Dentaltown September 2019 - 90
Working capital
PROS:
* Simple and quick, especially when
compared with the alternative of securing
a home equity or business line of credit.
* Unsecured.
* Frequently, you can have funds in as
little as 24-48 hours after applying.
* You are not required to provide receipts
or explanations of purchases.
CONS:
* Typically a shorter repayment term,
so monthly payments may be more.
* Because of a lack of security for the loan, the
rates will be higher than the typical bank line
of credit that may be secured by your home or
other assets and accounts.
* The limits may also be lower than you
are accustomed to being offered on a
secured line of credit.
Bank loans
PROS:
* Can be depreciated over the useful life
of the equipment.
* You may be able to roll all of your debt
into one monthly payment.
CONS:
* They're based on your personal credit score
so it may be difficult to qualify, depending
on your current debt such as mortgage,
car payments and student loans.
* They may require a personal guarantee and
*
*
*
are often secured by a blanket
lien on everything in your office.
Applications involve a lot
of paperwork.
They report to your personal
credit, so if you run into issues,
it will have long-lasting impact.
You will have used your banker equity,
meaning it may be hard to ask for
another loan (even a personal loan).
Lease
PROS:
* The lessor usually maintains the equipment,
so you don't have to.
* It does not report to your personal credit.
* No down payment.
* Easy application.
* There are two types:
* Operating lease: Lower payments, and you
can purchase the equipment at the end of
the term for fair market value. You can trade
in the equipment and start a new lease, or
buy out at the end.
* Capital lease: Higher payments, with a very
inexpensive buyout at the end ($1 or 10%
of the purchase price are common). This
nominal buyout is sometimes called a PUT
(payment upon termination), and the buyout
is required rather than optional.
90
SEPTEMBER 2019 // dentaltown.com
CONS:
* You're locked into a contract.
If your business changes, you
may have payments on equipment
you no longer want or need.
* You don't own the equipment,
so you can't sell it.
* Potential balloon payment or interest
rates may change payments across the
life of the loan.
* There are different buyout implications that
may affect your taxes.
* Although leases don't have a visible interest
rate, the equivalent is often "baked into" the
monthly lease payment.
* You may pay more for the equipment than
you would have by purchasing it up front.
* If the lease is long term, the equipment
may be obsolete before the term ends.
http://www.dentaltown.com
Dentaltown September 2019
Table of Contents for the Digital Edition of Dentaltown September 2019
Dentaltown September 2019 - Intro
Dentaltown September 2019 - Cover1
Dentaltown September 2019 - Cover2
Dentaltown September 2019 - 1
Dentaltown September 2019 - 2
Dentaltown September 2019 - 3
Dentaltown September 2019 - 4
Dentaltown September 2019 - 5
Dentaltown September 2019 - 6
Dentaltown September 2019 - 7
Dentaltown September 2019 - 8
Dentaltown September 2019 - 9
Dentaltown September 2019 - 10
Dentaltown September 2019 - 11
Dentaltown September 2019 - 12
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Dentaltown September 2019 - 89
Dentaltown September 2019 - 90
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Dentaltown September 2019 - 96
Dentaltown September 2019 - Cover3
Dentaltown September 2019 - Cover4
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