What is MRI Scanner Finance & Leasing?
MRI Scanner Finance & Leasing is a type of equipment financing that allows businesses to acquire MRI scanners without paying the full upfront cost. MRI scanners are expensive and complex machines that use magnetic resonance imaging to produce detailed images of the internal structures of the human body. They are widely used in the medical field for diagnosis, treatment, and research purposes.
MRI scanners are essential for many healthcare providers, but they can also be very costly to purchase and maintain. Depending on the model and specifications, an MRI scanner can cost anywhere from £500,000 to over £2 million. Additionally, MRI scanners require regular servicing, calibration, and upgrades to ensure optimal performance and safety.
For many businesses, buying an MRI scanner outright may not be feasible or desirable. That’s where MRI Scanner Finance & Leasing comes in. MRI Scanner Finance & Leasing is a form of asset finance that allows businesses to spread the cost of acquiring an MRI scanner over a period of time, typically between 3 and 7 years. This way, businesses can access the latest technology and equipment without having to tie up large amounts of capital or take on excessive debt.
What types of finance are available for MRI Scanner Finance & Leasing?
There are two main types of finance available for MRI Scanner Finance & Leasing: hire purchase and leasing. Both options have their own advantages and disadvantages, depending on the needs and preferences of the business.
Hire purchase
Hire purchase is a type of finance that gives the business the option to own the MRI scanner at the end of the agreement. The business pays a deposit, followed by fixed monthly instalments over an agreed term. At the end of the term, the business can pay a final balloon payment to acquire full ownership of the MRI scanner, or return it to the lender.
Leasing
Leasing is a type of finance that gives the business the right to use the MRI scanner for a fixed period of time, in exchange for regular rental payments. The business does not own the MRI scanner, and has to return it to the lender at the end of the lease term. Alternatively, the business may have the option to extend the lease, upgrade to a newer model, or purchase the MRI scanner at a pre-agreed price.
How does MRI Scanner Finance & Leasing work?
MRI Scanner Finance & Leasing works by following these steps:
- The business contacts a reputable broker, such as Clifton Private Finance, to discuss their requirements and budget for an MRI scanner.
- The broker searches the market and compares rates from multiple lenders across their network, to find the best deal for the business.
- The broker presents the business with a range of finance options, including hire purchase and leasing, and explains the pros and cons of each one.
- The business chooses the finance option that suits them best, and submits an application to the lender, with the help of the broker.
- The lender conducts a credit check and a valuation of the MRI scanner, and approves or declines the application.
- If the application is approved, the lender issues a finance agreement, which the business signs and returns.
- The lender pays the supplier of the MRI scanner, and the business takes delivery of the MRI scanner.
- The business starts making the agreed payments to the lender, either monthly or quarterly, until the end of the finance term.
- Depending on the type of finance, the business either owns the MRI scanner, returns it to the lender, or exercises another option.
What are the benefits of MRI Scanner Finance & Leasing?
- Improving cash flow and working capital, by avoiding a large upfront cost and spreading the payments over time
- Enhancing productivity and efficiency, by accessing the latest technology and equipment that can improve the quality and speed of service
- Increasing competitiveness and profitability, by attracting and retaining more customers and generating more revenue
- Preserving credit lines and borrowing capacity, by using a separate source of finance that does not affect the business’s existing loans or overdrafts
- Flexibility and convenience, by choosing the finance option, term, and payment schedule that best suits the business’s needs and circumstances
Are there any drawbacks of MRI Scanner Finance & Leasing?
- Paying interest and fees, which can increase the overall cost of acquiring the MRI scanner
- Committing to a long-term contract, which may be difficult to cancel or modify if the business’s situation changes
- Facing penalties or charges, if the business fails to make the payments on time or breaches the terms of the agreement
- Losing ownership or control, if the business opts for leasing and does not have the option to buy the MRI scanner at the end of the lease
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