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You may be wondering where to get financing if you own a small business that needs to purchase new equipment. There are a variety of alternatives to choose from like the SBA 7(a) loan and the credit union or bank however, there are also penalties if you repay the loan late. There are also alternatives, like leasing or a loan from another lender. The decision about whether you should get an loan or borrow money from a different source is a personal one therefore you must consult your financial advisor or accountant to determine what is the best option for your business.

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SBA 7(a), loan
You could be qualified for a loan through SBA 7(a) If you are a business owner who is looking to buy new equipment or are a business owner who is looking to purchase material. Before you apply you must understand the process.

The SBA 7(a) federally-backed loan, was created to offer financial assistance to small companies. There are a variety of alternatives to finance small-sized companies. You can use the loan to fund the purchase of real estate, business equipment and other supplies, as well as for other business purposes.

You could qualify to apply for an SBA 7(a), according to your specific circumstances within a matter of days. If you are eligible, the lender will disburse your money and you can repay the loan using monthly payments. You must prepay 25 percent or more of the loan balance within three years.

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Alternative lenders
Alternative lenders who offer equipment loans provide a wide variety of alternative loan options for business owners looking to get funding. They provide short- and long-term financing options and are more accessible than banks, who typically require lengthy paperwork and an approval process.

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They offer a range of loan products, such as invoice financing and term loans. Finding the right lender for your company can help you finance your company’s growth and operations.

While alternative loans may be somewhat more expensive than bank loans, they can help you grow your business while keeping your cash flow in check. You can also cut down on cost by opting for flexible rates.

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A loan for equipment could help you get the cash you require for office equipment, machinery, and vehicles. However, before you begin the application process, take a moment to evaluate your own personal credit. Equipment financing companies will not 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. Some businesses opt for loans from banks while others go with a credit union. Whatever lender you select, it is crucial to take into consideration your company’s requirements when choosing the right loan.

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A equipment financing loan is a great option for you to get the money that you need for your business. You’ll need to pay back the loan on time. You could end up paying more interest than you initially thought. It’s the reason it’s so important to compare fees and terms.

It is crucial to understand the entire agreement. While numerous lenders offer equipment financing loans, they all have their own procedures for applying. For example, some lenders may require a significant down amount. Online lenders may have higher interest rates than traditional banks.

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Penalties for early repayment
Whether you’re looking to start a new business or if you’re looking to increase your equipment investment, paying off your loan early could be a smart decision. It not only saves you cash on interest charges, but it also allows you to have more cash flow for other purposes. The extra cash can be used to purchase new equipment or to hire new employees or as a cushion in the slow times. But it’s important to consider your lender’s terms before making a commitment. Some loans have prepayment penalties and you should go over the loan documents carefully.

You can cut down on the cost of your equipment loan, and gain peace of mind by paying it off early. If you decide to pay it off in a timely manner, you will also be resetting your loan’s terms, which could adversely impact your business’s credit. Contact your lender to find out more about the conditions of your loan.

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