What makes dental finance so different?

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So, what does make dental finance so different? Dental finance can be very separate to other forms of finance. Below is a bit more information, as well as why you should consider WestWon Dental as your new preferred dental finance partner.

 

Hear from the dental divisional director himself

Talking about why dental finance is so different, our sales director explains, “Having spent over 24 years in the dental sector, dental finance is very different to other types of professions. Firstly, the equipment within the dental sector is very unique and specialised. The lenders we use are specific to the Dental sector, so they have an understanding of the type of dental assets you are looking to purchase, this is always helpful as it gives us better support with the application for acceptance. Our acceptance conversion rate is 99.9%.

There has been a major growth period in the dental sector over the past couple of years, even coming out of the pandemic we saw a lot of investment. Other businesses and industries haven’t been able to say the same. We are very lucky that we have been able to help Dental Practices with their finance needs and be at the forefront of this growth.

After almost 3 years on from when we set up the dental division, WestWon Dental now has a dedicated dental website, over 1800 clients and has won an award for outstanding business of the year, at the 2021 Dental Industry awards. It has been a real privilege to work and support our clients and partners and look forward to continuing to support our clients and the sector.”

 

Why use WestWon Dental?

Here at WestWon Dental we pride ourselves on offering a 5* customer service experience. We are experts in the dental sector, having worked with many of the dental companies all over the UK. We have also worked with a large range of funders who have provided finance for these companies, as well as knowing a huge network of people within the industry itself. Also, we provide you with a 24-hour approval service. This makes the process as quick and efficient as possible for you. We provide you with transparent rates too. This means there will never be any hidden fees you will come across when payment is due, as we are clear with you throughout the process.

 

We also- able to provide deposit payments to the dental suppliers, and because we are a paperless office, we offer electronic document signing. This makes it easier for you as the customer. This leads onto the last point of why you should choose WestWon Dental as your preferred finance partner. Unlike most other leasing companies in the UK, we are choosing to focus heavily on sustainability. Our Corporate Social Responsibility campaign came into full force at the beginning of this year. We are planting a tree for every month of a lease agreement you undertake with us. On top of this, we offset our employees’ emissions through Ecologi each month. We are also an award-winning finance company. We won the award for Outstanding Business of the Year in the Dental Industry Awards 2021.

 

Contact Us

If you would like any more information on what makes dental finance so different, then please don’t hesitate to get in touch with us on 01494 611 456 or alternatively email us on [email protected].

5 business loan myths debunked

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Throughout this blog I will be listing 5 business loan myths that you may have heard and proving why you should think twice before believing them.

A perfect credit score is required

Ranking number one as the biggest myth told about business loans has to be that you need perfect credit in order to obtain one. However, this isn’t particularly true. Many people are under the impression that if they have had poor credit history then there is no point in trying to apply for a business loan. But being credit approved is still possible even if your credit isn’t ideal. Here at WestWon Dental, we pride ourselves upon our 95% acceptance rate. We will always try our best to get you accepted even if that means attempting through a variety of funders.

Loans are for struggling businesses

Despite this sometimes being the case with businesses that need a little boost to keep afloat. Many businesses acquire business loans purely for the cash flow benefits. Business loans act as an instant cash injection into your business, enabling you to spend your cash in the areas of need without compromising a healthy cash flow. This often acts as a catalyst for business growth as it allows businesses to invest in areas that they otherwise wouldn’t have in fear of disrupting a health cash flow.

Business loans can be used towards a range of different areas in a business, should that be towards new additions to the team for that extra help in hand, or for an entire practice fit out. Loans are great for supporting the growth of your business.

The business loan process is a long one

Before Covid it took longer than it did now to acquire a business loan. So, we actually have Covid to thank for a speedier process now. Physical document signing back and forth was often the most time-consuming part of the process. Now with the enlightenment of digital signing platforms such as Acrobat Sign makes it so that this can all be sorted within a day.

