Rangewell

Equipment Finance for Pharmacists

Helping your business to access, maintain and repair the equipment you need to grow.

Speak to one of our experts020 4525 5312
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Funding options

£

Hire Purchase

  • Terms from 6 to 72 months
  • No Maximum value
  • Annual rates from 6%
  • We can almost always undercut so called "0% finance" deals from suppliers

Leasing and Contract Hire

  • Reduce monthly outgoings
  • Adverse Credit – no problem
  • Assets generate cash - paying for themselves
  • No cash upfront

Versatile

  • Funds for any type of equipment
  • Up to 100% funding
  • Lease any type of asset
  • New or used equipment

Talk to Rangewell – the business finance experts

At Rangewell, we help to find and secure specialist equipment finance for pharmacists. Upgrade your assets and grow your business with the right finance solution.

At Rangewell we recognise your professional status, and we work harder to find you better solutions - which can include 100% finance for many of your needs.

Call us020 4525 5312
ScheduleArrange a call-back
Emailfundingenquiry@rangewell.com

Access the equipment your pharmacy business needs

At Rangewell, we help to find and secure specialist equipment finance for pharmacists.

Whether leased or owned, pharmacy equipment can be expensive. It's not just the cost of the asset you need to consider, but also the maintenance and repairs. Ensuring you have access to the funds you need to keep your pharmacy business operational is vital, that's where Rangewell comes in. 

Table of Contents

Whether leased or owned, pharmacy equipment can be expensive. It's not just the cost of the asset you need to consider, but also the maintenance and repairs. Ensuring you have access to the funds you need to keep your pharmacy business operational is vital, that's where Rangewell comes in. 

As a pharmacist, you'll know the importance that your equipment has in the day-to-day operations of your business. Franchise owners may have several businesses to operate, meaning that there is a lot of equipment to acquire, maintain, repair and replace. Fortunately, there are a number of financing options available to provide you with the equipment you need with easy monthly repayments. 

Keep reading to learn more about pharmacy equipment business loans, or get in touch with Rangewell today to discuss your individual circumstances and how we can help. 

What pharmacy equipment can be financed?

There are so many reasons why you might need pharmacy equipment finance. Whether you are considering buying a pharmacy or you are looking to upgrade your existing premises, there are several types of common assets that most pharmacy businesses require, including:

  • Pharmacy equipment  - balance, measures, drug safes and pharmacy automation technology
  • Security equipment - alarms, shutters and CCTV
  • Shop equipment -  displays, lighting and POS
  • Vehicles - a car to help provide a mobile service

Regardless of what you need to buy or lease, asset finance can provide a cost-effective funding solution. By using pharmacy loans to support the growth of your business, including the acquisition of your equipment, then you can access the assets you need without risking your cash flow. 

So, whether you're planning to refit your whole premises or simply need to replace a single piece of equipment, then speak to our team of finance specialists. We support your finance application and scour the whole of market, including traditional lenders and alternative funding solutions, to provide you with a choice of finance products that meet your needs.

Found new or secondhand equipment for your practice?

Spread your payments and beat supplier finance

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What is pharmacy equipment leasing?

Leasing equipment is very common among pharmacists as it gives you access to expensive, state-of-the-art equipment with flexible repayment terms, allowing you to maintain cash flow budgeting. 

Leasing works much like a rental agreement by allowing you to get 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 hire purchase?

You might see some pharmacy equipment is available on hire purchase agreements. This means you can acquire the asset and spread the cost over an agreed time, often around five years. Unlike leasing whereby you never fully own the asset, hire purchase is a way of slowly buying the equipment, which you will eventually own in the end. For example, a drug safe is an expensive but vital asset for all pharmacists that we often see bought via hire purchase agreement. 

Why choose to lease pharmacy equipment?

Both leasing and hire purchase agreements give you the ability to get the equipment you need without the burden of upfront costs. You may even find that equipment leases don't require upfront deposits, so you can acquire the equipment quickly and efficiently without impacting your cash flow. 

The terms of your agreements depend on the finance products you can access, so make sure to work with the industry experts at Rangewell to determine your best finance options with monthly repayments you can afford over the appropriate amount of time. 

Should I get new equipment or refurbished equipment?

Benefits of buying new equipment

  • New pharmacy equipment often comes with a warranty
  • Equipment is new and, therefore, often state-of-the-art 
  • You may be able to resell the equipment in the future
  • Wide availability direct from the manufacturer

Benefits of buying used equipment

  • Often preowned equipment is cheaper
  • You may still have access to the warranty (be sure to ask if this is transferrable to you as the new owner)
  • You can still access leasing and hire purchase agreements on preowned items

Remember, it's not just the price and condition of the equipment that you need to consider. You may also want to check if the equipment is compliant with NHS regulations - one of the many considerations of owning an NHS pharmacy contract

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.

Whatever finance you need for your pharmacy

Our specialist team can support you with a finance package that answers all your challenges

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Pharmacy equipment finance from Rangewell

As you can see, there's a lot to consider when acquiring equipment for your pharmacy business. You'll need an efficient finance solution that supports your growth plans and keeps your business operational even during difficult times. 

When looking for finance on your own, you'll notice that not all providers offer the same products, and it can be difficult to make direct comparisons between terms and monthly payments. Thankfully, the team at Rangewell is here to help you find and secure the right asset finance for your pharmacy business, so you can rest easy knowing that you can access the technology you need without the burden of large upfront costs and expensive ongoing maintenance. 

We can help provide a wide range of loans for pharmacists, including specialist products such as jigsaw finance and tax loans for pharmacists.

Visit our Pharmacy Hub to access support for your business, from pharmacy equipment suppliers to specialist professional services. Call us to get the answers your chemist or pharmacy business needs.


 


Last update: 21 November 2022

Need finance in a hurry?

Contact our team today to find out your options

Call us020 4525 5312
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Emailfundingenquiry@rangewell.com

Frequently asked questions

Have a question?

What are the benefits of leasing dental equipment?

Here are just some benefits of leasing equipment:

  • Less initial expense. The primary advantage of leasing business equipment is that it allows you to acquire assets with minimal expenditures. In addition, equipment leases will rarely require a down payment, so you can obtain goods when you need to without affecting cash flow. 
  • Tax-deductible: Lease payments can usually be deducted as business expenses on your tax return, reducing the cost of your lease
  • Flexible terms: Leases are usually easier to obtain and have more flexible terms than loans for buying equipment. 
  • Easier to upgrade equipment: Leasing allows businesses to address the problem of obsolescence. If you use your lease to obtain potentially outdated items, you are free to lease new, higher-end equipment after your lease expires. 

Is it hard to get finance for equipment?

Due to the nature of the loan, the equipment financer is responsible for the ongoing cost and maintenance of the machinery. However, this will also depend on the type of equipment and the type of business. But it's generally a low-risk investment for the business owner. 

Businesses that have struggled to qualify for other types of finance should find equipment financing easier to secure. In addition, owners may have access to this line of credit reasonably quickly, and there is little security required against the loan. 

How do you get approved for equipment finance?

Here are some critical steps to follow to get an equipment loan: 

Make sure your credit is in good shape - If you've had late credit card payments, defaulted on loans, and have a history of bad credit - these things may work against you when applying for equipment loans. Most lenders may not extend any loan to a small or online business that is deemed too risky. 

Have a solid business plan - Some lenders will look at your business plan as a roadmap of future success. So provide detail on your current cash flow system and project and set goals for your business growth. 

Have cash flow statements ready - Being able to show your money coming and your money going out is a critical factor that most lenders require before issuing any equipment loan. 

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