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.
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.
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.