Your Simple Guide to MRI Equipment Financing
When it comes to MRI equipment financing, Liberty Capital Group, Inc. provides several advantages over traditional lenders. MRI machines are expensive, and paying cash upfront can strain your cash flow. As a result, most businesses opt to finance or lease MRI equipment due to its affordability, while also benefiting from the flexibility and financial advantages that come with financing options.
- Corp-Only Availability:
For this it caters exclusively to corporations with strong history and multi-owners. Companies with sole owner or start-ups, Corp-only might apply for financing but will be limited on the amount with very little option in the business lending marketplace. Most hospitals and bigger companies can qualify for corp-only transaction.
- Up to 120% Equipment Cost Coverage:
Our financing options can cover not only the equipment cost but also associated soft costs like delivery, taxes, install etc..
- Flexible Funding Amounts:
Access financing ranging from $5,000 with a simple one-page application to $250,000 without full financial package.
- Quick Approval Process:
It’s not about the time more about the right approval. We all can get quick approvals but if you have someone screening for a better approval is what matters.
- Approved MRI Equipment Vendors:
We work vendors nationwide, equipment dealers, new or used vendor reseller. While we might be able to do Private Seller, but scrutiny will be higher compare to purchasing through a vendor.
- A, B and C Credit will determine the Rates:
Enjoy competitive rates for qualified borrowers, reducing the overall cost of financing. Our goal is to provide an approval. Your job is to accept or not accept the offer. No harm done.
- Eligibility for New and Used MRI Equipment Financing:
Whether you’re purchasing new or pre-owned equipment, we’ve got you covered. Sometimes we can do private seller purchase financing as well. Seller must prove ownership.
- Minimal Impact on Personal Credit:
Our financing solutions do not appear on personal credit reports, preserving your personal credit history. Separates the personal and business credit. While reports as UCC filing with your state. Most MRI Equipment Financing are removed from appearing on personal credit.
- No Pre-Payment Penalties:
Enjoy the flexibility of paying off your loan early without incurring penalties what most sites would say. Well not for equipment leasing, EFA or Equipment Financing. See, these types of funding technically aren’t retail so the agreement is non-cancellable. You’re liable for the full term of the lease term of the agreement whether it’s a Dollar Buyout , EFA or FMV. No one penalizes you for paying but you must pay the remaining term.
MRI Equipment Financing Application Only up to $250,000
Feature | Business Loans | Merchant Cash Advance | Equipment Financing |
Ownership | 50% | 50% | 100% |
Origination, Admin Titling Fees | Low | Low to moderate | Varies |
Monthly Payments | Monthly, Daily, Weekly | Daily / Weekly | Monthly |
Credit Minimum: | 600 | 500 | 650 |
Fund Disbursements | Client | Client | Vendor |
New/Used Equipment | n/a | n/a | Yes |
Maximum Term | 24 months | 12 months | 60 months |
Time in Business | 2+ years | 6 months | Startup Ok |
Interest Rates | Moderate | High | Low |
Application Only | $150K | $250K | S250K |
Funding Time | Same Day Funding | Same Day Funding | 1- 5 days |
MRI Equipment Financing Credit Guidelines
Credit Requirement for MRI Equipment Financing
$50,000 – $150,000: 600 credit score or higher
- Start up to 2 years’ time in business, present control
- Personal guaranty required with a Fair Isaac FICO of 650 or higher.
- Bank Reference—Low-5 (banks statements or Bank Rating)
- Company must be D & B Rated if not we need a comp rating.
- Comparable high credit, trade or personal (will pull biz credit for this)
- 1 YEAR TIB (time in business) for Max Limit – APP-ONLY MAX LIMIT
$150,000-$250,000+ 650 credit score or higher
- 2 to 3+ years’ time in business, present control
- Personal guaranty required with a Fair Isaac FICO of 650 or higher
- Bank Reference—Low-5 (banks statements or Bank Rating)
- Two (2) years business tax returns
- Two (2) years personal tax returns (for each owner)
- Personal Financial Statements
- Interim Financial Statements (P&L & Balance Sheet)
- Bank Reference—Med-High-5 (banks statements or Bank Rating)
- 3 YEARS TIB for Max Limit – APP-ONLY MAX LIMIT
MRI Equipment Financing Special Programs
We offer various financing options tailored to your needs:
- Equipment Financing: Spread the cost of the MRI equipment over time with fixed payment terms. Ownership outright.
- Equipment Leasing: Lease an MRI Equipment with an off-balance sheet financing options like Fair Market Value (FMV) leases. Lease to own option.
New or Used MRI Equipment Financing Specials:
- $99 for the First 6 Months: Get started with minimal upfront costs.
- 90-Day Deferred Payments: Pay nothing for the first three months.
- $0 Down Payment
- 0% Security Deposit
- No Additional Collateral
- Application Only up to $250,000
- Low Credit accepted with one of the following: Down payment, security deposit or collateral
- Start up OK through SBA or MRI Equipment Financing for Start ups.
- Start up MRI Equipment Financing requires down payment or additional collateral.
Covers many types of medical equipment
Easier to get than a traditional business loan
Less paperwork
Fast processing time
Less stringent requirements for qualifying
No collateral needed, the equipment is the collateral
May require less credit score for you and your business as well
Bank Hopping for Equipment Loans: Why It’s Time-Consuming and How Liberty Capital Can Help.
Working with an equipment loan broker like Liberty Capital can streamline the process, saving you both time and money. Brokers have access to multiple lenders that can structure any credit profile specific to you, even if your credit is less than perfect. With their expertise and network, brokers can navigate the complexities of loan applications and increase your chances of approval. You may not know all the intricacies of equipment financing thus a loan broker will be able to help you navigate.
So why go through the hassle of bank hopping when Liberty Capital can do the work for you, ensuring you get the best possible deal?
What do I need to apply?
1. ONLINE APPLICATION: You can fill out our application, upload and authorized us to process. We do soft-inquiry, and our lender will do hard inquiries once you are approved.
2. Equipment Invoice or Quote for the truck or equipment you want to buy. Multiple vendors accepted. We’ll lump them into one monthly payment for you.
3. Banks statements (3-4 months) – Proof income, proof of banking, and proof funds availability in case down payment is needed and to match for ACH Payment Drafting – as an auto pay.
Equipment financing is vital for businesses that need expensive equipment to operate efficiently. Companies in construction, manufacturing, healthcare, and other heavy equipment-intensive industries benefit significantly from these financial solutions. Understanding the options and working with top financing companies can help businesses acquire necessary equipment while managing cash flow effectively.
Our small business financing experts are available to guide you through the funding Process.
Despite technological advancements, loans, especially in MRI Equipment financing, predominantly involve personal interaction with an underwriter to ensure as fraud prevention. Automation may not suffice, particularly when dealing with a third party like the vendor and the complexities of equipment purchase. In such scenarios, business owners are often better served by collaborating with a Business Loans Broker like Liberty Capital Group, Inc., who can steer them in the right direction.
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Review Your Options
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Money will be deposited in your account in as little as 24 hours.
