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You may be wondering where you can get financing if you have a small business that needs to purchase new equipment. There are a myriad of choices to choose from, including the SBA 7(a) loan, and the credit union or bank but there are some penalties to repay the loan late. There are also alternatives, like leasing or a loan from another lender. The decision on whether to take out a loan or borrow from a different source is a decision that is personal to you, so you should consult your accountant or financial advisor to determine which option is most suitable for your company.

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

The SBA 7(a), federally-backed loan, was created to offer financial assistance for small-sized companies. It offers a broad range of financing options for a variety of small business needs. You can use the loan to finance the purchase of equipment for your business, real estate, supplies, or other commercial needs.

Depending on your situation it is possible to be approved for an SBA 7(a) loan within a matter of days. If you’re eligible the lender will then disburse your funds and allow you to repay the loan using monthly installments. However, you’ll have to pay 25 percent or more of the loan’s balance 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 who are looking for financing. They can offer short- and long-term funding options and are much easier to access than banks. Banks often require lengthy paperwork and a long approval process.

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They offer a range of loan products, including invoice financing and term loans. Finding the most suitable lender for your business can aid you in financing your business’s expansion and operations.

While alternative loans may be somewhat more expensive than bank loans however, they can be a great way to grow your business while keeping your cash flow in check. It is also possible to reduce charges by opting for flexible rates.

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A loan for equipment can help you get the money you need to purchase office equipment, machinery, or vehicles. Before you begin the application process, be sure you evaluate your credit score. Some companies that finance equipment will only grant you loans if you have stellar personal credit.

Banks and credit unions
When you need to finance equipment, there are a lot of options to choose from. Some businesses choose to obtain a loan from a bank, while others prefer to work with credit unions. Regardless of the type of lender, it’s important to take into account your business’s requirements when selecting a loan.

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A financing loan for equipment is a great way for you to get the money that you need to run your business. You’ll need to repay the loan in time. If you don’t do this, you’ll discover that you’re paying more interest than you initially anticipated. It’s the reason it’s so important to compare terms and fees.

It is important to read the entire agreement. While many lenders offer equipment financing loans, each has specific application procedures. For instance, some lenders may require a huge down amount. Some online lenders have higher interest rates than traditional banks.

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Penalties for early repayment
If you’re planning to start your own business or you’re looking to increase the value of your equipment, paying the loan off early can be a smart move. Not only does it save you money on the interest, but it can also free up cash flow for other needs. You can use the extra cash to purchase new equipment, hire new employees, or as a cushion during slow seasons. But you must be aware of the terms of your lender before making an agreement. Prepayment penalties can apply to certain loans, therefore, make sure you go over the loan documentation.

You can lower the rate of cost of your equipment loan and enjoy peace of mind by paying it off early. However, if you choose to pay it off earlier you’ll also be resetting the loan’s terms, which can adversely impact your business’s credit. If you’re interested in resetting your loan, contact your lender and ask about the terms of their loan.

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