I was working with a Doctor the other day that was struggling to find someone to help them review their current loans and help them save money on their repayments. This Doctor had multiple loans across different institutions from when they started their own practice and wanted to review the new loans available on the market to help find them a better deal and cut repayment and interest costs. For medical professionals finding the time to manage their finances can be a challenge with their busy schedules. So, when it comes to reviewing or refinancing their loans, it can get put off for a long time. Many medical professionals will turn to a broker to save time and money on the loans process, but if the broker is unfamiliar with the medical industry, it can actually end up taking longer to find and review loans and can cause more headaches in the process.
To help take the pain out of managing finance for medical professionals here are the top 3 things you need to know.
1 – Use a specialist broker to help with the finance for medical Professionals
While regular brokers are great for those in non-specialised industries, specialist brokers that are intimately familiar with the medical industry are a great asset for medical professionals. Those in the profession often have an extensive list of needs when it comes to finance, many of which can be quite complex.
During their working lifetime, those in the medical profession will often need to take out multiple loans from different lenders to fund the purchase of assets such as motor vehicles, office or medical equipment, and residential or commercial property.
Having a broker that specialises in the medical industry means that they are intimately familiar with the different deals, services and packs that are available from different lending institutions to help cut the cost of repaying these loans and get you the best deal for your money.
2 – Understand Medical Professionals are in a unique position
One of the main aspects that help facilitate the Finance For Medical Professionals is to understand that Medical Professionals are in a unique position when it comes to financing. Jobs in the medical industry are some of the highest paying out there, but medical professionals can often be amongst the worst when it comes to saving their money.
While doctors have some of the lowest default rates on loans of any profession, making them ideal borrowers in the eyes of the bank, they are also saddled with a large amount of debt that they have to repay before they can start truly saving for retirement.
A good broker will be able to understand the challenges of working with medical professionals and assist you with loan options and services that will help you balance your books and ensure that you’ll have enough savings to maintain your lifestyle during retirement.
3 – Understand why some banks help with the finance for Medical professionals
When it comes to lending money to different professions, banks prefer to lend to medical professionals and doctors more than anyone else. Due to their high salary and the sense of reliability that comes with their career choice, those in medical professions have a reputation for being responsible and paying their loans back on time, making them ideal candidates to loan to.
Banks favour Medical Professionals to such an extent that they have made a series of exclusive loans and deals dubbed ‘Medico Packs’ which are offered only to those professionals via the services of specialised brokers. These deals can be applied to multiple different types of loans including capital equipment loans, home loans, investment loans, car loans, and various other asset loans for both personal and professional purchases.
For more information about how to manage your finances and take the pain out of the loans process, contact your local specialised broker. They will be able to help you find the right loan options for your needs at the best possible price as well as gaining you access to the exclusive Medico Packs as they are available only through brokers.