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Best Medical Equipment Leasing Companies

Posted On: May 24, 2019 author Paul Kendall

Looking for the best medical equipment leasing company?

The future of your medical practice depends on your partnership with the best equipment leasing company.

So when you lease medical equipment, you need to make sure that it’s from a reliable medical equipment leasing company.

If you make a partnership with the wrong company, it's more likely that you'll end up with a bad contract that forces you to pay a lot extra fees.

But if you make a partnership with the right equipment finance company, there's a high chance that you'll get the best from your equipment leasing agreement.

Having that in mind, we’ll help you choose the best medical equipment leasing company in this blog post. Today, we’ll talk about the best options for a medical equipment leasing company. 

Excellent Medical Equipment Leasing Companies

 

There are many medical equipment leasing company options on the Internet. Most of them offer the best equipment lease rates for medical equipment if you're an MD. 

But despite that, you should be careful in choosing a medical equipment  lease company. It’s not always easy to tell which companies are good and which aren’t.

Some of them look decent at first but turn out to offer poor lease contracts later. Some of them also take advantage of their clients by charging them hidden fees.

With that said, we’ll give you the best medical equipment leasing company options here. Choosing from of one of the options in our list should make your life much easier.

But before that, let’s first discuss why you need to lease medical equipment.

What Can Equipment Leasing Do for Your Practice?

 

Equipment leasing can do a lot for your business. It’s one of the best ways to acquire equipment.

The benefits that equipment leasing can bring to your business are why it’s popular among business owners and medical practitioners.

That's right -- equipment leasing isn't only useful for manufacturing or industrial companies. It can help medical practitioners as well.

To help you see why, here are the benefits of equipment leasing for medical practitioners:

Allows You to Save Cash

 

Medical equipment leasing helps you save cash. It can conserve your working capital (bank lines) for day-to-day business operations, expenses, business expansions, or unexpected expenses.

This is because medical equipment leasing gives you predetermined monthly expenses. Instead of making a large down payment, you’re going to pay for the equipment on a monthly basis. You typically won't have to make your first payment for 30-90 day after you receive your equipment and it starts making money for you.

The predictable monthly expenses can help in developing long-term plans for your medical practice. This helps you budget your capital more effectively.

Lets You Upgrade or Replace Outdated Equipment

 

Choosing medical equipment leasing instead of purchasing allows you to use the latest equipment and technology.

Many medical equipment leasing company options allow their clients to replace their equipment during or after their contract. This is possible without having to pay for a large sum of money. Work with the equipment vendor on the trade in and have a contract with an equipment finance company that allows you to buy out early with no pre payment penalty.

That’s how equipment leasing can be beneficial to medical practitioners. It allows them to regularly replace and upgrade their medical equipment frequently. This prevents risking the lives of the patients by using outdated and old medical equipment. That matters a lot in medicine, where new tech is always coming out to reduce risk factors.

That’s why equipment leasing is better than buying if you need to regularly replace your equipment. Apart from that, equipment leasing could eliminate the hassle of reselling the equipment before you can acquire a new one.

You can easily replace the medical equipment by contacting your equipment vendor and medical equipment leasing company.

Gives You Tax Benefits

 

Your company will receive different  tax benefits from leasing. Usually the tax deduction depends on your lease agreement. We’ll discuss this more later, in this blog post.

The introduction of IFRS 16 on 1 January 2019, allows you to take advantage of capital allowances. You can get the benefits of Section 179 of the IRS Tax Code .

This lets you deduct, for the current tax year, the full purchase cost of equipment and off-the-shelf software that qualifies for the deduction.

Makes Your Balance Sheet More Attractive

 

Equipment leasing with a FMV buyout can make your balance sheet more attractive. That’s because your payments for equipment leasing are viewed as a business expense instead of long-term debt.

Lowering the number or amount of debt on your balance sheet can help in securing other loans or financing for your medical practice.

Planning to Use Equipment Leasing


Before you look for a medical equipment leasing company, make sure to check if you’re eligible for equipment leasing. Your average medical equipment leasing company has fewer requirements than a bank would (for a loan). You just need to have a good credit score (preferably 620 and above) to get the best rates for equipment leasing.

Having said that, you must make a partnership with a reliable medical equipment leasing company. You must choose the one that will help you to get the best from your equipment leasing agreement.

