The magnet is only part of the number. A proper MRI project budget includes RF shielding, a chiller, cryogen management, and siting work, and a loan structured only around the scanner itself leaves a facility scrambling to cover the rest. We write MRI equipment loans that treat the project as a whole, rolling magnet, install, and ancillary infrastructure into a single credit event so you close once and get moving.
Ownership matters in MRI. A loan gives you a clear title at payoff, the ability to pledge the asset for future financing, and no residual negotiation at term end. For practices with a long planning horizon and a site built specifically for the system, an equipment loan is usually the most straightforward path from signed purchase order to productive scanner.
Our minimum is $50,000, and most MRI transactions we handle fall in the $300,000 to $1.5 million range depending on field strength, configuration, and what the room requires. We work with new and used systems, including refurbished MRI installations where the total project cost is often compressed but siting complexity does not go away.
How a Loan Structures the MRI Project
An equipment loan is a straightforward credit instrument: the lender advances funds to the seller, you take title to the equipment, and you repay principal plus interest over a set term. The mechanics are familiar to anyone who has financed a vehicle, except the dollar figures, credit review depth, and infrastructure complexity are in a different category entirely.
For MRI, the loan amount covers what the project actually costs. That typically means the scanner itself, any coils or accessories quoted with the system, RF shielding materials and installation, the chiller and utility connections, and sometimes a portion of the siting construction. Lenders who specialize in imaging equipment understand this bundling and do not require you to finance each component separately.
Terms most commonly run 60 to 84 months for MRI, reflecting the asset's lifespan and the borrower's preference for a payment that does not stress the monthly P&L. Rates depend on credit quality, time in business, and whether the system is new or used. The process moves from application to funding in roughly 10 to 14 business days when documentation is in order, though complex transactions at large health systems can take longer.
For practices weighing whether a loan or a lease fits better, the comparison with a full-service MRI lease comes down primarily to ownership preference and tax strategy. Loans own; leases may not, depending on structure.
What Goes Into the Loan Amount
MRI procurement is rarely a single line item. A 1.5T system from a major manufacturer might list at $600,000, but by the time siting and construction is complete, RF shielding is installed, the chiller is connected, and field service has performed acceptance testing, the total outlay can approach $900,000 or more. A loan that only covers the scanner forces the borrower to fund the rest with working capital or a separate credit facility, which complicates the project and may delay the commissioning date.
We work with borrowers to identify every budget line that should be in the loan package. Commonly included items:
- Primary magnet system with standard coil set
- MRI chiller and utility connections
- RF shielding (Faraday cage and any passive shielding)
- Quench vent system installation
- Patient monitoring and ancillary safety equipment
- Site preparation and construction costs attributable to the MRI project
- First-year service contract or extended warranty (at lender discretion)
Practices upgrading from an earlier system and considering relocation and de-installation of the existing magnet can often roll those costs in as well, which keeps one capital project from bleeding into another.
Credit and Documentation
MRI loans are reviewed on facility financials, not personal credit alone, though personal guarantees are standard for smaller practices and partnerships. For transactions up to approximately $400,000, an application-only path is available, meaning no tax returns or full financial package, just the credit application, basic business information, and equipment quote. Above that threshold, lenders typically request two to three years of tax returns, recent bank statements (usually the last three months), and some form of revenue documentation. For outpatient imaging centers and established practices, that documentation process is usually straightforward.
Lenders who work the medical imaging space distinguish between a borrower with a blemished personal credit file and a practice whose facility-level financials are sound. B/C credit MRI financing exists for situations where credit history has gaps, and approval criteria there focus more on cash flow stability and the inherent value of the imaging asset than on a credit score alone.
Startup and newly licensed imaging centers face a different set of questions. Lenders want to see that siting is done, licensing is in process, and that the operator has demonstrable imaging experience. We cover that territory in detail on the startup imaging center financing page.
New, Used, and Refurbished Systems
Equipment loans are available for all three. New systems from manufacturers like GE HealthCare and Siemens carry the simplest credit review because residual value is well understood and manufacturer support is contractual. Used and refurbished systems require the lender to evaluate the system's condition, remaining useful life, and any pending service or upgrade obligations.
A used MRI scanner purchased privately or through a dealer can offer compelling total cost numbers, particularly for a facility that wants to establish imaging capacity without the capital outlay of a new platform. The loan terms on used equipment may be slightly shorter to account for the asset's age, but the process is not fundamentally different. We require a system inspection or recent service history and confirm that the system can be certified operational before we close.
Start Your MRI Loan Application
Tell us the system you are buying, the approximate total project cost, and your business background. We will come back with structure options and a realistic rate range, usually within one business day. Most MRI loans close within two weeks of receiving complete documentation.