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If you own a small-sized business and would like to purchase some new equipment, but don’t have a lot of cash in your bank, you may wonder how you can get a loan. There are many options to choose from, including the SBA 7(a) or bank or credit union loan. However there are penalties in case you pay off the loan early. There are also other options, such as leasing or a loan from a different lender. You will need to decide whether you should get money from a different source or take a loan. Your financial advisor or accountant will assist you in deciding what is best for you and your business.

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SBA 7(a), loan
You may be eligible for a loan under SBA 7(a) if you are an owner of a business looking to purchase new equipment or a business operator looking to purchase materials. However, before applying to the program, you must be familiar with the process.

The SBA 7(a), federally-backed loan, was created to provide financial aid to small companies. It offers a broad range of financing options for a variety of small business needs. You can use the loan to pay for the purchase of business equipment, real estate and other supplies, as well as for other business purposes.

You may be eligible for a SBA 7(a), depending on your circumstances, in a matter of days. If you’re eligible the lender will release your money and you can repay the loan using monthly installments. However, you will have to prepay 25 percent or more of the balance on the loan within three years of the time of disbursement.

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Alternative lenders
Alternative lenders who offer equipment loans provide a wide variety of alternative loans to business owners seeking funding. These lenders provide 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 also offer various loan options including term loans and invoice financing. Finding the best lender for your business can assist you in financing your company’s growth and operations.

While alternative loans may be somewhat more expensive than bank loans but they can assist you to grow your business while keeping your cash flow in check. You can also lower the fees by opting for flexible rates.

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An equipment loan can get you the money you need to purchase office equipment, machinery, or vehicles. Before you start the application process, be sure to assess your personal credit. Some companies that finance equipment will only grant you the loan if you have stellar personal credit.

Credit unions and banks
There are many options available when it comes to financing equipment. Some companies opt for loans from banks while others go with a credit union. Regardless of the 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 equipment financing loan is a great way for you to access the funds that you need for your company. You will need to repay the loan in time. You could end up paying more interest than you originally anticipated. This is why it’s essential to look at fees and terms in comparison.

Be sure to read the entire fine print. While many lenders offer equipment financing loans, they each have specific application procedures. Some lenders might require a large downpayment. Online lenders could have higher interest rates than traditional banks.

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Penalties for repaying early
Making the decision to pay off your loan early is a wise choice, whether you are looking to start a new business or increase the investment in your equipment. It not only saves you money on the interest, but it also frees up cash flow to cover other requirements. The extra cash can be used to purchase new equipment or to hire new employees or as a cushion during slow seasons. But you must be aware of the terms of your lender prior making an agreement. Certain loans come with prepayment penalties Be sure to study the loan’s documents carefully.

Paying off an equipment loan early can help reduce the amount of interest due and can provide peace of. If you pay the loan too early you could be required to change the terms of your loan. This could negatively impact your credit score for business. Contact your lender to find out more about the conditions of your loan.

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