When many healthcare professionals seek veterinary, dental, medical or independent pharmacy loans, they assume that the best loans will have the lowest interest rate and get paid off the soonest. This is true, but only to an extent! By this logic, the best choice is to finance the majority of your own project as much as you can, up to 100% and avoid any sort of interest, but for most healthcare professionals, this just isn’t an option! In fact, many new doctors and savvy practice managers know that a longer loan term can actually make your loan more affordable and open new doors for your practice or pharmacy. Keep reading to see why!
1. Lower Monthly Payments.
It is true that longer loans typically end up costing you more in terms of total dollar amount throughout the life of the loan. But is your money really worth as much across time? Ask any seasoned practice or pharmacy owner, and they’ll tell you that a dollar was much more valuable at the start of their business than once it was established and bringing in regular revenue! When times are tough, every penny counts, and when you’re borrowing money, you want to make sure you maximize this value! That means keeping more cash on hand and less tied up in monthly expenses.
2. Improved Credit.
Your healthcare practice and pharmacy’s credit depends on many factors, but your debt utilization and repayment obligations are some of them. By spreading out your debt obligations over time, you can assure creditors that your business can meet its demands, improving your credit and opening opportunities for new and different offers. A skilled healthcare practice and pharmacy lender in NJ can help you find the perfect loan for your practice!
3. Relaxed Cash Flow
Look at that—a fellow practitioner is selling all the furniture and equipment from her practice! If you had spare cash on hand, you could buy it at an amazing price. Can your cash flow support these sorts of special opportunities? When cash flow is tight, your business is limited. Relax that cash flow with a healthcare practice or pharmacy loan from US Medical Funding and take advantage of every opportunity that comes your way.
Ready to start lowering your monthly debt obligations? Start planning for a successful, long-term future when you explore longer loan terms. You need an experienced practice and pharmacy lender to structure and secure the ideal business loan, so call US Medical Funding today!