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If you own an entrepreneur-sized business and would like to purchase some new equipment, but don’t have much cash on hand, you may wonder how you can get a loan. There are numerous options for you, including the SBA 7(a) or bank or credit union loan. However, there are penalties if you pay the loan off early. There are also other options, such as leasing or borrowing from another lender. The decision about whether you should take out an loan or borrow money from a different source is a personal one and you should consult your financial advisor or accountant to determine what is most beneficial for your business.

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SBA 7(a), loan
You may be eligible for a loan under SBA 7(a) if you are a business owner who is looking to buy new equipment or a business manager looking to purchase supplies. Before applying it is essential to know the procedure.

The SBA 7(a) loan is a federally-backed, government-backed loan designed to offer financial assistance to small companies. It provides a variety of financing options for a variety of small business needs. You can utilize the loan to pay for the purchase of real estate, business equipment or other supplies or business-related needs.

Based on your circumstances, you might be able to get approved for a SBA 7(a) loan in just a few days. If you’re eligible the lender will accept your application 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 from the date of disbursement.

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Alternative lenders
Alternative lenders for equipment loans offer an array of alternative lending options to entrepreneurs looking for financing. These lenders provide short as well as long-term financing options. They are more accessible than banks, who typically require extensive paperwork and a long approval process.

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These lenders also provide different loan products which range from term loans to invoice financing. Finding the right lender for your company can help you finance your company’s growth and operations.

Although alternative loans can be slightly more expensive than bank loans however, they can help you expand your business while keeping your cash flow under control. It is also possible to reduce fees by choosing flexible rates.

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A loan for equipment could help you get the cash you need for office equipment, machinery, and vehicles. Before you begin the application process, make sure to evaluate your credit rating. Some equipment financing companies will only give you an loan with a high personal credit.

Banks and credit unions
There are a variety of options when it is financing equipment. Some companies opt for a bank loan while others opt for a credit union. Whatever the lender, you’ll need to consider your business’s needs when choosing a loan.

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An equipment financing loan can be a great way to get the cash you need for your business. You’ll need to pay back the loan on time. You may end up paying more than you originally thought. This is why it’s essential to look at fees and terms in comparison.

Be sure to read all the fine print. Many lenders provide equipment financing loans however, they all have their own application procedures. For instance, some lenders may require a large down amount. Online lenders can charge higher interest rates than traditional banks.

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Penalties for repaying early
If you’re considering starting an enterprise or you’re looking to expand your investment in equipment paying off your loan early can be a smart decision. It will not only save you cash on interest charges, but it also gives you more cash flow to be used for other reasons. You can utilize the extra cash to acquire new equipment, hire an employee who is new, or as a cushion during times of slowness. It is important to be aware of the terms of your lender before making an agreement. Some loans come with penalties for prepayment, so be sure to go over the loan documents carefully.

Paying off a loan for equipment earlier can help you cut down on the amount of interest you have to pay and provide peace of mind. However, if you opt to pay it off before the due date, you will also be resetting the loan’s terms, which could negatively impact your business’s credit. If you’re considering resetting your loan, contact your lender and inquire about their terms.

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