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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
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

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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Top SBA Lenders

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Max Loan

$5k - $5M

Terms

5 - 25 years

Est. APR

Starting at 5.5%

Speed

As fast as 2 weeks

SBA loans work best for established businesses that prioritize low lending costs over funding speed.

Pros

  • Lowest down payments.
  • Longest payment terms.
  • Reasonable interest rates.

Cons

  • More paperwork than online term loans.
  • Longer approval time.
  • May require collateral.
Learn more

Qualifications:

  • Be a U.S. business.
  • Must first use alternative financial resources, including personal assets.
  • Approved SBA lenders will almost always have credit score minimums between 620-640.
  • Average successful applicant has an annual revenue of over $180,000.

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%

Depending on your creditworthiness and your business's financials

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.
Read full review

Qualifications:

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

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Summary of Dental Equipment Financing: Compare Online Lenders

LenderBest ForEst. APRMin. Credit ScoreNext Steps

Top SBA Lenders

Best for Strong businessesStarting at 6%620
See Your Loan Options

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Funding Circle - Online term loan

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%. 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 19, 2019

To recap our selections...

NerdWallet's Dental Equipment Financing: Compare Online Lenders

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