Thankfully, several financing solutions can help ease the burden of both new and existing practices. At Rangewell, we work with practices across the UK to secure dental finance that can help your practice build a real competitive advantage. Keep reading to learn more, or get in touch with Rangewell's team of expert advisors to start your loan application today.
Funding for dental equipment
Dental equipment is expensive. Even a squat practice, which typically only has one dentist, will need high-quality medical equipment to operate. It's not just the price of buying the equipment you need to consider but also any costs associated with maintenance and repairs.
Since dental equipment is so vital to the success of your business, it pays to have access to the funds you need to ensure any operational downtime is kept to a minimum. A costly repair fee could hit at the worst possible time, impacting your cash flow and even your business's balance sheet. However, with the right finance partner, you can navigate these situations quickly and easily, so you can focus on running your dental practice.
Asset finance provides a number of ways to help you spread the cost of the equipment you want for your practice and includes solutions to let you buy outright or lease items of all kinds. Loans or leases are secured on the assets or equipment itself, reducing the costs to you and avoiding the need to put up any other assets, such as property, as security.
With hire purchase, you effectively hire your dental equipment until you’ve paid enough to purchase it.
You’ll normally pay a deposit, plus fixed monthly repayments. When you’ve made all the repayments, your business will own the equipment outright. This can be ideal for durable items that you will want for the long term.
Leasing gives you full flexibility. By acquiring necessary assets through dental equipment leasing companies, you will have access to repair benefits as well as upgrades. So, you can ensure you are always working with cutting-edge technology - such as laser whitening and x-ray machines. In some leasing arrangements, you have the option to own the asset at the end of the term, upgrade it, or simply give it back.
You can also decide whether you want maintenance and insurance and how long you need the equipment for. Asset finance can also provide funding for used dental equipment. It can mean paying even less for the key items you need - a good option if you are starting a dental practice and have a lot of other costs to consider.
How Rangewell can help
As a dental professional, many lenders will be happy to lend to you. But finding the most competitive deal across the entire market takes time and expertise.
At Rangewell, our expertise works for you. We know the lenders who really understand the profession and who can offer the most competitive rates for all types of finance - including asset finance solutions.
Our solutions can usually undercut the finance deals offered by equipment suppliers - even when they offer 0% finance arrangements, and we can also look at your other dental loans and ensure all of your finance products are working well today.
Call us to build your practice a competitive advantage
At Rangewell, we have an expert team of finance advisors who are by your side at every step of the way. From the application process through to securing the best finance product for you, and even when it comes time to refinance your dental practice - we're here to help.
Our service is personal. We can discuss your objectives and help find answers for your dental practice financing scaled to fit your turnover and your other obligations.
You can also access additional professional support for your business with our Dentists' Directory - from financial advisors for dentists to accountants and more.