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If you’re running an entrepreneur-sized business and are looking to buy new equipment, but do not have a lot of cash in the bank, you may wonder where you can get a loan. There are numerous options such as the SBA 7(a) or bank or credit union loan. However, there are penalties if you repay the loan early. In addition, there are other options for you, including leasing and borrowing from an alternative lender. The decision of whether to take out a loan or borrow money from a different source is a personal decision, so you should consult your accountant or financial advisor to determine what’s most beneficial 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 you’re a business owner looking to procure materials for the operation you may be eligible to borrow money through the SBA 7(a) loan program. Before applying it is essential to understand the process.

The SBA 7(a) federally-backed loan, was created to offer financial assistance for small-sized companies. It provides a variety of financing options to meet different small-scale business requirements. The loan can be used to finance the purchase of equipment and supplies, real estate and other commercial needs.

Based on your particular situation You may be able to be approved for an SBA 7(a) loan in just a few days. If you are eligible the lender will pay the funds and you will be able to repay the loan in monthly payments. You will need to 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 who are looking for funding. These lenders offer short and long-term funding 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 appropriate lender for your company can aid in financing your business’s growth and operations.

While alternative loans may be slightly more expensive than bank loans however, they can help you expand your business while keeping your cash flow in check. In addition, the cost can be cut by selecting a flexible rate option.

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An equipment loan can give you the money you need to buy office equipment and machinery or vehicles. But before you start the application process, you should consider evaluating your own personal credit. Some financing companies for equipment will only grant you a loan when you have a stellar personal credit.

Credit unions and banks
When you need to finance equipment, there are plenty of options to choose from. Some businesses choose to take out loans from banks while others prefer a credit union. Whatever type of lender you choose, it is important to think about your company’s needs when choosing the right loan.

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A loan for equipment financing is a great way for you to secure the cash that you need to run your business. But, you’ll have to pay the loan back in time. You may end up paying more interest than you originally thought. It is important to compare the terms and fees.

It is essential to read the entire agreement. While several lenders offer equipment finance loans, they each have their own application processes. For instance, certain lenders may require a significant down payment. Online lenders can have higher interest rates than traditional banks.

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Penalties for early repayment
If you’re considering starting a new business or if you’re looking to increase the value of your equipment making the decision to pay off your loan in advance could be a smart choice. Not only will it save you money on interest, it will also free up cash to fund other expenses. You can make use of the extra funds to purchase new equipment, or hire a new employee or to cushion your financial position in times of low demand. Before you commit, it is important to be aware of the terms of your lender. Prepayment penalties may be applicable to certain loans therefore, make sure you go over the loan documentation.

Making the decision to pay off your equipment loan early can reduce the amount of interest due and also provide peace of mind. If you pay the loan too early it could be necessary to rescind your loan terms. This can adversely affect your credit rating for your business. If you’re looking to reset your loan, get in touch with your lender and ask about the terms of their loan.

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