FINANCE OPTIONS

^Equipment Finance for Dentists and Dental Practices - Apply

Q: How much can I borrow for equipment finance?

With equipment finance options, dental practices can borrow between £1,000 and £500,000. The amount depends on the credit history, business turnover, and the asset value of the equipment. This flexibility allows practices to procure necessary tools efficiently.

Q: How quickly can I get a decision on equipment finance?

Most applications receive an initial decision within 3 to 5 business days. Once approved, funds can be available within a week, especially if the application is complete and all queries are rapidly addressed, expediting the process significantly.

Q: What are the interest rates for equipment finance?

Interest rates for equipment finance range between 3% to 20% APR. The specific rate depends on the risk profile, type of equipment, and duration of the finance agreement. Additional fees may include setup and documentation charges.

Q: What are the eligibility requirements for hire purchase?

For hire purchase, UK dental practices must have at least one year of trading history and demonstrate creditworthiness and business stability. This is essential for securing funds for large equipment like dental chairs or X-ray units.

Equipment finance for dentists allows practices to acquire essential technology and tools while managing cash flow efficiently. This financial solution provides access to loans, leases, or hire purchase agreements designed specifically for dental equipment acquisition or upgrades. This ensures that practices can stay updated with the latest technology without the immediate financial burden. Learn more about the advantages of equipment finance.

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What are the ^benefits of Equipment Finance for Dentists and Dental Practices?

The main advantages of equipment finance include preserving cash flow, maintaining technological standards, and enjoying potential tax benefits. Such finance options are often flexible, offering loan amounts from £1,000 to £500,000, with typical decisions within 3 to 5 business days. This expedites the process of keeping your dental practice competitive and efficient.

Flexibility in financing

Access to modern equipment

Improved cash flow

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What are the different types of Equipment Finance for Dentists and Dental Practices?

Hire Purchase

Hire purchase agreements are ideal for UK dental practices with at least one year of trading history. They allow for amounts ranging from £5,000 to £500,000 over 12 to 72 months, making it suitable for purchasing substantial equipment like X-ray machines.

Hire Purchase

Hire purchase enables dental practices to spread the cost of significant equipment such as X-ray units or dental chairs over time, with interest rates between 3% and 15% APR. The application process involves a credit check and financial projection submission, with contracts finalised in 1 to 2 weeks.

Lease Financing

Lease financing offers flexibility for dentists to obtain equipment with plans to upgrade before obsolescence. It's suitable for obtaining equipment worth between £1,000 to £250,000, usually over 12 to 60 months.

Lease Financing

Lease financing is perfect for startups needing immediate access to high-tech equipment. With interest rates from 5% to 20% APR, it provides short-term use without the burden of outright purchase. Approval processes are fast, typically within 3 to 5 working days.

Chattel Mortgage

Chattel mortgage caters to well-established practices with strong cash flow. Loan amounts range from £10,000 to £300,000, using the equipment as security and available for terms of 6 to 60 months.

Chattel Mortgage

Chattel mortgages are ideal for orthodontic clinics looking to implement advanced technology like 3D printing. They benefit from rates between 4% to 12% APR and a comprehensive application process involving asset valuation.

What is equipment finance for dentists and dental practices?

Application Processes Simplified

Applying for equipment finance involves submitting business and financial details, with decisions typically reached within a week. Ensuring a complete and accurate application speeds up this process, often leading to quicker fund disbursement.

Regulatory and Compliance Requirements

All equipment finance agreements fall under the governance of the Financial Conduct Authority (FCA), ensuring fairness and transparency in contract terms and lender dealings, crucial for safeguarding dental practices.

Assessing Borrowing Capacity and Rates

Borrowing capacity is influenced by factors such as credit history, annual turnover, and equipment value. Interest rates generally range from 3% to 20% APR, dependent on these parameters. Understanding these can help practices negotiate better terms.