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.
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Here are 2 options for you
Lender | Best for | Max loan amount | Min. credit score | Next steps |
|---|---|---|---|---|
SBA 7(a) loan with Fundera by NerdWallet | Best for Strong businesses | $5,000,000 | 650 | with Fundera by NerdWallet |
Funding Circle - Online term loan with Fundera by NerdWallet | Best for Competitive borrowing costs | $500,000 | 660 | with Fundera by NerdWallet |
Our pick for
Strong businesses
SBA 7(a) loan
Max Loan Amount
$5,000,000
Min. Credit Score
650
Est. APR
5.50-8.00%
7(a) program participants include specialized lenders like Live Oak Bank and big-name traditional banks like Wells Fargo.
Lowest interest rate
Our pick for
Competitive borrowing costs
Funding Circle - Online term loan
Max Loan Amount
$500,000
Min. Credit Score
660
Est. APR
10.13-36.00%
Funding Circle is an option for established businesses that are financing an expansion or refinancing debt.
May fund quickly
How Much Do You Need?
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.
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 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
- SBA 7(a) loan: Best for Strong businesses
- Funding Circle - Online term loan: Best for Competitive borrowing costs