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You may be wondering where you can borrow money if you are a small business that needs to purchase new equipment. There are several options to choose from for instance, the SBA 7(a) loan or the bank or credit union however there are penalties involved if you have to repay the loan before. There are alternatives, like leasing or borrowing from another lender. The decision about whether to take out a loan or borrow money from another source is a personal decision which is why you should consult your accountant or financial advisor to determine what is most beneficial for your business.

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SBA 7(a) loan
Whether you’re a business owner looking to buy new equipment, or a business owner looking purchase materials for your business you might be able to obtain a loan through the SBA 7(a) loan program. However, before applying, you need to understand the process.

The SBA 7(a) federally-backed loan, was created to provide financial aid to small businesses. It offers a wide range of financing options to meet various small business needs. You can use the loan to pay for the purchase of equipment for your business, real estate, supplies, or other commercial needs.

You may be eligible to receive an SBA 7(a), depending on your circumstances within a matter of days. If you’re eligible the lender will decide to approve your application and make monthly repayments. However, you will have to pay 25 percent or more of the balance on the loan within three years from the date of disbursement.

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Alternative lenders
Alternative lenders who offer equipment loans provide various loan options for business owners looking for financing. They provide short- as well as long-term financing options. They are more accessible than banks, who typically require lengthy paperwork and an approval process.

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These lenders also offer a variety of loan products that range from term loans to invoice financing. Finding the appropriate lender for your company can assist you in financing your company’s expansion and operations.

Although alternative loans are more costly than bank loans however, they can be used to boost your business’s growth and keep your cash flow in control. It is also possible to reduce charges by opting for flexible rates.

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An equipment loan can get you the funds you require to buy office equipment or machinery, or even vehicles. Before you start the application process, be sure you evaluate your personal credit. Certain equipment financing companies will only approve you for loans with a high personal credit.

Credit unions and banks
When it comes to financing equipment, there are plenty of options to choose from. Some businesses choose to take out a bank loan while others prefer a credit union. No matter what type of lender you choose, it’s important to consider your business’s requirements when choosing a loan.

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A equipment financing loan can help you to get the money that you need to run your business. You’ll need to pay back the loan in time. You may end up paying more interest than you originally thought. It’s crucial to compare the terms and fees.

It is also important to read all the fine print. Many lenders offer loans for equipment however, each has their own application procedures. For instance, some lenders may require a significant down payment. Online lenders can charge higher interest rates than traditional banks.

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Penalties for repaying early
If you’re planning to start a new business or if you want to increase your equipment investment paying off your loan in advance could be a smart choice. It not only saves you cash on interest charges, but it also allows you to have more cash flow to be used for other reasons. The extra cash can be used to buy new equipment or to hire new employees or to cushion the impact of periods of low demand. Before you commit it is essential to read the terms of your lender. There are penalties for early repayment that apply to some loans, so make sure you carefully review the loan contract.

Making the decision to pay off your equipment loan earlier can help you cut down on the amount of interest due and provide peace of mind. However, if you opt to pay it off in a timely manner you’ll also have to reset your loan’s terms, which could negatively affect your business’s credit. If you’re considering resetting your loan, contact your lender and ask about their terms.

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