Stick with the banks

Banks used to be the primary source of funding for many companies. However, all companies have their different needs and conditions. Therefore, not one finance facility will be best suited to everyone. Also please bear in mind that if a bank should reject you, that they are not your only option. In fact, if you go through a finance company you will be keeping your existing lines of credit intact. Meaning that there’s no need for you to use up an existing bank facility.

There is a whole load of interest and hidden fees involved

This is not always the case, here at WestWon Dental we offer industry leading rates starting from just 2.5%! And we always ensure that we are completely transparent with our customers. Meaning no hidden fees nor hidden interest.

Contact Us

If you want to learn more about your business loan options and find a finance agreement best suited to the needs of your business, please get in touch. Give us a call on 01494 611 456, or send an email to [email protected]

What does the super-deduction mean for dental practices?

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What, (you may ask), is the ‘super-deduction’? Put simply, the super-deduction allows your company to claim back up to 25p for every £1 you invest in ‘qualifying’ equipment assets.

The super-deduction tax opportunity runs until 31 March 2023; after that date, there is a planned corporation tax rise, so don’t delay.

The super-deduction enables dental practices to invest in the business and write this equipment off within the first year. This reduces the pre-tax profits, which may ultimately reduce the tax liability more than ever before. However, this is depending on your circumstances.

From a tax planning perspective, a Hire Purchase agreement has the same tax allowances as if you are paying cash for an asset. This enables the qualified asset to take advantage of the 130% tax break.

Super-deduction tax for dental practices

On the other hand, the super-deduction does not apply to leasing. This is because you do not have title of the equipment as it is a lease rental. However, as a slight aside, you are able to offset all the rental payments against profits using the annual capital allowances to reduce your tax bill (visit https://www.gov.uk/capital-allowances/annual-investment-allowance for further details).

As a dedicated dental finance broker, we are perfectly placed to offer you the correct support and advice you may need. Also, there are many important terms and conditions attached to super-deduction. Do speak to your account manager. This is to ensure the super-deduction is the best way for you to take advantage of any available tax breaks.

In the first instance, I would suggest you download WestWon’s Dental Finance App. Or contact WestWon Dental for us to support any purchases you are considering. We can then provide you with the calculators required to enable you to make the right decision with your accountant.

Contact Us

If you would like more information on how we can support you and your business in relation to the super-deduction scheme, please call 01494 611 456 or send an email to [email protected]

Can I pay a lease agreement off early?

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Can I pay a lease agreement off early?

Over the years I have often been asked, “can I pay this lease agreement off early?” or “is early settlement an option?”

The short answer is “yes” you can. But why would you?

When you sign a finance agreement, you are entering into an agreement to a lender that you;

  1. a) Agree to the terms of the agreement.
  2. b) You understand the terms of the agreement.
  3. c) You will continue to keep making the repayments.

There tends to be a myth that by settling your finance agreement early will save you money. However, this is not necessarily the case. Some lenders will not offer an early settlement rebate, meaning you will need to pay all outstanding rentals. However, others just will ask you to pay all outstanding rentals, offering a 3% discount.

As a simple example, say you have twelve payments left of £1,000 per month, the settlement figure would be £11,640 (not a massive saving, especially if the money could be better off used in another area of the business.)

How often do clients pay off lease agreements early?

Hardly ever do we see our clients repaying a lease early. Then, if you look at the key reasons why they would, normally it is only when they are selling the business.

Sure, over payments can be made to end the agreement early but again, ask yourself, why would you want to? That cash is therefore far better being kept in your business.

Actually, the opposite happens!

Interestingly, clients normally have multiple lease agreements running, taken out over time where they have updated equipment or improved the environment with refurbishments etc. The finance agreement is taken out over the lifetime of the equipment, and at the end of the agreement, the equipment is either refreshed or retained often for a small, transfer of title fee.

Contact Us

We do get asked for free independent advice on “can we, should we and how do we settle a lease agreement” from the clients we work with. Please contact us on [email protected] or call us on 01494 611 456.

