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If you own a small business and you want to invest in new equipment, but you don’t have much cash on hand You might be wondering what you can do to get a loan. There are a variety of options available for you, including the SBA 7(a) or credit union or bank loan. However there are penalties in case you pay the loan off early. In addition, there are other options for you, including leasing and borrowing from an alternative lender. The decision as to whether you should apply for a loan or borrow from another source is a personal choice therefore you must consult your financial advisor or accountant to determine what is the best option for your business.

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SBA 7(a), loan
Whether you’re a business owner seeking to purchase new equipment, or you’re a business owner looking acquire the necessary materials for your business, you may be able to get a loan through the SBA 7(a) loan program. Before you apply you must understand the process.

The SBA 7(a) federally-backed loan, was created to offer financial assistance for small-sized companies. There are numerous alternatives to finance small businesses. The loan can be used to finance the purchase of equipment, real estate, supplies and other commercial needs.

Based on your particular situation it is possible to be approved for an SBA 7(a) loan in just a few days. If you are eligible the lender will consider your application and make monthly repayments. But, you’ll need to pay a prepayment of 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 for equipment loans provide a variety of lending options for business owners who are looking for financing. They offer short- and long-term funding options and are easier to access than banks. Banks usually require lengthy paperwork and long approval processes.

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These lenders also offer various loan options which range from term loans to invoice financing. Finding the most suitable lender for your business can assist you in financing your company’s growth and operations.

Although alternative loans are a bit more costly than bank loans but they can assist you to expand your business while keeping your cash flow in check. Additionally, the costs can be reduced by choosing an option that allows for flexible rates.

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A loan for equipment will allow you to get the cash you require for office equipment, machinery, and vehicles. Before you begin the application process, make sure to assess your credit score. Companies that finance equipment won’t be able to approve you for the loan if you have a credit score is good.

Credit unions and banks
When you need to finance equipment, there are a lot of options to choose from. Some companies opt for the bank loan, while others opt for a credit union. No matter what type of lender you choose, it is important to consider your business’s requirements when selecting a loan.

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A loan for equipment financing can be a great option to raise the money you require for your business. You’ll have to repay the loan in a timely manner. You could end up paying more interest than you initially thought. This is why it’s crucial to evaluate fees and terms.

Also, be sure to read the fine print. Many lenders provide equipment financing loans however they all have their own procedure for applying. For instance, some lenders may require a huge down amount. Some online lenders impose higher interest rates than traditional banks.

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Penalties for early repayment
Paying off your loan early is a smart choice regardless of whether you plan to start a business or increase your investment in equipment. It’s not just a way to save money on interest costs, but also gives you more cash flow for other uses. The extra cash could be used to purchase new equipment, hire new employees, or as a cushion during periods of low demand. Before making a commitment to a loan, you must read the terms of the lender. Prepayment penalties can apply to certain loans, so make sure you carefully study the loan agreement.

You can lower the rate of cost of your equipment loan, and gain peace of mind by paying it off early. If you decide to pay it off in a timely manner, you will also be resetting your loan’s terms, which could adversely impact your business’s credit. If you’re interested in resetting the terms of your loan, contact your lender and ask about the terms of their loan.

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