What Medical Equipment Financing Rates Can I Expect?
Your general medical practice is booming. You’re booking so many new patients you may have to expand! So now you’re wondering, “What medical equipment financing rates can I expect?”
If you’re looking to expand your general medical practice or are just starting up, First Capital Business Finance can help. Read to learn about medical financing rates and what to consider when shopping around.
Figure out what equipment you need and research where to buy it.
Do you remember what it was like when you last bought a car? Did you walk onto the lot and buy the first one that looked great? Or did you take the time to compare models and prices?
If you’re just setting up your general medical practice you might think the first price you see is what you have to pay. It’s not true with cars, and it’s not true here. So before you think about your medical equipment rates, first think about what medical equipment you need and research how much you might pay for it.
“What if I’m growing my general medical practice?”
It’s great that your medical practice is doing so well, but just like you did when you first started out, research what you need and what might help you pay for it. Much like the new medical treatments and information you read up on, there could be new tools and equipment today that could really help your patients. So research what you need and what you might pay.
People usually get financing from banks, dealers, and independent financial institutions.
Where You Get Financing Matters
Alright, you’ve done all the research and know exactly what medical equipment you need and what you’ll pay. The next step in knowing what medical equipment financing rates to expect is to figure out where you might get financing from.
Where you choose to go for your medical equipment financing effects what your rates may be. There are three main financing choices people consider: banks, dealers, and independent financial institutions.
Banks don’t usually work with clients who have no credit or poor credit.
Working With Banks
For a lot of people, their first stop is a traditional bank. You might think this is a great idea. For people with perfect credit, it might be.
The truth is that while working with a bank seems ideal, banks are super careful about who and what they finance. Every little detail about you and your business will be put under the microscope and you might be told after their lengthy process that they can’t work with you.
Another problem with banks is that they often don’t work with people who are just starting out, have bad credit, or no credit. So if you’re just getting your general medical practice going or have not been practicing for very long a bank might not work with you.
Dealers only offer to finance if you buy from them.
Working With a Dealer
Your next stop might be the dealer you’re getting the medical equipment from. The problem with dealers is that financing is often an afterthought for them. It’s just something they use to ensure people buy from them and no one else.
Imagine this for a moment. You’re talking with your medical equipment dealer and they’re quoting you an affordable rate. Then, as you take a quick moment to think things over, a good colleague tells you they got a better price somewhere else. Now comes the real problem. Do you go with the higher equipment price to get the rate you want?
That’s the main problem with getting financing from a dealer. They’ll only offer medical equipment financing if you buy from them. If you find a better price somewhere else a dealer might not work with you. That’s why it’s best to get your financing from an independent financial institution.
Independent financial institutions work with you and your credit.
Independent Financial Institutions
An independent financial institution has many advantages. First, they can usually give approval within 24 hours. Instead of waiting around for a decision on your financing, they get right back to you.
Second, they’ll finance new and used equipment. They know that used equipment can be as useful as new, especially when you’re just getting things set up and need to save a little money.
Third, they’ll offer more than one type of financing that works for you. You may need more than just medical equipment financing and they are best financers to help you.
Fourth, they’ll work with whatever credit score you have. A lot of places require your credit score to be almost impossibly good. An independent financial institution is more understanding. They know that you’re probably dealing with college loans and other financial hurdles and need a little help. The same goes for the amount of time you’ve been in business.
A great independent financial institution works with you no matter how long you’ve been in business. It does not matter if you’ve been practicing medicine for three days or three years. They will craft a financing plan that works for you.
Get the Medical Equipment Financing Rates You Need Today From First Capital Business Finance!
The only sure way to know what medical equipment financing rates you can expect is to speak with the financial experts at First Capital Business Finance. It just takes a few minutes to get pre-qualified over the phone! Ready to gear up your medical practice? Simply call us at 888-510-3573 or click below to finance your future.
First Capital Business Finance is committed to helping you meet your cash flow needs to grow your business. We serve small and middle market businesses and large corporations with range of loan and financing options