By Shawn Vaillancourt
Leasing medical equipment has its benefits-that's for sure. Sometimes there are other excellent ways to acquire your medical equipment opposed to just simply leasing the new medical equipment.
Let's take a quick look at a loan versus lease situation in the medical field:
-- When comparing an equipment lease to a working capital loan, the lease has up-front payments. The working capital loan does not.
-- When comparing a medical equipment lease to a working capital loan, the lease requires installation of equipment to be completed prior to funding. The working capital loan does not.
-- With a medical equipment lease an original vendor invoice is required prior to funding. That is not the case with a medical working capital loan.
-- With a medical equipment lease you may have issues buying from certain vendors (private party, auction house, or the internet). When you use funds from a medical working capital loan, you WILL NOT have these issues.
-- Is early payoff allowed? Well, with the medical working capital loan the answer is yes. With the medical equipment lease, the answer is maybe. Often times when a leasing company shares with you that there is no pre-payment penalty, they sometimes forget (yeah right, more like neglect to tell you) to tell you how early payoff works. Generally, you'll be required to remit the remaining number of payments left in your term. In other words, it does not work like a fully amortized loan.
These are a few of the benefits of using a medical working capital loan to buy your equipment rather than simply leasing your equipment.
Due to the professional stature of a physician, the medical working capital loans can be pretty easy to get. If you have the following, it should be a snap:
--A 675 credit score
--3 years in business owning your current practice
--Must be operating his or her practice on a day-to-day basis
--Bankruptcies should be older than 5 years
--It's Generally application only up to $75,000 (certain restrictions may apply)
So, if this sounds like something you'd like to explore, it's normally pretty easy to apply right online.
About Vitality Finance Group
For more info on the Medical Working Capital Program Click Here! Contact us or apply online at (877) 834-3247 or http://www.vitalityfinancegroup.com
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