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If you run an unproficient business and want to invest in new equipment, but don’t have lots of cash on hand, you may wonder what you can do to get a loan. There are a variety of options available that include 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 for you, including leasing and loans from an alternative lender. The decision on whether you should get a loan or borrow from a different source is a personal decision which is why you should consult your financial advisor or accountant to determine what’s the best option for your business.

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SBA 7(a) loan
If you’re a proprietor of a business looking to buy new equipment, or an owner of a business looking to acquire the necessary materials for your business you might be able to obtain a loan via the SBA 7(a) loan program. Before you apply, it is important to be aware of the process.

The SBA 7(a), federally-backed loan, is designed to offer financial assistance for small-sized companies. There are many financing options available for small-sized companies. You can utilize the loan to pay for the purchase of equipment for your business, real estate or supplies, as well as other business-related needs.

You may be eligible to apply for an SBA 7(a) depending on your situation, in a matter of days. If you are eligible the lender will accept you and make monthly repayments. However, you’ll have to pay a prepayment of 25 percent or more of the loan’s remaining balance within three years of the time of disbursement.

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Alternative lenders
Alternative lenders for equipment loans offer many lending options for business owners who are looking for financing. These lenders offer both long- and short-term financing options and are much easier to access than banks. Banks typically require lengthy paperwork and take an extended approval process.

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These lenders also offer various loan options including term loans and invoice financing. The appropriate lender for your business can assist you in financing the operations and growth of your company.

Although alternative loans are more expensive than bank loans but they can be utilized to grow your business and keep your cash flow under control. It is also possible to reduce charges by opting for flexible rates.

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An equipment loan can give you the money you need to purchase office equipment and machinery or vehicles. But before you begin the application process, you should look at your personal credit. Certain equipment financing companies will only approve you for an loan only if you have excellent personal credit.

Credit unions and banks
There are many options available when it is time to finance equipment. Some companies opt for an investment loan from a bank, while others choose a credit union. Regardless of the type of lender, it’s important to think about your company’s needs when selecting the right loan.

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A loan for equipment financing can be a great method to raise the money you require for your business. But, you’ll have to pay the loan back on time. If you don’t, you may discover that you’re paying more in interest than you originally thought. This is why it’s crucial to look at fees and terms in comparison.

Be sure to read all the fine print. Although numerous lenders offer equipment financing loans, they each have their own procedures for applying. For instance, some lenders may require a huge down payment. Some online lenders charge higher interest rates than a traditional bank.

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Penalties for early repayment
Paying off your loan early is a wise choice, whether you’re looking to start your own business or increase the investment in your equipment. It’s not just saving you cash on interest charges, but it can also provide more cash flow to be used for other reasons. You can utilize the extra cash to purchase new equipment, or hire new employees or to cushion your financial position during the slow times. But it’s important to consider your lender’s terms before making an agreement. Prepayment penalties may apply to certain loans, therefore, make sure you review the loan contract.

Paying off an equipment loan early can help reduce the amount of interest you owe and provide peace of mind. However, if you choose to pay it off earlier you’ll also be setting your loan’s terms, which can adversely impact your business’s credit. If you’re considering resetting the terms of your loan, contact your lender and ask about the terms of their loan.

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