SME Finance in Dentistry

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SME Finance (the funding of small and medium-sized enterprises) is a great way to grow your business further. Here at WestWon Dental we have helped many UK dental practices with finance. Our mission is to help SMEs with all forms of dental finance such as business loans, vehicle leasing and of course, dental equipment and surgery/practice finance. If you would like more information on how we can help with SME finance in Dentistry, then please read on…

Why do SMEs in Dentistry use finance?

There are a number of reasons why SMEs use finance. However, the ones below are what we consider to be the most beneficial to businesses across the UK. If you have any questions about the benefits below, please don’t hesitate to get in touch. Our contact details can be found below.

Cash flow benefits

This is one of the prime reasons why companies organise a finance agreement. Cash flow in your business is so important because of the freedom it allows. You will have more cash to use in other areas of your business. By using fixed monthly payments too, the finance allows you to disperse the amount over a 1–7-year period. This term can therefore differ depending on the asset.

Budgeting made easy

As mentioned above, we offer you payment methods in the form of fixed monthly payments. This means will always know what is coming out of your bank account, and when. This will make it easier to plan your cash flow forecast, whilst also allowing you to line up other payments separately in the month.

Tax advantages

In terms of tax advantages your repayments are fully deductible against your businesses’ corporation tax bill. This is also something you finance through us here at WestWon Dental!

Alternative line of credit

By using WestWon Dental it opens another line of credit. This means you won’t have to use an existing bank facility. This means you can keep your existing lines of credit in place to use for other areas or projects in the business.

Stay competitive

It also allows you to remain competitive. Finance means you can always access the newest products. For example, you can access the latest imaging equipment by paying for it using a recycling strategy. It makes it more affordable for you by not paying outright and in full.

Contact Us

If you would like any more information on SME finance in Dentistry, then please don’t hesitate to get in touch with us on 01494 611 456 or alternatively email us on [email protected]

Ultimate finance flexibility for your business’ vehicles

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Here at WestWon Dental, we offer our services tailored to your needs. That is why we have a few different options in regards to how we can offer finance for your business’ vehicles. These include agreement types such as hire purchase, finance lease and a sale & leaseback. Here at WestWon Dental we also take great pride in our green agenda and how sustainable we can be as a business. Therefore, we now provide finance for electric vehicles as well as charging points. If you would like more information on this, then please read on.

What finance agreements are there to help you manage your business’ vehicles?

Hire Purchase – involving fixed monthly payments, it is simply financing a vehicle over a 1–5-year term. This is the most efficient route when it comes to budget because the payments will always stay the same. There will be no hidden fees or extra payments when it comes to a hire purchase. You can also sync your cash flow with the monthly payments, which will mean the added benefit of budgeting by month too. When the agreement is up, the vehicle becomes yours, subject to you meeting the T’s & C’s.

Finance Lease – this is a tax efficient way to lease your vehicle. It’s a very efficient type of lease due to its flexibility and its benefit of not having to use other capital resources. The rentals are also fully tax deductible. When the lease agreement has ended, you have two options to choose from. You can either extend the agreement, however this will include a nominal secondary rental fee. Or you can profit from most of the net income from the vehicle.

Sale & Leaseback – there’s less risk with a sale & leaseback as well as it not affecting invoice discounts either. However, a sale & leaseback can only be completed on the basis the vehicle is refunded within 3 months of purchase. This is a crucial point to remember. What’s also different with sale & leaseback, we can lease the vehicle back to you. However, you will still have full use of the vehicle. Monthly payments are all tax deductible. Learn more about sale & leaseback here.

Electric Vehicle finance

Buzzing about going electric but the price is keeping you down? No fear, with a WestWon Dental finance option you can obtain a climate friendly car without cash-flow-damaging prices. You can spread the cost with the option of 1-5 year repayment terms. Allowing you to find an agreement best suited to your business.

Many businesses across the globe are now taking sustainability more seriously, and as they should be. Electric vehicles are just another way that your business can contribute positively to the health of our planet. Did you know that passenger cars were the biggest contributor of carbon emissions in 2020? They accounted for a whopping 41% of the overall global emissions that year.
But you can get involved in making a change this year. Make that affordable and sustainable shift today, get in touch.

