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If you have a small business and you want to buy some new equipment, but don’t have much cash in your bank, you may wonder where you can obtain a loan. There are many options available for you, including the SBA 7(a) or bank or credit union loan. However there are penalties if you pay off the loan early. There are other options available including leasing and borrowing from an alternative lender. You will need to decide whether you should take out a loan from another source or get a loan. Your financial advisor or accountant will assist you in deciding what is best for you and your company.

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SBA 7(a), loan
You could be qualified for a loan via SBA 7(a) if you are a business owner seeking to purchase new equipment or is a business owner looking to purchase materials. Before you apply you must understand the process.

The SBA 7(a), federally-backed loan, was created to provide financial aid for small-sized companies. It offers a wide range of financing options to meet a variety of small business needs. The loan can be used to finance the purchase of equipment and supplies, real estate as well as other business-related needs.

You may be eligible to receive an SBA 7(a), dependent on your circumstances within a matter of days. If you are eligible, the lender will disburse the money and you are able to repay the loan using monthly payments. But, you’ll need to prepay 25 percent or more of the balance on the loan within three years from the date of disbursement.

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Alternative lenders
Alternative lenders offering equipment loans have many lending options for business owners who are seeking financing. They provide short- and long-term funding options , and are more accessible than banks, which typically require extensive paperwork and a long approval process.

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They provide a variety of loan options, including invoice financing and term loans. The suitable lender for your company can assist you in financing the operations and expansion of your business.

Although alternative loans can be somewhat more expensive than bank loans but they can assist you to grow your business while keeping your cash flow under control. It is also possible to reduce fees by choosing flexible rates.

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An equipment loan can help you obtain the money you need to purchase office equipment, machinery, and vehicles. But before you begin the application process, consider evaluating your credit score. Companies that finance equipment won’t be able to approve you for loans if your credit score is very high.

Banks and credit unions
When you need to finance equipment, there are plenty of options. Some companies choose to obtain the loan through a bank while others prefer working with credit unions. Whatever the lender, you’ll want to take into account your business’s requirements when deciding on the right loan.

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A loan for equipment financing can be a great option to get the money you need to run your business. But, you’ll have to pay the loan back in time. If you don’t, you’ll find yourself paying a lot more in interest than you originally thought. This is why it’s essential to evaluate fees and terms.

You should also be sure to read the entire fine print. While numerous lenders offer equipment financing loans they each have their own process for applying. Some lenders may require a substantial downpayment. Some online lenders impose higher interest rates than a traditional bank.

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Penalties for repaying early
The option of paying off your loan earlier is a smart decision, whether you are looking to start your own business or increase the investment in your equipment. Not only does it save you money on the interest, it also frees up cash to cover other requirements. The extra cash can be used to buy new equipment or recruit new employees or to cushion your business during periods of low demand. It is important to be aware of your lender’s terms before making a commitment. There are penalties for early repayment that apply to some loans, so make sure to review the loan contract.

The process of paying off an equipment loan early can reduce the amount of interest that you owe and give you peace of mind. However, if you choose to pay it off early, you will also be resetting your loan’s terms. This could adversely impact your business’s credit. Contact your lender for more about the terms of your loan.

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