Using asset finance for your medical or dental practice
Establishing a medical or dental practice
is a big undertaking. One of the main hurdles is the high cost of the
sophisticated equipment that’s needed to get started. One of the most effective
ways to purchase specialised medical equipment is with the help of asset
Here are some of the benefits of using asset finance from independent lenders as opposed to traditional banks.
Not all mainstream lenders will be able to
finance specialised medical equipment and medical professionals might be better
served looking at alternate lenders who operate in that space. Using a finance
broker is the most effective way to compare your options across a range of
lenders and help identify those that might be able to offer finance.
Purchasing second-hand medical equipment
can be a cost-effective solution for medical or dental practitioners, however,
not all lenders are willing to finance used equipment, especially if it doesn’t
come with a warranty. Once again, finding the right lender that can assist with
your requirements will be important given the specialised nature of the
Medical professionals with a good credit score
and at least five years of industry experience can often get set up quickly
with lenders. Some lenders like to see that the borrower also has other assets
such as property, even though loan isn’t secured with that asset.
Asset finance applications with major
lenders often come with longer processing times given they are not setup to
easily handle these types of asset loans. Independent lenders can offer faster
loan approvals, however, if speed is an issue, this is also something you
should talk to your finance broker about.
Specialised lenders can offer improved loan
terms that might be valuable for new businesses. These extended terms allow you
to repay the loan without negatively impacting your cash flow.
Depending on what stage the business is at,
medical professionals might have very different needs, including how much money
they can put down and how long they need to repay the loan. The more inflexible
your requirements are, the more important it is to compare a range of options
from a host of different lenders.