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If you run a small-sized business and would like to purchase some new equipment, but do not have a lot of cash in the bank you might be wondering where you can obtain a loan. There are many options available for you, including the SBA 7(a) or credit union or bank loan. However, there are penalties if you pay off the loan early. There are other options, such as leasing or a loan from a different lender. The decision about whether you should get an loan or borrow money from another source is a decision that is personal to you which is why you should consult your accountant or financial advisor to find out what 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 a business owner looking to procure materials for the operation, you may be able to get a loan through the SBA 7(a) loan program. But before you apply you must understand the procedure.

The SBA 7(a) loan is a federal government-backed loan that was designed for financial assistance to small companies. It offers a broad range of financing options for various small business needs. You can use the loan to finance the purchase of real estate, business equipment or supplies, as well as other business-related needs.

Based on your circumstances You may be able to get approved for a SBA 7(a) loan within a matter of days. If you’re eligible the lender will consider your application and make monthly installments. You will have to prepay 25 percent or more of your loan balance within three years.

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Alternative lenders
Alternative lenders for equipment loans provide an array of alternative lending options to business owners who are looking for financing. These lenders 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 variety of loan products, including invoice financing and term loans. The suitable lender for your company can help you finance the business and expansion of your business.

While alternative loans may be slightly more expensive than bank loans but they can assist you to expand your business while keeping your cash flow under control. In addition, the fees can be reduced by choosing a flexible rate option.

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A loan for equipment could help you get the money you need to purchase office equipment, machinery, or vehicles. Before you begin the application process, be sure to assess your credit rating. Equipment financing companies won’t approve you for the loan if you have a credit score is high.

Banks and credit unions
There are a myriad of options when it is financing equipment. Certain businesses choose a bank loan while others opt for a credit union. Whatever lender you choose, it’s crucial to take into consideration your company’s requirements when choosing a loan.

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A financing loan for equipment can help you to access the funds that you require for your company. But, you’ll have to repay the loan on time. You could end up paying more than you originally thought. It’s important that you compare rates and terms.

It is also important to read all the fine print. Many lenders offer loans for equipment, but they all have their own procedures for applying. For instance, some lenders might require a substantial down amount. Online lenders could charge higher interest rates than traditional banks.

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Penalties for repaying early
The option of paying off your loan earlier is a wise choice, regardless of whether you plan to start a business or to increase the amount you invest in equipment. Not only does it save you money on interest, but it also frees up cash flow to fund other expenses. You can utilize the extra cash to purchase new equipment, hire an employee who is new or to provide a cushion during times of slowness. But it’s important to consider the terms of your lender before making an agreement. The penalties for prepayment may be imposed on certain loans, so make sure you carefully go over the loan documentation.

Paying off an equipment loan early can reduce the amount of interest that you owe and provide peace of mind. However, if you opt to pay it off early you’ll also have to reset your loan’s terms, which could negatively affect your business’s credit. If you’re thinking of resetting your loan, get in touch with your lender and inquire about the terms of their loan.

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