How Much Is the Interest Rate on a Medical Equipment Loan?
Do you have to buy equipment for your medical practice? MRI machines, physical therapy equipment, and lasers do not come cheap. Usually, you would end up leasing or financing your medical equipment. There is not a lot of pertinent information available online about interest rates on medical equipment financing.
It is harder to find the actual cost on the internet for something such as medical equipment available on lease; for instance, it is hard to figure out through common channels what rates of interest would be applicable to those with bad personal credit.
When you are turned down by a bank due to your bad credit, then your next option is a medical equipment loan or leasing. As far as interest rates are concerned, there is a huge range to watch for. You may notice most sites which reveal this, mentioning just the lowest possible interest rate. Not all websites mention medical equipment financing rates, though. The sites that do will also mention what established medical practices should anticipate having to pay, assuming they have a perfect credit score. You may also see some ads that talk about “5% rates”, which in nearly all cases refer not to an APR. Instead, this means an interest rate of 5% a year.