Loans for Dental Practices
Learn how you can start your practice, expand your business, or purchase new equipment for your dental practice with a business loan.
5.99%
Low rates on secured financing
82,000
Double our average competitor’s approval
Here’s a rundown of what you’ll need to know to secure a small business loan to buy or start a dental practice.
How To Get A Business Loan For A Dental Practice
Getting financing for a dental practice will involve an application process like any other loan. You’ll want to have your financing in order, and understand your needs before starting the loan application process.
There are several factors that we will consider when lending money for a dental practice.
Working Capital
Credit Score |
500 FICO
|
Time in Business |
6MO
|
Revenue |
$10KMO
$120KYR
|
Citizenship Status | Legal Residency |
Ownership | Any Owner |
Equipment Financing
Credit Score |
600+FICO
|
Time in Business |
2YRS
|
Revenue | None! |
Citizenship Status | Legal Residency |
Ownership | 51% |
Like many careers that require an advanced degree, dentists often graduate from dental school with student loans. Your debt to expected income ratio is one big factor you’ll want to take into account when considering a dental practice loan.
You’ll also want to take into account the dental insurance providers you work with and how long it takes those companies to pay. Waiting on insurance payouts can have a big impact on the cash flow of your practice.
How large is your practice? What do your expenses look like against the number of patients you expect to treat on a regular basis? You may need a larger or smaller loan depending on your goals for your practice.
You’ll need to know how you plan to start your practice. Will you buy a practice from a dentist who is moving on or retiring? Or will you start your business from scratch? Both options have pluses and minuses.
What Are the Loans Available For Dentists & Dental Professionals?
Dentists and other medical professionals can get a number of kinds of loans. You might need upfront capital to finance the purchase or opening of a new practice.
You might need an equipment loan to purchase pricey x-ray or computer systems. Or you may simply need a line of credit to cover your expenses while you wait on lagging insurance payments.
Whatever you funding needs, we have flexible options for dentists. Dental practices typically have lower default rates than other small businesses and are often considered a good risk for bankers.
Short-Term Loans
These loans are ideal for rapid growth and short-term cash flow needs for expansion.
Business Line of Credit
If you find recurring cash flow problems due to delay in payment or other seasonal funding issues, a line of credit can be helpful.
Equipment Financing
If you want to acquire new vehicles, machines, and other equipment for your company, this form of financing works well.
Small Business Administration Loans
If you’re not in a hurry for financing and you’re looking for a longer repayment term, an SBA Loan can work for you.
Business Credit Cards
Owner-operators who need fuel and toll expenses covered can use business credit cards. You’ll need a credit score of 680 or more to qualify.
How to find the best loans for your needs
Finding the best loan for your dental practice is similar to any other kind of loan evaluation process. You’ll want a loan with a low rate and repayment terms you’re comfortable with — but not so long that the interest starts to get expensive.
What You Need
Preparing your dental practice loan application will require you to share some information with us. The list typically includes:
- A business plan
- The amount of dental student debt you carry
- The practice location
- Your experience as a practicing dentist
- Your personal credit information
We will consider a combination of the above factors when determining how much money it can lend, at what rate, and for what term.
Why partner with Cardiff for your Dental Practice Loan
Partnering with Cardiff for you dental practice loan is different than partnering with other lenders, either online or through a brick and mortar bank, because Cardiff is different.
Their sole business is lending, so they know that business best. And they’re committed to using their 15 years of experience in the business, along with leveraging technology, to truly partner with small businesses so that they grow along with your business.
Starting or growing your business with Cardiff means working with a smart, solution-focused lender that will consider your unique needs and create a financing package that works for you.