Specialist finance is now on offer by almost every big bank, as well as dedicated financiers. So how do you go about choosing the right finance partner for you, when do you do this and how do you know if you’re getting good value?
Selecting a provider takes careful consideration. We’ve laid out some of the things you should take into consideration.
Get the timing right
New grads often ask the question ‘When should I try form a relationship with a finance partner?’. The simple answer is as soon as possible. Even if as an Intern or new Dental grad you only require a car or small unsecured loan (neither of which are complex transactions), the main reason to start a relationship with a specialist financier is to build a history and relationship. This partnership will hopefully last 30 years (or more!) and make the finance part of your career journey seamless and efficient. The less paperwork you have to do and the fewer the layers of complexity, the more time you will have to see patients and earn an income.
True specialisation
When dealing with a lender, it is imperative that you deal with a specialist who knows your profession and speaks your language. At Credabl most of our team have been in the industry for over 15 years and have a deep understanding of the various healthcare professions. We know what a dental practice should sell for, we know what projected income for various medical specialists should be and we know the ins and out of the vet space.
And we aren't the only specialists. From accountants, lawyers, equipment vendors and builders, we know plenty of industry specialists that we’d be happy to introduce you to on your journey.
Value for money
Is the provider independent or owned by a big bank? Needing to comply with APRA, ASIC and the possibility of royal commission requirements? How much red tape will there be to secure your loan?
At Credabl we have our own credit and operations team inhouse, which is a huge advantage for transaction turnaround. A Medico can easily call us on a Wednesday wanting to pick up a car on the weekend – and we’ll make it happen!
As an independent non-bank lender, we’re focused on tailoring solutions to individual needs. For instance, reducing repayments for a short term to help cash flow when you’re starting a new practice or splitting loans to maximise tax deductions (if advised by your accountant of course!).
At Credabl, we believe the only way to determine the best deal for you, is to deal with the best – someone who understands your profession, can navigate the lending landscape intimately, and who has your back. You always get more with Credabl. Contact us today to find out what we can do for you.