Other assets we can finance

Another expense that comes of having an EV are their charging points. And the installations costs for these usually tend to be more expensive than the charger itself. But we’ve got you covered. We can finance your EV, its charging point, as well as the charger installation costs.

Here at WestWon Dental we can finance just about anything that you could require for your dental business. From entire practice fit outs, to the phone systems you use day to day. You can find out more about what we finance here.

Contact Us

If you would like any more information on what asset finance is here at WestWon Dental, then please don’t hesitate to get in touch with us on 01494 611 456 or alternatively email us on [email protected]

Renewable energy sourcing for your dental business

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A report published in 2017 unveiled that just 100 corporations are responsible for over 70% of the world’s carbon pollution since 1988. However, this shameful statistic has forced businesses across the globe to become more environmentally responsible. So, from SMEs to corporate giants, more and more businesses of all shapes and sizes are looking to more sustainable ways of surviving.

Throughout this blog, I will be naming a few ways that you can consider sustainably sourcing the power that fuels your dental business.

Reasons why you should take advantage of renewable energy sourcing:

• First and foremost, this one goes without saying. But the main objective here is protecting our planet.
• Return on investment. An article published in 2020 by Forbes proves that renewable energy sources are producing improved returns compared to fossil fuelling in the UK. A study shows that UK investments in sustainable energy generated returns of 75.4%, compared to just 8.8% for fossil fuels.
• Positive PR for your company. More consumers especially are now favouring climate conscious brands, and quite rightfully so. Don’t give yourself any chance to get in their bad books.

Types of renewables you should consider:

Solar Panels

This is probably your most affordable yet effective option. Sunlight is our most generously available energy supply. In fact, the quantity of solar energy that reaches the earth’s surface in just one hour could suffice to power the world’s energy requirements for a whole year! So just imagine the difference that we could make if all businesses shifted towards this approach of power!

Wind Turbines

Wind is also a means of energy that can be acquired in abundance. The energy sourced from wind turbines is actually the most powerful of all renewable energy sources.
However, these energy sourcing giants have an equally large upfront cost. But this is where we come into play. We can make what might have been impossible, affordable. Allowing you to do your bit for the planet. As well as save yourself pennies in the long run -especially once taking the ever-increasing energy prices into account. According to thumwind.com, wind turbines have an ROI of just 5-8 years now, as well as a useful life of about 20 years. They also require little maintenance and running rates.

Contact Us

To find out more about renewable energy sourcing for your dental business please get in touch. Give us a call on 01494 611 456. Or send us an email to [email protected] and a member of our team will be in touch!

How WestWon Dental helps you on your finance journey

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Here at WestWon Dental we support thousands of UK businesses with their finance needs. We are hands on throughout the whole process and can offer support whenever you need it. Our leasing process is attached below and outlines the general process you will go through with us. However, the process is always tailored to you and your dental finance needs. Read more below on how WestWon Dental helps you on your finance journey…

How WestWon Dental helps you on your finance journey

Here at WestWon Dental we can help finance a range of assets. These include everything from surgery/practice finance, imaging equipment finance to even vehicle finance and leasing. We can also provide finance for business loans in the form of VAT Loans, Corporation Tax Loans, Working Capital and even Professional Indemnity Insurance Loans. To read more about the business loans we can offer you, see here.

WestWon Dental have only been running for a short while. However, our parent company WestWon has been operating in asset finance for the past 45 years. Dental divisional director has been heading up our dental department since he’s been at WestWon, and in such a short time has made such an impact. We consider him to be an expert in the industry, which is why we are confident he can help you with any finance needs or queries you may have.

WestWon Dentals’ leasing process

How WestWon Dental helps you on your finance journey

As you can see above, our leasing process outlines the general procedure that you will go through when working with WestWon Dental. We will be with you every step of the way. The process, like seen above, is simple and quick to go through, and we will provide our 5* customer service throughout. We also look to obtain a credit acceptance within 24 hours, meaning you are able to have the finance in place sooner than you think!

We hope that the process makes sense, however, it may well differ between each agreement depending on the type of finance. If you wish to discuss this process further, then please don’t hesitate to get in touch. Our contact details will be at the bottom of this blog. A member of our team will be very happy to help!

