Veterinary equipment financing

A veterinary practice buys most of what a human medical practice buys, imaging, dental, surgical and lab equipment, often all at once when a clinic opens. iFinancial Group finances veterinary equipment new or refurbished, a full clinic package or a single piece, on a one-page application. No tax returns and no audited financial statements to apply, no minimum and up to $1,000,000.

Who you're dealing with

iFinancial Group has funded equipment since 1997, roughly $600 million of it, in all 50 states. We're a direct lender, not a broker, so the file is underwritten in house and not shopped around. Our customers have ranged from independent manufacturers to global technology companies. We've barely advertised in almost three decades. The business came from repeat customers, referrals, and vendors sending us their customers.

What you're financing

Veterinary digital X-ray systems typically run about $40,000 to $90,000. Dental radiography and dental stations run roughly $20,000 to $60,000. Ultrasound runs $30,000 to $80,000. Anesthesia machines, monitors, surgical tables and lights run $10,000 to $40,000 each. Equipping a new general practice clinic commonly runs $300,000 to $700,000, and CT for a specialty or emergency hospital runs $200,000 and up.

Those are market ranges. The specialty, the manufacturers and new versus refurbished move them.

What goes on the same approval

Imaging, dental, anesthesia and monitoring, surgical, kennels and runs, and lab equipment from several vendors go on one approval as one clinic package. Installation, the practice management software and staff training are soft costs and can ride on the same deal, on many deals up to 30% of the total.

In-house lab analyzers are often placed by the manufacturer on a reagent agreement instead of sold, and those are usually kept separate from the equipment financing.

Who buys them and how the payment gets covered

Veterinarians opening a clinic, practices adding dental or imaging, mobile and house-call practices, specialty and emergency hospitals, and equine and large animal practices. Digital X-ray and dental radiography in particular pay back in services the practice no longer refers out.

A new clinic ramps. A deferred first payment, typically up to 90 days, or step payments can carry the opening months.

New, refurbished or used

Refurbished veterinary equipment, including equipment from human medicine that's been converted for veterinary use, is a large market and often well below new. Equipment from a clinic that is upgrading or closing is sold directly too. All are financeable here.

On the financing side it's the invoice or bill of sale, the serial numbers and proof of what was paid.

The new clinic question

A veterinarian opening a first clinic is a new business with an experienced provider, and that's how the file is looked at. Being new is not a decline here on its own. It starts with the one-page application, and a newer practice will typically need a little more up front.

How it works with iFinancial Group

It's the same one-page application whether the equipment is small or the deal runs to $1,000,000: no tax returns and no audited financial statements to apply, no minimum and up to $1,000,000. Decisions typically come back within 24 hours, and an approval holds up to 60 days. New and used equipment, terms up to 84 months, and soft costs up to 30% so freight, setup and training can go in the same deal. Payment structures beyond level payments are there when the equipment earns unevenly. We've been doing this since 1997, in all 50 states.

Other medical and dental equipment: dental operatory equipment, CBCT scanner, dental CAD/CAM system, ultrasound machine, digital X-ray system, aesthetic laser, ophthalmic equipment. Or start with medical and dental equipment financing.