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If you own an entrepreneur-sized business and would like to purchase some new equipment, but don’t have lots of cash in the bank, you may wonder how you can get a loan. There are a variety of options available, including the SBA 7(a) or credit union or bank loan. However, there are penalties if you repay the loan early. There are other options, such as leasing or a loan from another lender. The decision about whether you should apply for a loan or borrow from a different source is a personal decision, 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
If you’re a company owner seeking to purchase new equipment, or you’re an owner of a company looking to purchase materials for your business you might be able to borrow money through the SBA 7(a) loan program. Before you apply you must understand the process.

The SBA 7(a), federally-backed loan, is designed to offer financial assistance to small companies. There are a variety of alternatives to finance small-sized businesses. The loan can be used to finance the purchase of equipment and supplies, real estate, and other business purposes.

You could qualify for a SBA 7(a), dependent on your circumstances within a matter of days. If you are eligible, the lender will approve you and will pay monthly repayments. However, you will have to prepay 25 percent or more of the loan’s remaining balance within three years of disbursement.

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Alternative lenders
Alternative lenders for equipment loans provide a variety of lending options for business owners who are seeking financing. They offer short- and long-term financing options, and are easier to access than banks. Banks often require lengthy paperwork and take an extended approval process.

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These lenders also offer different loan products that range from term loans to invoice financing. The best lender for your business can assist you in financing the operations and growth of your company.

While alternative loans are more expensive than bank loans but they can be utilized to grow your business and keep your cash flow under control. It is also possible to reduce fees by opting for flexible rates.

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An equipment loan can get you the cash you need to buy office equipment or machinery, or even vehicles. Before you start the application process, make sure to assess your credit rating. Equipment financing companies will not approve you for the loan if you have a credit score is good.

Credit unions and banks
There are many options available when it comes to financing equipment. Some companies choose to get loans from banks, while others prefer working with a credit union. Whatever type of lender, it’s important to consider your business’s needs when selecting a loan.

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A loan for equipment financing is a great option for you to obtain the funds that you need for your business. You’ll have to repay the loan in a timely manner. You may end up paying more interest than you initially thought. It’s crucial to compare the terms and fees.

Be sure to read the entire fine print. Many lenders offer financing for equipment, but they all have their own application procedures. Certain lenders may require a large downpayment. Online lenders might charge higher interest rates than traditional banks.

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Penalties for early repayment
If you’re planning to launch your own business or you’re looking to increase your equipment investment making the decision to pay off your loan early could be a smart decision. It’s not just a way to save money on interest , but also gives you more cash flow for other purposes. You can use the extra cash to acquire new equipment, hire an employee for the first time or to provide a cushion during the slow times. Before you sign a contract, it is important to study the terms and conditions of your lender. Prepayment penalties may be applicable to certain loans so be sure to review the loan contract.

You can cut down on the interest on your equipment loan and get peace of peace of mind by repaying it early. However, if you choose to pay it off earlier you’ll also be resetting the loan’s terms, which could adversely impact your business’s credit. If you’re considering resetting your loan, get in touch with your lender and ask about their terms.

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