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You may be wondering how to get financing if you own a small business that needs to purchase new equipment. There are numerous options such as the SBA 7(a), bank or credit union loan. However, there are penalties if you repay the loan early. There are alternatives, like leasing or borrowing from a different lender. You’ll have to decide whether you want to borrow money from another source or obtain a loan. Your accountant or financial advisor can help you determine what is best for you and your company.

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SBA 7(a), loan
If you’re a company owner looking to purchase new equipment, or you’re a business owner looking acquire materials for your operation You may be able to get a loan through the SBA 7(a) loan program. But before you apply, you need to understand the procedure.

The SBA 7(a) loan is a federally-backed, government-backed loan designed to offer financial assistance to small-scale businesses. There are numerous options for financing small-sized companies. The loan can be used to finance the purchase of equipment and real estate, or to purchase supplies as well as other business-related needs.

Based on your circumstances You may be able to be approved for an SBA 7(a) loan within a matter of days. If you are eligible the lender will decide to approve you and will pay monthly repayments. However, you’ll need 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 for equipment loans provide an array of alternative lending options to entrepreneurs looking for funding. These lenders can provide both long- and short-term financing options and are easier to access than banks. Banks often require lengthy paperwork and take long approval processes.

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These lenders offer a range of loan products, such as invoice financing and term loans. The best lender for your business can help you finance the operations and growth of your company.

While alternative loans may be somewhat more expensive than bank loans but they can assist you to grow your business while keeping your cash flow under control. In addition, the cost can be cut by selecting a flexible rate option.

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An equipment loan can get you the money you need to purchase office equipment or machinery, or even vehicles. But before you begin the application process, you should take a moment to evaluate your credit score. Equipment financing companies won’t consider you for an loan if your credit score is very high.

Credit unions and banks
When it comes to financing equipment, there are a lot of options. Some businesses opt for a bank loan while others choose a credit union. No matter which lender, it’s important to take into account your business’s requirements when choosing the right loan.

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A loan for equipment financing is a great option for you to access the funds that you need for your business. But, you’ll have to repay the loan in time. If you don’t, you’ll find yourself paying a lot more interest than you thought. That’s why it’s important to compare terms and fees.

Be sure to read the fine print. Many lenders offer equipment financing loans, but they all have their own procedures for applying. For instance, some lenders may require a huge down payment. In addition, some online lenders have higher interest rates than traditional banks.

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Penalties for repaying early
The option of paying off your loan earlier is a wise choice, whether you are looking to start your own business or increase your investment in equipment. It’s not just a way to save money on interest , but also allows you to have more cash flow for other purposes. The extra cash can be used to buy new equipment or recruit new employees or to cushion the impact of periods of low demand. Before you sign a contract, it is important to read the terms of the lender. Prepayment penalties can apply to some loans, therefore, make sure you go over the loan documentation.

You can reduce the cost of your equipment loan, and gain peace of mind by paying it off early. If you pay the loan too early, you may have to rescind the loan terms. This can adversely affect the credit of your business. Contact your lender to find out more about the terms of your loan.

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