Page written by Chris Godfrey. Last reviewed on July 23, 2024. Next review due January 1, 2025.
Dental care is a huge industry in Ireland, covering everything from general oral care and restorative dentistry, to prosthodontics, cosmetic dentistry and more.
Dentists utilise a vast array of equipment to deliver their services, and these machines, tools and technologies are often highly complex and need constant updating. Because this equipment can be expensive, most dental providers choose to buy or lease the machines and tools they need using equipment finance. This reduces strain on cashflow, provides practitioners with the latest devices, and helps to continually improve the efficiency and quality of the dental care they provide.
Dental equipment financing refers to specialist business loans and leasing programs that help Irish dental businesses obtain the equipment they need. This type of financing is more readily provided by online lenders than traditional banks and credit unions and it can be used to buy new or used dental tools, technology and machinery.
Dental equipment financing comes as two options: Business loans to buy dental equipment, and leasing programs to rent dental equipment. (Some leasing deals may allow you to buy the tools, tech and machinery when the rental contract ends).
Let’s look at these options in more detail:
Buy the equipment with a business loan
All business loans for the purchase of dental equipment work with the same basic format: You borrow a sum of cash and then repay it over time. Interest charges and fees are added to the principal amount you borrow. The lender may retain a lien on the equipment during the term of the loan. At contract end you’ve paid the loan off and you own the equipment outright.
Advantages of business loans for dental equipment:
Disadvantages of business loans to buy dental equipment:
Lease the equipment with a finance or operating lease
Leasing works differently from business loans. With a lease, you’re not buying the dental equipment, you are taking out a long-term rental. Depending on the type of lease you choose, you may have the option to buy the equipment at contract end for a pre-agreed sum, (which could be as low as €1 but is more typically the residual value of the equipment – which means what it’s worth in used condition).
Because you are not repaying the whole cost of the equipment, leasing usually requires lower monthly payments than business loans. You may also pay a smaller down payment – perhaps equal to one or two month’s repayment instalments.
If you choose not to buy the equipment at the end of the lease, (or you’ve chosen an operating lease that forbids it), the machinery, tech and tools go back to the lender. You would then need to take out a new lease and obtain replacement equipment. (Which could allow you to buy more modern and up to date machinery and tools).
Some lessors (lenders) may give you the option to extend the lease if you prefer to keep the equipment but do not wish to pay the residual.
Advantages of leasing for dental equipment:
Disadvantages of leasing for dental equipment:
Dental equipment financing can be used to purchase or lease dental machinery, technology, tools and more. Essential equipment that may be obtained with dental financing includes:
If you’re starting a new dental practice, or expanding your current dental business, it makes more sense to obtain the equipment you need with a loan or lease. This allows you to retain the bulk of your working capital to pay for other essential needs, such as recruitment and marketing.
Alternatively, dental equipment that is no longer fit for purpose because it’s either out of date, needs constant repair, or is incompatible with other modern systems, is a major drain on your dental business. Upgrading or replacing your current equipment with a financing program can make your practice more efficient and profitable.
You can either buy your dental equipment with a business loan or rent your equipment with a business lease:
Business loans to buy dental equipment:
Leasing programs to rent dental equipment
Leasing programs for dental equipment are available in two formats:
Although every lender will have their own qualifying criteria, some fundamental rules apply. In most cases, lenders will need to see:
You will also usually need to provide bank statements, tax returns and other financial documentation. However, even if your credit score is weak and/or you’ve been turned down elsewhere, it may still be possible to get the dental equipment financing you need. To find out if you qualify before you apply, contact Swoop to discuss your funding needs with a finance expert.
Probably. Although you typically need a personal credit score of +640 to obtain dental equipment financing, some lenders may offer funding to borrowers with scores in the mid-500s, although you should expect to pay a higher interest rate, borrow a smaller sum, and pay a larger down payment. As a rule of thumb, the more expensive the dental equipment you want to buy, and the more you need to borrow, the better your credit score needs to be.
Obtaining a dental equipment loan or lease is no different to obtaining most other forms of business finance – preparation is key:
No matter if you’re seeking your first equipment loan or you’re a seasoned borrower, working with business finance experts can make all the difference when applying for funding. Contact Swoop to discuss your borrowing needs, get help with your application and to compare high-quality dental equipment financing deals from a choice of lenders. Give your dental practice more bite. Register with Swoop today.
Written by
Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Barclays Bank, Metro Bank, Wells Fargo, ABN Amro, Quidco, Legal and General, Inshur Zego, AIG, Met Life, State Farm, Direct Line, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of consumer and business finance and insurance.
Swoop promise
At Swoop we want to make it easy for SMEs to understand the sometimes overwhelming world of business finance and insurance. Our goal is simple – to distill complex topics, unravel jargon, offer transparent and impartial information, and empower businesses to make smart financial decisions with confidence.
Find out more about Swoop’s editorial principles by reading our editorial policy.
Get your free dental equipment finance quote today
Apply in minutes
FREE no obligation, personalised
quote
G
E
T
Q
U
O
T
E
Join the 70,000+ businesses just like yours getting the Swoop newsletter.
Free. No spam. Opt out whenever you like.
We work with world class partners to help us support businesses with finance
Suite 42, 4th Floor, Oriel Chambers, 14 Water Street, Liverpool, L2 8TD
View in Google MapsKingfisher Way, Silverlink Business Park, Newcastle upon Tyne, NE28 9NX, UK
View in Google MapsSuite 105A, Airivo, 18 Bennetts Hill, Birmingham, B2 5QJ
View in Google MapsAberystwyth Innovation and Enterprise Campus
Gogerddan Campus
Aberystwyth University
Ceredigion
SY23 3EE
Dogpatch Labs, The CHQ Building, Custom House Quay, Dublin, Ireland
View in Google MapsSuite 801, Level 8, 84 Pitt Street, Sydney, NSW 2000, Australia
View in Google Maps43 W 23rd St, New York, NY 10010, United States
View in Google Maps21 Dreyer Street, Cape Town, South Africa, 7708
View in Google MapsClick here to accept the cookies and enable this chat
Clever finance tips and the latest news
delivered to your inbox, every week
Join the 70,000+ businesses just like yours getting the Swoop newsletter. Free. No spam. Opt out whenever you like.