How To Upgrade a Dental Office with Equipment Leasing
Keeping up with the latest technology in your dental practice is essential for serving your patients well. If other offices offer services that you do not, you could lose business. It can be expensive to buy new equipment every time you need an upgrade, though. With dental office financing to lease equipment, you can get the latest tools you need to stay on the cutting edge of your industry.
How Leasing Works
When you lease the equipment you need for your dental practice, it works like a rental agreement. You pay the monthly fee outlined in your paperwork to get the equipment. When the lease term ends, you typically can choose to extend it, pay the rest of the purchase price to buy the equipment or end the agreement and return the equipment.
One of the benefits of leasing equipment with dental office financing is that you can deduct the monthly fee as a business expense when you file taxes. Another benefit is that you don’t have to come up with large sums of money to purchase new machines every time the latest version comes out. You still get the best equipment on a plan you can afford.
How To Qualify
The terms for approving financing for equipment leases is more flexible than traditional lending. There is very little risk for the lender because if you don’t pay the amount you agree to pay, you lose the equipment. The machines you lease act as collateral on dental office financing. This is good news for practices that have yet to establish a solid business credit rating. The equipment is the main factor in funding approval. If it is critical for your business and maintains its value well, you are more likely to be approved.
How Leasing Helps
When shopping around for a new dentist, people search for one-stop offices that can offer a wide variety of dental services. The equipment a practice operates must be adequate to support many specializations, and patients want the best of the best. Dental office financing to lease equipment allows you to accommodate their desires and thus makes you more competitive in your local market. If you can offer all the services a patient needs, you are more likely to retain their business.
State-of-the-art dental equipment is expensive, and it’s not always feasible to pay out of pocket to purchase the newest machine on the market. Equipment leasing helps you get the tools you need to have a successful practice.