Profile of Great Medical Equipment Leasing Companies

 

There are lots of medical equipment leasing company choices, especially on the Internet. Despite that, only a few of them can help their clients grow.

That's one reason why you need to find and make a partnership with the right medical equipment leasing company.

The right medical equipment leasing company should have the following qualities:


  • Can process a leasing application regardless of credit score,
  • Flexible and deferred payment leasing programs,
  • Great customer service,
  • No pre payment penalties,
  • Industry experience.

 

Examples of Excellent Medical Equipment Leasing Companies

 

Not every medical equipment leasing company offers services that can help your medical practice. So it's important for you to find and make a partnership with the right medical equipment leasing company before you sign any contracts.

To help you do that, here are some of the medical equipment leasing companies you should consider:

Great America

Great America is a national commercial equipment finance company. They help manufacturers vendors, and dealers find the best clients.

Along with that, their company is also known for their medical equipment leasing programs.

This medical equipment leasing company provides a 90-day deferred program allowing income to be realized from leased equipment before payment is made.

They also have a future program giving practices 6 months to decide how to pay for equipment after getting it.


Univest Capital

Univest Capital is a medical equipment leasing company that provides 100% financing. Their services may include maintenance, shipping, installation, and sales taxes.

Other than that, they also offer different financing options that allow business owners to acquire the equipment needed. This can help your medical practice become competitive without affecting your cash flow.

Univest is capable of financing equipment leases that range from a value of $10,000 to over $1M. Their lease terms also typically factor in the declining value of aging equipment.

Trust Capital

 

This medical equipment leasing company has been serving the healthcare field for the past five years and can accept leasing applications online, offers same day funding,  has the lowest equipment leasing rates, no pre payment penalties, no age restrictions and considers all credit scores. Trust Capital clients will receive full support to maximize their lease agreement.

Along with that, Trust Capital also offers flexible payment options. They can create a solution that minimizes cost and maximizes returns.

Another good thing about this medical equipment leasing company is that they offer payment plans from 12 - 84 months with low fixed rates.

Different payment plans are offered to their client to ensure that they will get the best from their equipment leasing.

Aside from standard equipment leases, Trust Capital offers the following payment plans for equipment leasing:

  • $99 for the first 6 months: Requires only $99 to start.
  • 90 Day Deferral: Offers payments of only $0 for the first three months.
  • Seasonally Varied: Matches payment plans to a business's uneven cash flow.
  • "0% Interest" for 24 Months with a 20% buyout (restricted to specific equipment).
  • "Stepped Down" Leases: Payments mirror the declining value of the equipment. This offers the lowest total out of pocket cost.
  • Fast approvals online application only up to $500,000.00, full financials above $5,000,000.00.
  • Standard products offer Fair Market Value,  EFA, 10% PUTS and $1 buyouts and terms from 12 - 84 months.

 

Benefits of Acquiring Equipment Through Leasing

 

Leasing equipment with companies such as Trust Capital can have several advantages. That includes potential tax benefits.

For instance, acquiring equipment through their financing agreement or on a $1 buyout lease agreement will give you section 179 tax benefits.

This type of equipment leasing agreement transfers the ownership of the equipment to you. It’s possible to deduct the entire cost of the leased equipment as a business expense in the first year of purchase.

Apart from that, you can also choose to have an FMV (Fair market value) agreement. This equipment leasing agreement will give you lower monthly payments.

An FMV lease ends quickly and only lasts for months. Many medical practitioners use this agreement to upgrade equipment quickly and easily.

Also, FMV leases have tax benefits. However, only monthly lease payments can be deducted as an operating expense.

Final Thoughts on Excellent Medical Equipment Leasing Companies

 

In this blog post, we talked about the best medical equipment leasing company.

Medical practitioners should consider leasing the necessary equipment for their practice instead of paying for it with their hard earned cash all up front. Reinvest your cash back into your business with things that appreciate and lease the equipment that depreciates. Equipment leasing brings several benefits that can help in increasing the overall value of a medical practice.

Out of all the medical equipment leasing companies, Trust Capital offers the best equipment leasing programs.

So, when you're ready to Apply for a medical equipment lease. We invite you to call Trust Capital and speak with a medical equipment lease specialist that can offer you a no obligation equipment loan approval with a soft credit pull and run payment scenarios at 866-458-4777.

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