The pharmaceutical profession is highly competitive. There are chemists shops on every high street. Many are part of large chains or franchises. If you are working as an independent, you will need to find ways to provide the same level of equipment as they do.
What Dental Equipment Can I Finance?
Whether you are starting up or ready to move your current business on, a wide range of equipment will be essential, including:
- Pharmacy equipment - balance, measures, drug safes
- Security equipment - alarms, shutters and CCTV
- Shop equipment - displays, lighting and POS
- Vehicles - a car to help provide a mobile service
At Rangewell we have found that Asset Finance can provide the most cost-effective solutions for most kinds of equipment. Asset Finance covers a range of funding that provides all kinds of assets - pharmacy equipment, vehicles, and even straightforward items such as sales displays and racking - without making impossible demands on your cash flow.
What is Equipment Leasing?
Leasing works much like a rental agreement and lets you use the equipment you need without having to buy it outright. You pay the finance company each month for using the asset. Leasing can also include maintenance agreements - meaning that keeping your equipment in perfect condition is the responsibility of the lender. It can be the ideal solution for delicate equipment such as your dispensary scales.
What is a Hire Purchase?
Hire Purchase lets you acquire an asset right away and spread the costs in instalments over an agreed time, often up to 5 years or more. At the end of this term, you own the asset outright. Hire Purchase is often used for items that have a high cost and a relatively long life. A drug safe which you will use for years might be ideal for Hire Purchase.
Why lease equipment?
The most significant advantage of leasing business equipment is that it allows you to acquire assets with minimal initial expenditures. Equipment leases rarely require down payment. You can obtain the goods you need without significantly affecting your cash flow.
Should I get new equipment or refurbished equipment?
Reasons to go with new equipment
New items usually come with a warranty, so if anything goes wrong, then there's a chance you'll need to pay out for a fix. However, you should remember that used equipment might still come with a warranty or extended warranty depending on how old and used the item is. You should also not forget that certain warranties are non-transferable from one owner to the next.
Reasons to go with used
Buying a new piece of equipment can be expensive. Depending on what you're purchasing, along with availability and demand, you also might be able to get two or more used items for the same price as one new piece. New equipment can also come with expenses that you have not taken into consideration. Sales tax and more money for insurance are significant factors that could blow a budget.
New equipment may be ideal, but refurbished equipment can also be a good investment for the future of your business. We can help you cut costs with pre-owned equipment – then cut them again with Asset Finance.
Speak to Rangewell to find out how we can help you source the equipment for your needs.
Can a pharmacy equipment supplier provide finance?
Pharmacy equipment suppliers will provide their own Asset Finance arrangements, and may even offer 0% finance to close the sale. With a 0% deal, the dealer pays the funding company the cost of the interest which they would otherwise take from you. You won’t pay the interest, but the supplier will build the interest cost into his sale price. As specialists in funding, we can usually undercut the finance deals offered by equipment suppliers - even when they offer 0% finance arrangements - call us to see how.