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If you have an entrepreneur-sized business and are looking to buy new equipment, but you don’t have much cash on hand you might be wondering how you can get a loan. There are many options to choose from for you, including the SBA 7(a), credit union or bank loan. However there are penalties if you repay the loan early. In addition, there are other options to consider like leasing or loans from an alternative lender. The decision as to whether you should apply for a loan or borrow from a different source is a personal decision which is why you should consult your accountant or financial advisor to determine which option is the best option for your business.

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SBA 7(a), loan
Whether you’re a business owner looking to purchase new equipment, or you’re a business owner looking acquire materials for your operation you might be able to get a loan through the SBA 7(a) loan program. Before you apply you must understand the procedure.

The SBA 7(a), federally-backed loan, is designed to provide financial aid for small-sized companies. There are numerous ways to finance small-sized businesses. The loan can be used to finance the purchase of equipment, real estate, supplies and other commercial needs.

You could qualify to receive an SBA 7(a), depending on your circumstances within a matter of days. If you’re eligible the lender will accept your application and make monthly repayments. You must prepay 25 percent or more of your amount due within three years.

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Alternative lenders
Alternative lenders for equipment loans provide a wide variety of alternative loans to business owners looking to get financing. These lenders can provide both long- and short-term financing options, and are more easy to access than banks. Banks often require lengthy paperwork and take long approval processes.

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These lenders also offer different loan products that range from term loans to invoice financing. The best lender for your business can aid in financing the operation and growth of your business.

While alternative loans may be slightly more expensive than bank loans however, they can be a great way to expand your business while keeping your cash flow under control. In addition, the cost are reduced if you select an option with a flexible rate.

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An equipment loan can give you the cash you need to purchase office equipment or machinery, or even vehicles. But before you start the application process, look at your own personal credit. Companies that finance equipment won’t be able to approve you for a loan if your credit score is high.

Credit unions and banks
When it comes to financing equipment, there are plenty of options to choose from. Some companies choose to obtain the loan through a bank while others prefer working with credit unions. No matter what type of lender you select, it is important to consider your business’s requirements when selecting the right loan.

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A loan for equipment financing can be a great option to raise the money you need for your business. But, you’ll have to repay the loan on time. You may end up paying more than you originally thought. This is why it’s essential to compare terms and fees.

It is essential to read the entire agreement. Although numerous lenders offer equipment financing loans, they all have their own application processes. Some lenders might require a substantial downpayment. In addition, some online lenders have higher interest rates than a traditional bank.

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Penalties for early repayment
The option of paying off your loan earlier is a smart decision, whether you’re looking to start your own business or increase your equipment investment. Not only does it save you money on the interest, but it also frees up cash to meet other requirements. The extra cash can be used to buy new equipment or hire new employees or to cushion the impact of the slow times. Before making a commitment, it is important to read the terms of the lender. Prepayment penalties may be applicable to certain loans so be sure to review the loan contract.

Paying off an equipment loan early can help you reduce the amount of interest you have to pay and provide peace of mind. However, if you opt to pay it off earlier you’ll also be resetting your loan’s terms. This can negatively affect your business’s credit. Contact your lender for more about the terms of your loan.

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