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If you have a small-sized business and would like to purchase some new equipment, but don’t have lots of cash in your bank you might be wondering what you can do to get a loan. There are a myriad of choices to choose from, including the SBA 7(a) loan and the bank or credit union, but there are penalties if you repay the loan in advance. Additionally, there are other options to consider like leasing or a loan from an alternative lender. The decision of whether you should take out a loan or borrow money from another source is a personal decision which is why you should consult your financial advisor or accountant to determine which option is most suitable for your company.

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SBA 7(a), loan
If you’re a proprietor of a business looking to buy new equipment, or you’re an owner of a company looking to acquire materials for your operation, you may be able to borrow money through the SBA 7(a) loan program. Before you apply for a loan, you should be aware of the process.

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

You could be eligible to apply for an SBA 7(a), dependent on your circumstances in a matter of days. If you are eligible the lender will consider you and will pay monthly repayments. However, you’ll need to prepay 25 percent or more of the loan’s balance within three years after disbursement.

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Alternative lenders
Alternative lenders for equipment loans offer numerous alternative lending options to business owners looking to get financing. They offer 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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These lenders also provide various loan options including term loans and invoice financing. The best lender for your business can aid in financing the operation and growth of your business.

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

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An equipment loan could help you get the money you need to purchase office equipment, machinery, and vehicles. Before you begin the application process, be sure to assess your credit score. Companies that finance equipment won’t be able to approve you for loans if your credit score is high.

Banks and credit unions
When you need to finance equipment, there are a lot of options to choose from. Some businesses choose to get an loan from a bank while others prefer working with a credit union. No matter what type of lender you choose, it is important to consider your company’s needs when choosing a loan.

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An equipment financing loan can be a great way to get the cash you need for your business. However, you’ll need repay the loan in time. If you don’t, you could be paying much more interest than you thought. It’s crucial to compare rates and terms.

Be sure to read the entire fine print. Many lenders offer loans for equipment however they all have their own procedure for applying. For example, some lenders may require a large down payment. Online lenders can have higher interest rates than traditional banks.

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Penalties for repaying early
If you’re planning to launch an enterprise or you want to increase your investment in equipment, paying off your loan early could be a smart move. Not only can it save you money on interest, it will also free up cash to meet other requirements. You can utilize the extra cash to purchase new equipment, hire an employee for the first time, or as a cushion during slow seasons. However, it is essential to look over the terms of your lender before making a commitment. Some loans have prepayment penalties Be sure to read your loan documents carefully.

Paying off a loan for equipment early can reduce the amount of interest due and give you peace of mind. If you decide to pay it off earlier you’ll also be resetting your loan’s terms. This could negatively affect your business’s credit. Contact your lender to find out more about the conditions of your loan.

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