To provide the best care for their patients, many dentists attend medical conferences and belong to dental organizations. Here they continue their education and learn about the latest techniques and equipment to improve their level of patient care. Sometimes an advance in dental technology will greatly impact their ability to serve their communities.
This is when they seek to expand their practice by bringing in a specialist as a partner and upgrading their dental equipment to perform that advanced level of patient care. They might even be considering a move to expanded offices which would require leasing or buying the premises, a new suite of office furniture, new computers and possibly software upgrades as well.
Not All Dental Loans are the Same
Capital improvement projects such as these will require an influx of cash in short order. While banks offer various financing options specifically for dental practices, these may not be exactly what established practitioners need at this point in their careers. Also, bank lending criteria is very strict about the prospective borrower’s credit history. Even a dentist who has a low FICO could easily be turned down for financing based on this factor.
Another issue when applying for financing at a bank is the timeframe from submitting their application to learning of its approval to the funds being made available to the borrower. This process can easily take months. Some practitioners who have applied for dental loans from their banks and received approvals may be in for another surprise. It is likely that they will be required to purchase their equipment from a vendor who has been approved by their bank, not the vendor of their choosing.
Even for dentists with a spotless credit history, having to wait months for a financing decision and then weeks or possibly even months to receive approved funds, is not an option. Many in dentistry have elected to seek financing and dentist loans from a reliable alternative financing company. National Business Capital, a respected alternative financing firm, has a specialized Loans for Doctors program and assists dentists to obtain the financing their practice requires as quickly and expeditiously as possible.
Our Business Consultants will be glad to any questions you may have. We’ll review if leasing or purchasing your equipment is your best option and will explain the benefits of each. For a confidential consultation, please give us a call: (888) 888-9124.