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 finance.
Here are some of the benefits of using asset finance from independent lenders as opposed to traditional banks.
Financing specialised equipment
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 equipment.
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.
Faster approval times
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.
Extended loan terms
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.
If you are considering asset finance for your medical or dental practice, get in touch with Broker Kit. Our brokers can help and answer any questions you may have. Plus, with access to a wide range of asset and business finance solutions, your Broker Kit broker can quickly tailor a solution to meet your unique needs.