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You might be wondering where to borrow money if you are a small-sized business that requires to purchase new equipment. There are a variety of options available for you, including the SBA 7(a) or bank or credit union loan. However, there are penalties if you pay the loan off early. There are alternatives, like leasing or borrowing from a different lender. The decision about whether you should get an loan or borrow money from a different source is a personal one which is why you should consult your accountant or financial advisor to determine what is the best option for your business.

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SBA 7(a) loan
You could be qualified for a loan through SBA 7(a) if you are an owner of a company looking to purchase new equipment or a business operator who is looking to purchase material. But before you apply to the program, you must be familiar with the process.

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

Based on your particular situation, you might be able to be approved for an SBA 7(a) loan in just a few days. If you’re eligible the lender will decide to approve your application and make monthly installments. However, you will have to pay 25 percent or more of the loan’s balance 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 funding. These lenders can provide short- and long-term finance options, and are easier to access than banks. Banks usually require lengthy paperwork and an extended approval process.

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These lenders also provide various loan options ranging from term loans to invoice financing. Finding the right lender for your company can aid in financing your business’s expansion and operations.

While alternative loans are more costly than bank loans, they can be used to grow your business and keep your cash flow under control. Additionally, the costs can be reduced by selecting an option with a flexible rate.

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An equipment loan could give you the cash you need to purchase office equipment, machinery, or vehicles. Before you begin the application process, be sure to assess your credit rating. Some companies that finance equipment will only approve you for loans when you have a stellar personal credit.

Banks and credit unions
There are many options when it is financing equipment. Certain businesses choose a bank loan while others choose a credit union. Whatever the lender, you’ll want to consider your business’s needs when selecting a loan.

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A loan for equipment financing is a great way for you to access the funds that you need to run your business. However, you’ll need pay the loan off in time. If you don’t, you could find yourself paying a lot more interest than you thought. It is important to compare fees and terms.

It is crucial to understand all terms and conditions. While many lenders offer equipment financing loans they each have their own process for applying. For instance, some lenders may require a huge down payment. Some online lenders charge higher rates of interest than a traditional bank.

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Penalties for repaying early
Repaying your loan in the early stages is a wise decision regardless of whether you plan to start a business or to increase the amount you invest in equipment. It’s not just saving you money on interest costs, but will also allow you to have more cash flow to be used for other reasons. The extra cash can be used to purchase new equipment, hire new employees, or to cushion the impact of periods of low demand. Before you commit it is essential to review the terms and conditions of your lender. Some loans have prepayment penalties So be sure to study the loan’s documents carefully.

You can cut down on the cost of your equipment loan and get peace of peace of mind by repaying it early. If you pay it off too early you may be required to rescind the loan terms. This could adversely impact your credit rating for your business. Contact your lender to learn more about the terms of your loan.

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