Benefits of leasing

One of the main benefits of dental finance and leasing is that there will be extra cash flow in your practice. There’s also no need to use up an existing bank facility, as you now have an alternative line of funding. As seen above on our leasing process, it’s simple and easy to arrange. We aim to have a credit acceptance within the first 24 hours; however, this will depend on several factors.

In terms of loans such as VAT, we will pay the loan directly to HMRC. This leaves all the hassle to us and allows you to focus on more important areas of your business. Along with our fixed monthly payments come our industry leading rates. And of course, with our 5* customer service we provide quick and efficient communication.

Contact Us

If you would like any more information on how WestWon Dental helps you on your finance journey, then please don’t hesitate to get in touch with us on 01494 611 456 or alternatively email us on [email protected]

What is asset finance?

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What is the definition of an asset?

The definition of an asset can be known as an object or a useful resource that is of value to a person. Assets can be owned by anyone, from an individual to a business, or even government. An asset can be anything from money to office furniture. Because of the range of what an asset can be, the definition can always be altered.

So, what is asset finance?

Putting an asset along with the finance side of things means you end up with asset finance. This is where you acquire the materials for a business using finance as the preferred payment method. This means businesses can spread the cost of an asset over a fixed amount of time. This is instead of paying upfront. This allows your business to have a weight lifted off its shoulders. This doesn’t just apply to the cash flow of your business, but your tax liability.

Asset finance benefits

Asset finance is something that every business should consider. This is because paying upfront and in full can be damaging to many businesses’ cash flows. However, asset finance allows you to take this cash and put it to other, better use in the business. For example, other larger projects in the company. It also provides an alternative line of credit, without you having to use up an existing one. Companies can also deduct 100% of their rental’s tax liability against their corporation tax bill. However, as well as the total amount payable, your VAT will be distributed monthly.

You also implement a recycling strategy, meaning you will always have the latest equipment. When working in a dental practice it’s essential to have the newest technology, and this will allow you to do so. You can stay one step ahead of your competitors.

Contact Us

If you would like any more information on what asset finance is here at WestWon Dental, then please don’t hesitate to get in touch with us on 01494 611 456 or alternatively email us on [email protected]

Growing interest rates and what they mean for those looking to lease

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As you probably already know, interest rates are continuing to surge. This is all part of the country’s attempt to tackle inflation, in hopes that people will put off any purchasing plans for now. This then forces suppliers to lower their prices. Therefore, we are now seeing the price of borrowing rising from historic lows.

How does this impact leasing?

Unfortunately, the asset finance sector is not exempt from the seemingly ever-increasing interest rates. This is a matter very much out of our control, as when the Bank of England increase their rates, we inevitably see our funders do the same.

Currently, the Bank of England have increased their interest rates six times since December 2021 and most recently two weeks ago. On the 4th of August 2022 the Bank of England made their biggest rise in 27 years. Interest rates climbed from 1.25% to a staggering 1.75%. However, we are still yet to see further increases from hereon.

With finance companies’ costs of lending rising, they have no other option than to increase their own interest rates. In the past, when the market was secure, finance quotations would be valid indefinitely. But please now take our current climate into consideration when looking at previous finance quotations that you have been provided with as they might now be invalid. Therefore, any finance quote that you are provided with will be subject to the change of interest rates.

What should I do if I am looking to finance equipment now?

If you are looking to finance equipment now, we advise that you make these purchases now to lock in the best possible price before interest rates soar any further.

It should bring you peace of mind that interest rates are fixed through your finance agreement with us. Therefore, you have the reassurance of knowing that your repayments will not change once the agreement has been activated.

However please note that some finance companies will give pricing at time of acceptance whilst others only give 48 hours’ notice before a price increase is put in place.

 

Contact Us

If you have any questions on how our current financial climate might affect your buying plans, please don’t hesitate to get in touch. Give us a call on 01494 611 456. Alternatively, send an email to [email protected] and a member of our friendly team will get back to you.

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