Hague Dental, in cooperation with Medifinance have launched Hague Financial Solutions – a flexible and affordable way of financing new dental equipment.
Hague Financial Solutions allows dentists to get new equipment for their practice on contract purchase; a similar arrangement to PCP contracts widely used to finance motor vehicles, meaning that at the end of five years you can simply hand the equipment back and Hague Dental will pay the residual balance for you or enter a new agreement for new equipment all over again.
This makes monthly payments for dental equipment much lower than if they were to be leased or purchased as a residual value is built into the contract to be paid off at the end.
Once this contract is over, the customer has the option to pay off the liability and keep the old equipment or take out a new agreement and get brand-new equipment.
'This way dentists are able to keep up-to-date, keep their surgery looking fresh, modern and attractive to patients and get a much more attractive finance deal than they would otherwise,' said Ray Cox, managing director at Medifinance.
Another benefit of the agreement is that dental equipment servicing can be built into the contract.
As part of the agreement, dental equipment must be serviced on an annual basis, making sure it's kept in 'tip-top condition' and ensuring dentists aren't surprised with any unexpected repair bills.
'Dentists can have peace of mind that they're not going to suddenly get a massive cost, and that their dental equipment can be maintained and looked after by us during their agreement', Kirsty Hague, marketing manager at Hague Dental, said.
'Many principals are experiencing a huge problem with servicing, where suddenly one month they've got to fund a large bill to service all their equipment.
'This way it can all be tied in with their ongoing finance contract meaning it's not such a big a burden.'
Where does the second-hand equipment go?
Hague Dental will purchase any second-hand A-Dec or Belmont equipment and give it a new home.
With the agreement, Hague will fit the new surgery, purchase your old A-Dec or Belmont equipment, make any repairs necessary and then remarket it, giving it a new lease of life.
'We can say to somebody that they've got maybe a 10-year-old A-Dec chair, that's very reliable, but would they be interested in part-exchanging that now and going with a new plan,' Kirsty Hague explained.
'Then at the end of the five years, we just start a new plan all over again.
'We're taking away the used equipment, recycling it, literally giving it a new lease of life with a new owner, then giving some money towards the new deal.
'It turns full circle.'
One of the main benefits to the contract purchase is the flexibility it provides to dentists who can kit their surgeries out with the latest equipment.
Then at the end of the five-year term they can either:
Pay off the liability and keep the equipment themselves – a new loan can be provided for this if required
Start a new contract purchase deal and get brand new equipment all over again.
'We think this plan has tremendous innovative value, but equally if the customer says they want to do a straight forward finance deal, we can set up a financial solution to cover that as well,' says Ray Cox.
'The customer doesn't lose any of their rights or options.'
Jim Hague, managing director at Hague Dental, says: 'Hague Financial Solutions is an honest, transparent way to purchase your equipment – potentially part exchanging at the beginning to reduce your monthly costs, with no fees at all, and monthly costs reduced further by taking into account the residual value at five years, as well as the ability to add in your servicing costs and have options open to you at the end of the five-year term'