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If you run a small business and you want to invest in new equipment, but you don’t have lots of cash on hand, you may wonder where you can get a loan. There are numerous options for you, including the SBA 7(a), bank or credit union loan. However, there are penalties if you pay the loan off early. Additionally, there are other options to consider for you, including leasing and the loan of an alternative lender. The decision about whether to take out a loan or borrow money from a different source is a personal one therefore you must consult your financial advisor or accountant to determine what’s the best option for your business.

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SBA 7(a), loan
You may be eligible for a loan through SBA 7(a) if you are an owner of a company seeking to purchase new equipment or is a business owner seeking to purchase equipment or other materials. Before you apply you must understand the procedure.

The SBA 7(a), federally-backed loan, was created to offer financial assistance to small businesses. There are a variety of ways to finance small-sized companies. You can utilize the loan to pay for the purchase of real estate, business equipment or supplies, as well as other reasons for business.

You could qualify to receive an SBA 7(a) according to your specific circumstances within a matter of days. If you’re eligible the lender will consider you and will pay monthly repayments. But, you’ll need to pay a prepayment of 25 percent or more of the loan’s balance within three years of disbursement.

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

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They also offer different loan products including term loans and invoice financing. The best lender for your business can aid in financing the operation and expansion of your business.

Although alternative loans are less expensive than bank loans, they can help you grow your business while keeping your cash flow under control. Additionally, the costs can be cut by selecting a flexible rate option.

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An equipment loan can help you get the money you need to purchase office equipment, machinery, or vehicles. Before you start the application process, be sure to evaluate your personal credit. Some equipment financing companies will only give you an loan if you have stellar personal credit.

Banks and credit unions
When it comes to financing equipment, there are a lot of options. Some companies choose to obtain a loan from a bank, while others prefer working with credit unions. Whatever the lender, it’s important to take into account your business’s requirements when choosing the right loan.

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An equipment financing loan can be a fantastic way to get the cash you require for your business. But, you’ll have to pay the loan back on time. If you don’t do this, you’ll discover that you’re paying more interest than you initially anticipated. That’s why it’s important to compare fees and terms.

It is also important to read the fine print. While several lenders offer equipment finance loans, each has their own procedures for applying. Certain lenders may require a large downpayment. Online lenders could have higher interest rates than traditional banks.

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Penalties for early repayment
Whether you’re looking to start an enterprise or you’re looking to boost your equipment investment making the decision to pay the loan off early can be a wise choice. It not only saves you money on the interest, it also frees up cash flow to meet other requirements. You can utilize the extra cash to acquire new equipment, or hire an employee for the first time or to cushion your financial position during slow seasons. But it’s important to consider the terms of your lender prior to making an agreement. There are penalties for early repayment that be applicable to certain loans so make sure to read the loan documents.

Making the decision to pay off your equipment loan earlier can help you cut down on the amount of interest you owe and give you peace of mind. If you pay it off too early you could be required to rescind the loan terms. This could adversely impact your credit score for business. If you’re interested in resetting the terms of your loan, contact your lender and ask about their terms.

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