program participants include specialized lenders like Live Oak Bank and big-name traditional banks like Wells Fargo.

Pros

  • Available as a term loan or line of credit.
  • Interest rates are capped.
  • Long repayment terms available.

Cons

  • Personal guarantee is required.
  • Collateral is typically required.
  • Longer processing times than online lenders.
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Qualifications:

  • Be a for-profit U.S. business.
  • Must first use alternative financial resources, including personal assets.
  • Financial qualifications determined by individual lender.

Our pick for

Competitive borrowing costs

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Funding Circle - Online term loan

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Est. APR

12.18 - 36.00%

Min. Credit Score

660

Funding Circle is an option for established businesses that are financing an expansion or refinancing debt.

Pros

  • Cash can be available within 3 business days.
  • Competitive rates among online lenders.
  • No minimum revenue requirement.

Cons

  • Requires business lien and personal guarantee.
  • Not available in Nevada.
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Qualifications:

  • Minimum credit score: 660.
  • Minimum time in business: 2 years.
  • Minimum annual revenue: None.
  • No bankruptices in the past 7 years.

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Summary of Dental Equipment Financing: Compare Online Lenders

LenderBest ForEst. APRMin. Credit ScoreNext Steps

SBA 7(a) loan

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Best for Strong businesses5.50 - 8.00%650
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Funding Circle - Online term loan

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Best for Competitive borrowing costs12.18 - 36.00%660
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For strong businesses: SBA loans

Loans guaranteed by the U.S. Small Business Administration are among the least expensive options for dental equipment financing, with SBA loan rates ranging from 5.50% to 8.25%. Multiple lenders participate in the SBA loan program, and funding amounts can be as much as $5 million.
In addition to purchasing equipment, dental practices can also refinance their existing debt with an SBA loan. Lowering your overall monthly payment means better cash flow to afford other expenses.

For competitive borrowing costs: Funding Circle

Funding Circle offers financing for major expenditures at dental practices, such as buying or replacing dental chairs. Chairs alone can be a large investment, as they experience a significant amount of daily wear and tear in a busy practice.
Funding Circle is a good option if your dental practice has been in business around two years and your finances are in solid shape.

Compare small-business loans

Compare equipment financing options to find the best deal for your business. NerdWallet has a list of the best small-business loans. All of our recommendations are based on the lender’s market scope and track record and on the needs of business owners, as well as rates and other factors, so you can make the right financing decision.
Last updated on November 21, 2019

To recap our selections...

Dental Equipment Financing: Compare Online Lenders

Does your business need funding? Find your best loan options with Fundera by NerdWallet.

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