Frequently Asked Questions
- What can I finance?
- What are the differences between installment contracts and leases?
- How much can I borrow?
- How can I apply for financing?
- What documentation is required for financing?
- How fast in the approval process?
- How much will my monthly payments be?
- Do finance rates represent the total cost of financing?
- What are the fees associated with financing?
- What is a UCC filing fee?
- What are the benefits of fixed versus variable finance rates?
Patterson Veterinary Financial Services can provide comprehensive and flexible financing for the following items: veterinary equipment and supplies; technology products; IntraVet, Vetter, DIA, DIA Equine, ePetHealth, EquiHealth and digital X-ray. Patterson Veterinary's finance vendor partner, Wells Fargo Practice Finance, complements these offerings with financing for leasehold improvements, construction costs, working capital, real estate and debt consolidation.
Patterson Veterinary's installment contracts are "simple interest" loans. Formal ownership is assumed once the product is invoiced and financial documents are signed. There are no prepayment or termination penalties associated with Patterson Veterinary contracts. Finance charges accure only up to the day the contract is paid in full.
Leases are financial arrangements that require monthly usage installments, with a purchase option are the end of the term. During the leasing period, full use of the equipment is granted. The leasing company holds ownership until the customer exercises the purchase option. If this option is not exercised, the equipment is returned. Examples of common leases are 10% buyout, Fair Market Value and $1 buyout. Contracts and leases carry varying implications for tax and practice reporting. Please consult your financial or tax advisor for specific practice implications.
Financing up to $500,000 is available through Patterson Veterinary Financial Services. Financing in excess of this amount is available through Wells Fargo Practice Finance, Patterson Veterinary's finance vendor partner.
There are three options to apply for financing:
- Call Patterson Veterinary Financial Services at 1-800-328-5536, ext. 1733
- Contact your local representative
- Contact your local branch
Patterson Veterinary Financial Services requires only a name and Social Security number for financing up to $300,000. Applications over $300,000 require last year's tax return, current-year operating statement and a person financial statement.
Applications that require no documentation are processed with an approval provided within one hour. Applications that require documentation are processed within twenty-four hours of receipt of all required documentation, with approvals provided within one hour.
Length of term, finance rates and down payments determine monthly payments. Patterson Veterinary offers 100% financing, where no down payments are required.
Finance rates are only a fraction of the total cost of financing. The following are other items to consider when selecting a finance lender:
- Does the lender require down payments or prepayments?
- Is 100% financing available?
- What fees are charged by the lender?
- Is additional collateral required?
- What documentation is required?
- How long will the approval process take?
- Does the lender have specialization within the veterinary industry?
- Is the rate quoted a fixed annual percentage rate or a variable rate?
There are no application, origination, or processing fees associated with Patterson Veterinary installment contracts. There is only a nominal UCC filing fee.
This UCC filing fee is the amount the local tax district charges Patterson Veterinary to file a legal lien against the financed equipment. This fee is passed on to the customer.
Patterson Veterinary contracts utilize fixed finance rates. Fixed finance rates offer stability for the length of the contract. Monthly payments and rates do not fluctuate. This provides security and peace of mind for the borrower. Some lenders will offer variable rates. Variable rates can look attractive initially, and can be beneficial if rates decrease during the financing term. Variable rate programs can be risky to the borrower. If rates increase, the borrower could incur higher monthly payments and increased interest.
For more information, please contact your Patterson Veterinary representative or your local branch, or call 1-800-225-7911.