While most dentists seem to enjoy the clinical side of their practice, a significant number find the business side challenging. It can be difficult trying to balance your patient interactions and maintaining a positive cash flow. The stress may compound as you contemplate sourcing new equipment for your dental office. Estimates show that a new dental practice will require an initial investment of about $500,000.
Dental equipment loans can spark new growth for your business by providing affordable financing that you need to scale up. The lenders often finance up to 100% of the cost of the equipment. The business loans for dentists allow you to keep your practices up-to-date with the latest technology in the dental world.
Dental equipment financing is an attractive, flexible funding option that provides the dentist with a chance to purchase new or used equipment for their practice. The office makes monthly payments towards the amount they borrowed over time, owning the equipment after completing the loan.
The approval process is much less stringent than the traditional banking route. This is because the amount that you qualify to borrow hinges more on the type of equipment that you plan to purchase and tied less to your credit rating. As the equipment you wish to purchase is often the collateral, you may not have to deposit a down payment or additional business assets to secure the loan.
The dental equipment loans will vary greatly from one lender to another. You may need to take time and compare the financing options from multiple vendors. The repayment schedules will also defer a lot, affecting the interest rates that you may have to pay.
Schedule a consultation with your preferred practice finance provider. Discuss the solutions to your equipment financing needs, focusing on the terms and interest rates that are unique to your practice. Inquire about their approval process and the paperwork that you may need to provide.
Benefits of dental equipment loans:
Bank regulations are getting tighter by the day, making it hard for specialty practices to access financing for their businesses. With the equipment as collateral, most lenders will often underwrite loans for dentists with fewer documents needed. It means that you can receive your funding within a period as short as 48 hours after application.
The equipment secures the loan, providing you with an option of receiving up to100% financing. You do not have to dish out an expensive down payment for approval. The savings can help you improve cash flow for your business, which you can utilize for other strategic business decisions.
The dental equipment loans will help you bring in state-of-the-art equipment and instrumentation to your office. You can now focus on better serving your patients, increasing your revenue collection over the long-term. You can edge out your competition by offering better services and ultimately growing your bottom line.
Dental practice purchase loans are vital financing instruments that allow specialty offices to purchase the necessary equipment for their operations. FiSol DVO is a premier lender for veterinary, dental, and optometry practices, providing tailored loan solutions to all clients. Contact our team today to discuss your dental equipment financing.