Getting the right financing for your dental practice can be a daunting task. You might have to consult with multiple companies to determine exactly what you need. The problem is virtually every site will showcase why their product is superior, when in fact, no dental financing option is best.
The finance solution that is best for your practice is the product that suits your situation.
Dentists that don’t qualify for financing approval at a bank than, look no further. For many businesses, a bank loan is the best possible option. Bank financing is more cost effective than getting a loan by any other means. But before you take a chance and apply for a bank loan, be sure your credit score is 725 or higher.
If you need dental financing, chances are:
It is not an easy feat to achieve an SBA bank loan, it is a difficult process. But if you have been in practice for two or more years, you may get help applying for up to $350k.
You must have a 600 or higher credit score of and show proof that you are able to handle the payments. Although approval is not guaranteed, it may still be worthwhile to apply.
If you are denied SBA financing and a bank loan, there’s no need to fear, you still have options.
We have connections with several lenders that can help you get affordable financing rates. A few of our sources focus only on providing funds to health care practices.
We always try to secure the least expensive financing solutions first. For tougher cases, the options are costlier. In these situations, you may be approached with a shorter term, high-interest loans. Some brokers won’t show you more affordable financing because they may equal less commission.
Business and merchant cash advances are not a great way to finance a practice. Only in rare situations is it useful. But, these are often the go-to products for dentists who run a small practice.
If you need $50,000, you will be advanced that amount and be required to make payments for about nine months with rates ranging from 80 to 100 percent or more. What is worse, you won’t be warned of these astronomical rates.
Financing a dental practice can be challenging, but there are ways to get a loan when you need it. There is not one best solution for all. It is important to find a reputable dental consulting firm to advocate for you and help manage your practice.