Common Mistakes Loan Seekers Make
Those who undertake the historically daunting quest of securing veterinary financing for their practice tend to face similar roadblocks. Understand the common mistakes made by veterinary loan seekers and you will be well on your way to avoiding these inconveniences and on your way to securing a fair loan with great terms.
Common mistakes include:
- Taking the first good pitch at face value. As a veterinarian, your primary objective is likely to receive financing as soon as possible, with little time invested. After all, animals and owners in your community need your services. However, it is not in your best interest to open up the yellow pages, select a financier and immediately take an offer.
- Assuming all veterinary practice financing is the same. Just as there are lenders that specifically understand our industry, there are others who could don’t understand how you plan to grow your practice into the future. Some brokers are merely go-betweens for loan companies and are only looking for an initial commission payout.
- Selecting a non-qualified vendor. If you find that securing a loan for your practice is difficult to finance, it may be tempting to accept any and all terms. However, history is full of vets who do so and are faced with varying interest rates and delays regarding loan approval. In the worst case scenarios, the lender may lose all sources of funding.
Avoid the common mistakes when seeking veterinarian financing. Trust Veterinaryloans.com to prequalify lenders and match you with the veterinary practice financing that best fits your needs.