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.
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 |
Benefits of MRI Equipment Financing
- Lower Initial Costs: Financing reduces the need for large upfront capital outlays.
- Cash Flow Management: Helps maintain cash flow by spreading costs over time.
- Access to Up-to-Date Equipment: Allows you to upgrade to the latest equipment more frequently.
- Tax Advantages: Lease payments may be tax-deductible as operational expenses.
- Compare Terms: Examine the terms and conditions of multiple financing companies.
- Lease Financing Term duration between 3 to 5 years.
- Monthly payments with very little upfront capital outlay
- Interest rates ranges based on personal credit whether or established restaurants.
- End-of-lease options- lease to own or MRI Equipment Finance Agreement where you own it outright.
Credit Requirement For MRI Equipment Financing
$50,000 – $150,000: 600 credit score or higher
- v Start up to 2 years’ time in business, present control
- v Personal guaranty required with a Fair Isaac FICO of 650 or higher.
- v Bank Reference—Low-5 (banks statements or Bank Rating)
- v Company must be D & B Rated if not we need a comp rating.
- v Comparable high credit, trade or personal (will pull biz credit for this)
- v 1 YEAR TIB (time in business) for Max Limit – APP-ONLY MAX LIMIT
$150,000-$250,000+ 650 credit score or higher
- v 2 to 3+ years’ time in business, present control
- v Personal guaranty required with a Fair Isaac FICO of 650 or higher
- v Bank Reference—Low-5 (banks statements or Bank Rating)
- v Two (2) years business tax returns
- v Two (2) years personal tax returns (for each owner)
- v Personal Financial Statements
- v Interim Financial Statements (P&L & Balance Sheet)
- v Bank Reference—Med-High-5 (banks statements or Bank Rating)
- v 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.
Understanding MRI Equipment and Industry.
Financing MRI equipment is a significant investment for many medical facilities and mobile diagnostic businesses. Understanding the costs, financing options, and potential revenue from charging clients and insurance companies is crucial for making informed decisions. With careful planning and consideration of the specific needs of their practice or business, medical professionals can effectively finance and utilize MRI technology to enhance patient care.
Heres’ an overview of the Types of Businesses That Finance MRI Equipment
Ø Professional Clinics
o Specialized Diagnostic Clinics: Centers focused on specific types of diagnostics, including imaging centers.
o Outpatient Clinics: Offer a variety of medical services outside a hospital setting, often including imaging services.
Ø Hospitals and Diagnostic Centers
o Private Hospitals: These facilities often require advanced imaging technology to provide comprehensive care and to stay competitive.
o Public Hospitals: Funded through government grants or bonds, they may also finance MRI machines to upgrade their diagnostic capabilities.
Ø Physician Practices
o Radiology Practices: Specialize in diagnostic imaging services and require MRI machines as a fundamental part of their practice.
o Multi-Specialty Groups: Practices offering diverse medical services, including diagnostics, may finance MRI equipment for comprehensive patient care.
Ø Mobile Diagnostic Businesses
o Mobile MRI Units: Businesses that operate MRI machines mounted inside trailers, providing services to various locations, including rural areas, prisons, and small clinics that cannot afford stationary MRI units.
Average Cost of MRI Equipment
Fixed MRI Machines
New MRI Machines: Typically range from $1 million to $3 million, depending on the strength of the magnet (measured in Tesla) and the technology features.
Used MRI Machines: Can cost between $150,000 and $700,000, depending on age, condition, and capabilities.
Mobile MRI Units
New Mobile MRI Trailers: Generally cost between $1.5 million and $3 million.
Used Mobile MRI Units: Can range from $200,000 to $1.5 million.
Cost for Physicians or Doctors to Charge Clients and Insurance
MRI Scans
Out-of-Pocket Costs for Patients: Typically range from $400 to $5,000, varying by location, type of scan, and facility.
Insurance Reimbursements: Depend on the insurance provider, the patient’s policy, and negotiated rates. Reimbursements typically range from $500 to $2,000 per scan.
Mobile MRI Diagnostic Business Use
Advantages of Mobile MRI Units
Flexibility: Ability to serve multiple locations, providing access to high-quality imaging in underserved areas.
Cost-Effective: Eliminates the need for multiple fixed MRI installations, reducing overall costs.
Convenience: Patients can receive MRI services close to home or at their physician’s office without traveling to a hospital.
Operational Considerations
Logistics: Coordinating schedules, transport, and setup at various locations.
Maintenance: Regular servicing and upkeep of both the MRI machine and the trailer.
Staffing: Ensuring qualified technologists and radiologists are available to operate the machine and interpret the results.
MRI Equipment Financing Application Only up to $250,000
Understanding Equipment Lease Agreements
Carefully review the lease agreement before signing is critical make sure you’re not signing an FMV Lease when the salesperson says dollar buyout. Key components to check include:
Ø Payment Terms: Understand the monthly payment amount and due dates.
Ø Maintenance and Repairs: Determine who is responsible for maintenance and repairs.
Ø End-of-Lease Options: Know your options at the end of the lease, such as purchasing the equipment, renewing the lease, or returning the equipment.
Ø Early Termination: Be aware of any penalties for early termination of the lease.
Ø Advance Payment: First and Last, security deposit or down payment might be required. Check your equipment lease agreement to make sure you are aware of any money upfront to consummate the lease financing agreement.
Budgeting for Financing
v Initial Costs: Some leases require a down payment or initial fees. Factor these into your budget.
v Monthly Payments: Ensure your cash flow can comfortably cover the monthly lease payments.
v Additional Costs: Insurance, delivery, sales tax and other additional warranty or services that might be included in the equipment financing purchase.
End-of-Lease Considerations
As the end of your lease term approaches typically within 6 months, you must inform the lessor that the lessee is intending to keep the equipment or do the following options:
v Purchase: If you’re satisfied with the equipment and it meets your long-term needs, consider purchasing it.
v Renew Lease: If the equipment is still in good condition and meets your needs, you may choose to renew the lease.
v Upgrade: If newer, more efficient models are available, consider financing the latest equipment.
v Sell the equipment and payoff the lender
Considerations for Financing MRI Equipment
v Leasing vs. Financing
v Leasing: Lower initial costs, ability to upgrade to newer technology, and tax benefits. Leasing companies may offer flexible terms.
v Buying: Higher initial costs but ownership of the asset, potential for better long-term savings, and possible depreciation benefits.
v Loans and Financing Options
v Bank Loans: Traditional financing through banks with competitive interest rates and terms.
v Equipment Financing Companies: Specialize in medical equipment loans, offering tailored financing solutions.
v Vendor Financing: Many MRI manufacturers offer in-house financing options to make purchasing their equipment more accessible.
Covers many types of 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.
Searching for the right equipment lender especially if you’ve already been turned down by your bank, by hopping from one bank to another just trying to figure out whether they will approval you can be a time-consuming and frustrating process, especially if you have challenging credit. Each application involves time-consuming paperwork and potential rejections. If you get turned down, how many more lenders will you apply to before seeking better options from a loan broker?
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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