Five Advantages that LeasePoint Has Over Traditional Funding Sources

Staying at the forefront of the medical industry's technological developments is an important strategy to keep your business healthy and growing. Acquiring new equipment and upgrading what you already have is key to keeping your service offerings competitive and your customers satisfied. If you're not using cash, one of the most important decisions you'll make when considering a medical equipment purchase is choosing a lending partner. While traditional banks might be the first option that comes to mind, a commercial lender such as LeasePoint FG can offer substantial advantages. Here are five important factors to consider when choosing a lending partner.

1. Turnaround Time

If you looking to borrow from a traditional bank, expect to wait. Getting approved for a personal or business loan can take up to four weeks, with the disbursement of funds taking even longer. And don't expect the application process to be without its own challenges, as copious amounts of sensitive paperwork are often necessary.

By comparison, with LeasePoint you can be approved on the same day and have funding delivered to you within 24 hours. In fact, LeasePoint is the fastest medical equipment financing company in the industry thanks to its unique financial technology (fintech) infrastructure. So, you'll be able to get your equipment and start serving your customers faster.

2. Credit Impact

Going to a bank for a personal loan might have repercussions on your credit rating. If the bank makes a hard credit check, your FICO score could be impacted. Any increases in debt also will be reported to credit agencies. In comparison, there is only a soft credit pull with LeasePoint, which will have no effect on your credit score.

3. Lien Type

A business loan from a bank can result in a blanket lien on your entire business, even though only specific equipment is being financed. With loans from LeasePoint, the lien is on the equipment only, which keeps your business free of debt and helps to build credit.

4. Repayment Terms

Bank loans come with onerous terms that can result in penalties if you try to pay them back early. By comparison, LeasePoint loans allow for payoffs in twelve months, which helps you to save on future interest.

5. Future Growth

Banks often can only lend up to a capped maximum, which limits your flexibility if you need greater financing in the future. LeasePoint, with its access to a network of more than twenty-five lenders, can lend a virtually limited amount.

Choosing a lending partner who offers you the best service, fastest turn-around times, and widest possible selection of financial options is crucial to your business's success. While banks have their place in business lending, a commercial lender who understands and specializes in the medical equipment business, like LeasePoint FG, could provide the jumpstart you need to get ahead of the competition. Learn more about LeasePoint here or contact us today to get started.